live

FM Nirmala Sitharaman Press Conference Updates: EPFO subsidy, tax relief for home buyers among 12 measures in Stimulus 2.0

FM Nirmala Sitharaman Press Conference LATEST Updates: Nirmala Sitharaman said at the presser an additional outlay of Rs 10,000 has been announced for the PM Garib Kalyan Rozgar Yojana. She said that Rs 73,504 crore has already been spent from the current outlay of Rs 1 lakh crore

FP Staff November 12, 2020 15:11:03 IST
Auto refresh feeds
FM Nirmala Sitharaman Press Conference Updates: EPFO subsidy, tax relief for home buyers among 12 measures in Stimulus 2.0

Finance Minister Nirmala Sitharam announced measures to boost demand and revive the economy. ANI

Highlights

LIVE NEWS and UPDATES

Nov 12, 2020 - 15:18 (IST)

R&D grant for COVID vaccine to additional outlay for PM Garib Kalyan Yojana, measures under Stimulus 2.0

Rs 900 crore R&D grant for COVID-19 vaccine development, which will be given to The Department of Biotechnology.

Rs 65,000 crore fertilizer subsidy will be provided to farmers. Increased supply of fertilisers at subsidised rates will help 140 million farmers.

Rs 6,000 crore equity investment in debt platform of NIIF, which will help NIIF raise Rs 1.1 lakh crore by 2025 for financing infrastructure projects

Additional outlay of Rs 10,000 crore for PM Garib Kalyan Yojana.

Rs 3,000 crore boost to be given for project exports through assistance given by India to developing countries under IDEAS Scheme

Rs 10,200 crore additional budget stimulus to be provided for capital and industrial expenditure on defence equipment, industrial infrastructure and green energy

Nov 12, 2020 - 15:16 (IST)

Additional outlay for PM Awaas Yojana Urban to tax relief for home buyers, measures under Stimulus 2.0

Atmanirbhar Bharat Rozgar Yojana to incentivise the creation of new employment opportunities during the COVID-19 recovery phase.

The Emergency Credit Line Guarantee Scheme (ECLGS) for MSMEs, businesses, MUDRA borrowers and individuals (loans for business purposes), has been extended till 31 March, 2021.

Credit guarantee support scheme for health care sector and 26 sectors stressed due to COVID-19.

Production Linked Incentive (PLI) worth Rs 1.46 lakh crore is being offered to 10 champion sectors. A total amount of nearly 1.5 lakh crore has been earmarked across sectors, for next five years.

The differential between circle rate and agreement value in real estate income tax had been increased to 20 percent to boost housing sales. Income tax relief for first-time buyers, developers, on houses up to Rs 2 crore till 30 June, 2021

Additional outlay of Rs 18,000 crore for PM Awaas Yojana Urban.

Nov 12, 2020 - 15:09 (IST)

Stimulus 2.0 amounts to Rs 2.65 lakh: FM

Nirmala Sitharaman said that 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.

Nov 12, 2020 - 14:54 (IST)

Rs 900 R&D grant for COVID vaccine

The finance minister announced a Rs 900 crore grant for the COVID Suraksha Mission, which looks at the research and development of the coronavirus vaccine inder the Department of Biotechnology.

Nov 12, 2020 - 14:37 (IST)

Additional outlay of Rs 10,000 crore for PM Garib Kalyan Rozgar Yojana

Nirmala Sitharaman said at the presser an additional outlay of Rs 10,000 has been announced for the PM Garib Kalyan Rozgar Yojana. She said that Rs 73,504 crore has already been spent from the current outlay of Rs 1 lakh crore on the scheme. The scheme has so far generated 251 crore person days of employment.

Nov 12, 2020 - 14:33 (IST)

FM announces Rs 65,000 fertilizer subsidy

Rs 65,000 crore fertilizer subsidy will be provided to farmers, the Finance Minister announced, adding that the subsidised rates will help 140 million farmers in the upcoming crop season.

Nov 12, 2020 - 14:30 (IST)

Rs 6,000 crore infusion into NIIF debt platform

Nirmala Sitharaman announced that the Centre will give Rs 6,000 crores of Equity to Debt Platform of NIIF (National Infrastructure & Investment Fund) where private equity participation will also come in.

She went on to say that this will help NIIF raise Rs 1.1 lakh crore by 2025 for financing infrastructure projects.

