FM also said Rs 900 crore being provided for research and development of Indian Covid vaccine to Department of Biotechnology.
New Delhi| Amid a continuous economic slowdown, Finance Minister Nirmala Sitharaman is expected to unveil latest tranch of stimulus package today. Earlier, she had hinted that the financial package announcement was not over and there could be another package announced to boost consumption ahead of Diwali festival.
Nirmala Sitharaman will be addressing the media at 12.30 PM today where she is expected to make the announcement. The stimulus could be about $20 billion and comes on the heels of a report published by the RBI which projected further drop in India’s GDP for the second continuous quarter and warned of “Technical Recession”.
According to a Reuters report citing sources, before unveiling the package, FM spoke to PM Modi and several other top officials of the ministry to finalise the plan. the FM is expected to announce the reintroduction of the Pradhan Mantri Rojgar Protsahan Yojna which makes a provision for 10 per cent subsidy on PF contribution for new employees and the employer.
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2.35: Rs 10,200 additional budget outlay for capital and industrial expenditure. FM also said Rs 900 crore being provided for research and development of Indian Covid vaccine to Department of Biotechnology.
2.30: Rs 65,000-cr fertiliser subsidy for farmers announced by Finance Minister. This will benefit 140 Mn farmers. Farmers should be ensured that adequate amount of fertilizer will be available, the FM said.
2.25: “We are now giving Rs 6000 crores of Equity to Debt Platform of NIIF (National Infrastructure & Investment Fund) where private equity participation will also come in. NIIF itself has invested Rs 2000 crores”: FM Nirmala Sitharaman. FM also announced additonal outlay of Rs 10,000 crore for PM Garib Kalyan Rozgar Yojana
2:20: Extending allowed difference between circle rate and agreement value to 20% instead of present 10% for sale of primary sale of residential units upto value of Rs 2 crore, the FM said. Relief of upto 20% to buyers of these properties under IT act will be provided.
2.15: Performance security on government tenders to be relaxed to 3% instead of 5 to 10%.
2.10: FM said the government will allocate additional Rs 18,000 crore over budget estimate towards PM Awaas Yojana Urban. The additional outlay is expected to ground 12 lakh houses and will lead to the completion of 18 lakh houses, the FM said.
2.05: Government announces production liked incentives for 10 sectors. 10 more sectors added to production linked incentives. Rs. 1 lakh 45 thousand earmarked for these sectors for the next five years.
2.03: Govt launches credit guarantee support for 26 stressed sectors.
1.58: ECLGS extended till March 31, 2021. Entities with outstanding credit of above Rs 50 crore and up to Rs 500 crore will be covered.
1.55: Credit line guarantee scheme extended till March 31, 2021, says Finance Minister. The FM also informed that Rs 2.5 lakh crore has been sanctioned to borrowers so far.
1:41: The scheme will be operational from October 2020 to June 2021. Companies hiring people who have lost jobs will be befitted. The centre will give subsidy for 2 years to the establishments if they create new employment. Organisations having less than 1000 employees, will get 24% wages from the government (12% of the employee+ 12% of the employer). Organisations having more than 1000 employees will get 12% of wages from the government.
1:40: FM announces Atmanirbhar Bharat Rozgar Yojana. The scheme is launched to incentivise the creation of new employment opportunity. If EPFO registered organisations bring new employees, they will get benefits.
1:35: Government employees benefitted from the LTC voucher scheme, the finance minister said. Interest-free loans worth Rs 3,621 crore were approved to 11 states.
1.30: FM said the amount of Rs 1 lakh crore was sanctioned for DISCOMs in 17 states. Rs 1.52 lakh crore were disbursed for MSMEs and others, the FM informed.
Under Emergency Credit Liquidity Guarantee Scheme, a total amount of Rs 2.05 lakh crore has been sanctioned to 61 lakh borrowers, out of which Rs 1.52 lakh crore has been disbursed.
1.15: FM Says 68.6 crores benefitted of one nation, one ration card. She also said that the government is working on a portal for migrants to track the movement. Stressing that agencies reassessed India’s growth, FM Sitharaman also highlighted that the stock market has been at a record high.
She also informed that over 13 lakh loan applications were approved under PM scheme. Over 2.5 crore farmers benefitted from Kisan credit card, FM said.
1.08: Finance Minister Nirmala Sitharaman assures that the economy is on a “path of recovery”. She also refers to recent revising of Indian GDP forecast by Moody’s to -8.9% from -9.6%.