New Delhi: Finance Minister Nirmala Sitharaman on Thursday addressed a press conference, announcing Atmanirbhar Bharat 3.0 stimulus package worth Rs 2.65 Lakh Crore to bring steam into the corona-hit economy. The 12 announcements are expected to lead to more job creation and provide a budgetary push in the big-infrastructure spending among others. The economic package follows government’s Wednesday announcement of production linked incentives (PLI) worth about $27 billion over five years for manufacturers in 10 sectors. Also Read - Economic Reforms Will Continue, More Ahead, Says Sitharaman
Check all latest updates from this big announcement here: Also Read - Finance Ministry Seeks Proposals for Annual Budget 2021-22 Via E-mail
2:47 PM: The size of the stimulus being provided by the government, as part of the 12 announcements made today under Aatmanirbhar Bharat 3.0, amounts to Rs 2.65 lakh crores. 15% of national GDP as stimulus takeaway. Also Read - Job Creation to Tax Relief in Housing, Key Takeaways From FM Sitharaman's Aatmanirbhar Bharat 3.0
2:45 PM: Rs 10,200 crore additional budget outlay will be provided towards Capital and industrial expenditure: MoS Finance Anurag Thakur
2:35 PM: Rs 900 crores provided for COVID Suraksha Mission for research and development of the Indian COVID vaccine to the Department of Biotechnology: Nirmala Sitharaman
2: 34 PM: Rs 3,000 crores will be released to EXIM Bank for promotion of project exports through Lines of Credit under IDEAS Scheme. Supported projects cover Railways, power, transmission, road and transport, auto and auto components, sugar projects etc: FM Nirmala Sitharaman
2:27 PM: An additional outlay of Rs 10,000 crores will be provided for PM Garib Kalyan Rozgar Yojana in the current financial year, to boost rural employment: FM Sitharaman
2: 22 PM: An additional outlay of Rs 10,000 crores will be provided for PM Garib Kalyan Rozgar Yojana in the current financial year, to boost rural employment: FM Sitharaman
2:21 PM: For primary residential real estate sales, relief on the difference between circle rate & agreement value up to 20% vs 10% earlier. We expect clearance of inventories through this step: FM Nirmala Sitharaman
2:21 PM: Rs 65,000 crores being given to ensure adequate availability of fertilisers to farmers to enable timely availability of fertilisers in the upcoming crop season: MoS Finance Anurag Thakur
2:20 PM: 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: Finance Minister Nirmala Sitharaman
So, by 2025 they will have to fund projects to the extent of Rs 1,10,000 Crores. We are creating this avenue for them to do it even through Debt Market, Sitharaman added.
2:13 PM: Support for Construction & Infrastructure-Performance security on contract to be reduced to 3% instead of 5%. Earnest Money Deposit will not be required for tenders and will be replaced by Bid Security Declaration. Relaxations will be given till 31st December 2021: FM Sitharaman
2:07 PM: Rs 18,000 Crores will be provided over and above the budget estimate which was mentioned in the Budget 2020-21 under Pradhan Mantri Awas Yojana. particularly for the urban areas: Nirmala Sitharaman
This extra budgetary resource being provided will help 12 Lakh houses to be grounded & 18 Lakh houses will get completed as a result, she added.
