FM Nirmala Sitharaman announces stimulus package 3.O

15:03 November 12

Size of stimulus amounts to Rs 2.65 lakh crores

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.

14:35 November 12

COVID Suraksha Mission  

Rs 900 crores provided for COVID Suraksha Mission for research and development of the Indian COVID vaccine to the Department of Biotechnology

14:31 November 12

Capital and industrial expenditure

Rs 10,200 crore additional budget outlay will be provided towards Capital and industrial expenditure. Government announces an additional outlay for capital and industrial expenditure over the budget announcement this year. It will be spent on domestic defence manufacturing and road construction.

14:31 November 12

EXIM Bank

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

14:30 November 12

PM Garib Kalyan Rozgar Yojana 

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. So far the government has spent Rs 33,543 crore spent in 116 districts under PM Garib Kalyan Yojana. It follows increased allocation in MGNREGA. Govt has so far released Rs 73,504 crore under MGNREGA.

14:29 November 12

Rs 6000 Crores of Equity to Debt Platform of NIIF 

Government is 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.

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

14:29 November 12

To ensure adequate availability of fertilisers 

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. The government estimates that consumption of fertiliser will increase by over 17.8% over the consumption of 571 lakh metric tonne in 2019-20.  It will benefit 140 lakh farmers.

14:16 November 12

Support for Construction & Infrastructure-Performance security on contract

 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

14:15 November 12

Income Tax Relief to home buyers to help clear inventory

Section 43CA of Income Tax Act permitted 10% differential in the circle rate and agreement value. Now it has been enhanced to 20%. It will be available till June next year. It will be applicable on the first sale of a house.

14:15 November 12

Ease of doing business and help the contractors

Performance Security will be reduced to 3%, instead of existing 5 to 10%. The scheme will be available till December 2021.

14:14 November 12

Prime Minister Awas Yojana:

FM announces Rs 18,000 crore additional allocation for PM Avas Yojana, it is in addition of Rs 8,000 crore announced in this year's budget. It will create 78 lakh new jobs, will boost steel and cement consumption. It will help ground 12 lakh houses and completion of 18 lakh houses.  

It's for PMAY Urban.

13:54 November 12

Aatma Nirbhar Bharat Rozgar Yojana 

It will benefit employees earning less than Rs 15,000 month.

• If an EPFO registered organization recruits a new employee, who did not have an EPF number or was unemployed between March 1 to September 30, if they get recruited after October 1, it will benefit them.
• An employer having less than 50 employees to recruit a minimum of 2 new employees, for employees having more than 50 people must recruit more than 5 new employees to avail the scheme
• 60% of all employees and 90% of the establishments in the organised sector will be covered under this scheme.

 

13:49 November 12

The existing Emergency Credit Line Guarantee Scheme extended till 31st March 2021

13:41 November 12

FM Nirmala Sitharaman:

1 New employee will get subsidy who have joined after October 1

2. This aim of the scheme is to create new employment avenues to those employees who lost jobs during the pandemic period between March and September 2020.

3. Employee have to link their Aadhar card to get the benefit of EPFO scheme

13:41 November 12

FM Nirmala Sitharaman:

1. Additional emergency working capital funding for farmers of Rs 25,000 crore through Nabard.

2. Under the Emergency Credit Line Guarantee Scheme 1.0 that was announced for MSME sector Rs 2.05 lakh crore sanctioned to 61 lakh borrowers and out of this Rs 1.52 lakh crore disbursed.

3. This scheme was announced to meet working capital needs, operational liabilities and restart businesses impacted due the COVID-19 crisis.

13:32 November 12

FM Sitharaman:

1. PM Rojgar Yojna has covered all sectors of business
2. There are about over 8 lakh crores have been sanctioned under this scheme
3. In the scheme, every EPFO establishment organisations will be benefitted to those who have joined the organisations after lockdown

13:27 November 12

FM Nirmala:

1. SBI has been issuing Utsav credit cards to enjoy this festive season
2. 25, 000 crores have been provided to Ministry of Roads and defence
3. 11 states have been sanctioned an interest-free loan for capital expenditure
4. Over 1 lakh crores rupees have been refunded as an Income tax refunds 
5. Rs 1,32,800 crores have gone as income-tax refunds to 39.7 lakh taxpayers

13:20 November 12

MoS Anurag Thakur:

1. 20 per cent more loans have been sanctioned after lockdown
2. Housing sector has also improved after lockdown

13:16 November 12

MoS Anurag Thakur:

1. Over 13 lakh loans have been sanctioned to the street vendors
2. A working portal has been assigned for migrant workers.

13:11 November 12

FM Nirmala Sitharaman:

1. Under Aaatmnirbhar Abhiyan 1.0, one nation, one ration card has also proved beneficial during the lockdown
2. Street vendors have applied for over 26 lakh applications for loans 
3. Over 30 per cent of loan have been approved till now

4. GST collection rose 10 pc y-o-y in Oct, bank credit improved 5.1 pc; energy consumption growth trend higher

5. There is a strong recovery in the economy; active COVID-19 cases have declined, says FM Nirmala Sitharaman announcing stimulus package.

13:07 November 12

Mos Anurag Thakur:

1. The electricity consumption has also increased after the government roll back the coronavirus lockdown
2. Railways have also seen a growth of 12 per cent as compared to FY 2019-2020.
3. Market growth is up to the mark
4. FDI has also seen a growth of 13 per cent as compared to the previous year.
5. The Indian economy has seen in the third quarter 
6. Moody record has also improved

13:00 November 12

1. Energy growth has increased tremendously in the last 3 months.
2. Bank Credit flows were slowed during the lockdown but till October, the growth rate is 12 per cent
3. In the last 15-20 days, we have seen enough indicators to show the economy is recovering
4. I would like to announce a few new measures in the series of stimulus announcements we have been doing.

12:36 November 12

LIVE: FM Nirmala Sitharaman to address media

New Delhi: The government is reportedly planning another stimulus package for the economy which could be finalised as early as Thursday.

There is talk of a $20 billion stimulus package in a series of packages that the government seems to be rolling out to boost the economy during the times of the Covid-19 pandemic.

The package would follow Wednesday's earlier announcement of production linked incentives (PLI) worth about $27 billion over five years for manufacturers in 10 sectors.

To give an impetus to the manufacturing sector, the Union Cabinet on Wednesday approved a mega PLI scheme for 10 sectors. The total outlay has been pegged at Rs 1,45,980 crore.

Announcing the decision, Union Finance Minister Nirmala Sitharaman said that the scheme would entail an expenditure of about Rs 2 lakh crore.

Top government functionaries are likely to finalise the stimulus package as early as Thursday, just days before Diwali.

While the PLI package is aimed at manufacturing sectors, the to be announced stimulus package could focus on employment creation and also putting money in the hands of the consumers.

Diwali marks the big festive purchasing season for consumers and the government has over the years announced economy boosters around Diwali.

In October 2017, just before Diwali, the government had announced cuts in GST rates on around 27 items, mostly consumer goods, along with some other incentives.

In September last year, again just around the festival season, Finance Minister Nirmala Sitharaman had announced a Rs 1.45 lakh crore corporate tax rate cut, bringing in an early Diwali.

(With inputs from agency)