Nov 12, 2020 - 14:21 (IST)

Income tax relief for developers, home buyers

With the aim of boosting real estate, the finance minister announced a relief on difference between circle rate and agreement value upto 20 percent vs 10 percent earlier for primary residential sales.

She added that a lot of clearance of inventory is expected through this move and people will also end up paying lesser.

Nov 12, 2020 - 14:16 (IST)

FM announces Rs 18,000 crore PM Awaas Yojana-Urban

Nirmala Sitharaman announced an additional outlay of Rs 18,000 crore for PM Awaas Yojana- Urban, adding that the outlay is over and above the Rs 8,000 already allotted this year.

"This extra budgetary resource being provided will help 12 lakh houses to be grounded and 18 Lakh houses will get completed as a result," she told reporters.

For the Construction and Infrastructure-Performance security on contract to be reduced to 3 percent instead of 5 percent. Earnest Money Deposit will not be required for tenders and will be replaced by Bid Security Declaration. Relaxations will be given till 31 December, 2021.

Nov 12, 2020 - 14:03 (IST)

Credit Guarantee Support scheme launched for 26 stressed sectors

"We are launching credit support for stressed sectors as identified by the Kamath committee. The 26 entities identified in the Kamath committee report along with health care sector are eligible for this. Tenor of additional credit under this scheme would be 5 years, which includes a one-year moratorium of principal repayment:. There is no upper ceiling on turnover for meeting the eligibility for this scheme," says FM

FM Nirmala Sitharaman Press Conference LATEST Updates: Nirmala Sitharaman said at the presser that an additional outlay of Rs 10,000 has been announced for the PM Garib Kalyan Rozgar Yojana. She said that Rs 73,504 crore has already been spent from the current outlay of Rs 1 lakh crore.

Nirmala Sitharaman announced an additional outlay of Rs 18,000 crore for PM Awaas Yojana- Urban, adding that the outlay is over and above the Rs 8,000 already allotted this year.

The Finance Ministry announced what they referred to as Atmanirbhar Bharat 3.0. "You can call it Atmanirbhar 3.0," says FM Sitharaman. For organisations registered with EPFO, the new employees (who lost their jobs or is their first job) will get special benefits," says Sitharaman. The benefits haven't been announced yet.

Economy has staged a strong recovery with growth in GST collections, bank credit, FDI inflows along with other indicators, says the finance minister.

Finance Minister Nirmala Sitharaman on Thursday announced another stimulus package to boost the Indian economy amid the ongoing COVID-19 pandemic. The measures are aimed at sectors worst hit by the pandemic and lockdown, and will list out infrastructure projects which will be expedited to boost job creation.

Finance Minister Nirmala Sitharaman will address a press conference at 12.30 pm on Thursday, a day after the government approved a Rs 2 lakh crore production-linked incentive (PLI) package over five years for manufacturers in 10 sectors.

Sitharaman is expected to announce a third set of stimulus package to boost the coronavirus -hit economy, according to a LiveMint report.

Equity benchmark Sensex dropped over 200 points in early trade, tracking losses in financial stocks ahead of her press conference. The 30-share BSE index was trading 226.79 points or 0.52 percent lower at 43,366.88, while the broader NSE Nifty slipped 60 points or 0.47 percent to 12,689.15.

Sitharam said that the Cabinet decided to create more PLIs to make sure job creation happens and India becomes part of the global value chain and becomes self-reliant.

"We are ensuring that India will be part of the global value chain and the critical sunrise sectors get the necessary support from the government so that we are able to build an India which is strong enough to service its own domestic market. We are also making sure that we are able to link up with the global value chains," she said.

Updated Date:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

India reports 41,322 new COVID-19 infections; active cases see drop after three straight days of rising graph
India

India reports 41,322 new COVID-19 infections; active cases see drop after three straight days of rising graph

After showing an upward trend for three days in a row, the active COVID-19 caseload decreased to 4,54,940, remaining below 5 lakh for the 18th consecutive day, said the health ministry

Coronavirus pandemic: England to allow limited spectators to attend sports events
Sports

Coronavirus pandemic: England to allow limited spectators to attend sports events

The crowd ceiling will be set at 4,000 or half the stadium capacity, whichever is lower, in the lowest-risk "tier one" parts of the country once a stricter lockdown ends