2:03 PM: 10 new Champion sectors will now be covered under the Production Linked Incentives Scheme to boost the competitiveness of domestic manufacturing. It is expected to give a significant boost to economic growth and domestic employment: FM Sitharaman
2:00 PM: We are launching credit guarantee support scheme for healthcare sector and 26 sectors stressed due to COVID19. Entities will get additional credit up to 20% of outstanding credit, repayment can be done in five years’ time (1 year moratorium + 4 years repayment): FM Sitharaman
13:55 PM: Guaranteed credit support for 26 stressed sectors identified by the Kamath Committee. Original ECLGS had one year of moratorium and 4 years of repayment, the new scheme will have 1-year moratorium and 5 years of repayment: FM Sitharaman
13:49 PM: Aatmanirbhar Bharat Rozgar Yojana being launched to incentivise creation of new employment opportunities during COVID19 recovery. Every EPFO registered orgs – if they take in new employees or those who had lost jobs b/1 March 1 & Sept 30 – these employees will get benefits: Sitharaman
If new employees of requisite number are recruited from October 1, 2020 to June 30, 2021, the establishments will be covered for the next two years: Nirmala Sitharaman
13:48 PM: The existing Emergency Credit Line Guarantee Scheme extended till 31st March 2021: FM Nirmala Sitharaman
13:45 PM: Up till today about Rs 8300 Crores have been disbursed to the beneficiaries. There are about 1,52,899 establishments which are covering 1,21,069 odd beneficiaries under PM Rozgar Protsahan Yojana: Nirmala Sitharaman
13:44 PM: Establishments registering with EPFO after the commencement of Scheme to get subsidy for all new employees. Scheme to be operation till 30th June, 2021: FM Sitharaman
13:42 PM: Pradhan Mantri Rozgar Protsahan Yojana was implemented up to 31.03.2019. It had covered all sectors & is expected to run for 3 years. So even if someone joined the scheme on 31.03.2019, they would be covered under that existing scheme from then three years, says Sitharaman.
13:36 PM: SBI Utsav cards being distributed, under the festival advance scheme announced on 12th Oct. 11 states sanctioned Rs 3,621 crores as an interest-free loan towards capital expenditure: FM Sitharaman
13:35 PM: Rs 1,32,800 crores have gone as income-tax refunds to 39.7 lakh taxpayers: finance Minister Nirmala Sitharaman
13:33 PM:Rs 25,000 crore has been disbursed through NABARD for additional emergency working capital funding for farmers: Finance Minister Nirmala Sitharaman.
13:31 PM: Rs 7,227 crores disbursed under the Special Liquidity Scheme for NBFCs/HFC: Finance Minister Nirmala Sitharaman
13:24 PM: Under the Emergency Credit Liquidity Guarantee Scheme, a total amount of Rs 2.05 lakh crores has been sanctioned to 61 lakh borrowers, out of which Rs 1.52 lakh crores has been disbursed: FM Nirmala Sitharaman
13:22 PM: Rs 25,000 crores has been disbursed to farmers from Additional Emergency Working Capital Funding through NABARD, announces Nirmala Sitharaman. “Credit boost has been given to 2.5 crore farmers through Kisan Credit Cards, Rs 1.4 lakh crores has been distributed to farmers,” she added.
13:19 PM: “Labour Ministry with the Finance Ministry and other concerned ministries are working together closely with the States, and the work has commenced on creating a
portal for migrant workers,” she asserted.
13:18 pm: “There has been very good progress on ‘One Nation-One Ration Card’ in 28 states covering 68.8 crore beneficiaries,” Sitharaman says.
13:11 PM: RBI predicts a strong likelihood of the Indian economy returning to positive growth in Q3:2020-21, ahead by a quarter of the earlier forecast, says FM Nirmala Sitharaman.
13:04 PM: “I would like to announce a few new measures in the series of stimulus announcements we have been doing…Quite a few indicators showing a distinct recovery in the economy,” Finance Minister Nirmala Sitharaman said.
13:00 PM: FM starts the address.
12:57 PM: Sit tight, the address will begin shortly. Watch this space out for all updates.
12:36 PM: Sitharaman to address media shortly.
11:18 AM: According to a report by Money Control, the government may announce the reintroduction of the Pradhan Mantri Rojgar Protsahan Yojna in an expanded form. Under this scheme, new employees and employers may get a 10 per cent subsidy on provident fund (PF) contribution.
11:14 AM: Equity benchmark Sensex dropped over 200 points in early trade on Thursday, tracking losses in financial stocks ahead of Finance Minister Nirmala Sitharaman’s press conference.