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#LIVE | Finance Minister #NirmalaSitharaman outlines final tranche in govt's mega stimulus package
Track latest updates here…
Land, labour, liquidity & law will be our focus for today's briefing : FM @nsitharaman briefs media.
Track #LIVE updates here
@nsitharaman PM Garib Kalyan used the technology available to do direct cash transfer to the beneficiaries: FM @nsitharaman briefs media.
Track #LIVE updates here
Read 20 tweets
🕚11 AM tomorrow:

The 5th and final #AatmaNirbharBharatPackage press conference by FM @nsitharaman

Turning the #COVID19 crisis into an opportunity

Transforming India into #AatmanirbharBharat



Don't miss the press conference by Finance Minister @nsitharaman

🕚11 AM today

The fifth set of measures for an #AatmaNirbharBharat

Watch on #PIB's YouTube channel▶️

And get LIVE updates in English and Marathi, on @PIBMumbai

Starting in a short while

Fifth #AatmaNirbharBharat press conference by Union Finance Minister @nsitharaman


Stand by for LIVE updates in this thread 🧵

Read 64 tweets
15th May 2020 Finance Minister Nirmala Sitharaman's Press Conference

Today session focusing on agriculture and allied activities

#NirmalaSitharaman #AatmanirbharBharat
11 measures will be announced - 8 relates to strengthening infrastructure and 3 relates to Govt and administrative reforms

#NirmalaSitharaman #AatmanirbharBharat
The minimum support price purchases to an extent of 74300 crores had taken place during the lockdown period and 18700 crore have been transferred directly to their account through PM Kisan Bima Yojana

#NirmalaSitharaman #AatmaNirbharBharatPackage
Read 27 tweets
Day 3 of #NirmalaSitharaman detailing the #AtmaNirbharBharatPackage announced by #Modi on 12th

- Focus on agriculture, fisheries, animal husbandry, dairy and allied activities.
Just like yesterday, the briefing begins with a detailing of things the govt has been doing. After this, there will be 11 announcements form the package--3 governance reforms, 8 government measures to expand storage, etc.

#NirmalaSitharaman #AatmaNirbharBharatPackage
After a quick review of yesterday's announcements, she lists measures taken over the last two months:
- MSP purchases of Rs. 74300 cr. happened during lockdown, also Rs 18,700 cr. to PM Kisan funds
- Claim payments of Rs. 6400 cr. have been transferred
Read 26 tweets
The 3rd press conference by Finance Minister @nsitharaman, announcing Government's roadmap towards #AatmanirbharBharat

Catch live updates from 4 PM


#AatmaNirbharBharatPackage #SelfReliantIndia

Starting shortly

Press conference by Union Finance Minister @nsitharaman, announcing the third set of measures in #AatmaNirbharBharatPackage, towards a #SelfReliantIndia


Stay tuned to @PIBMumbai for LIVE updates in English and Marathi
Watch LIVE: Press conference by Finance Minister @nsitharaman, MoS @ianuragthakur and @FinMinIndia team on the third set of measures which form a part of #AatmaNirbharBharatPackage

Read 39 tweets
ESIC to be made compulsory for the establishment producing hazardous products

#NirmalaSitharaman #AatmaNirbharBharatAbhiyan
Extend the ESIC benefits to establishments having more than 10 workers, Those having lesser shall be voluntarily covered : FM

#NirmalaSitharaman #AatmaNirbharBharatAbhiyan
Annual health check of employee now to be made compulsory

#NirmalaSitharaman #AatmaNirbharBharatAbhiyan
Read 17 tweets
7200 SHG has been newly formed during 2 months

#NirmalaSitharaman #AatmaNirbharBharatAbhiyan
Self help group have come up with 3 crore mask and 1.2 Lakh liters of sanitizers during the Covid-19

#NirmalaSitharaman #AatmaNirbharBharatAbhiyan
MGNREGA will support and create opportunity for migrant workers

#NirmalaSitharaman #AatmaNirbharBharatAbhiyan
Read 4 tweets
From today's briefing: Focus on migrant workers, street vendors, small traders, small farmers, self-employed,

#NirmalaSitharaman Image
- "If I haven't spoken about something today, it doesn't mean we haven't thought of them. Let's not look at each sector separately"

- Liquidity support for farmers has already been happening. Just over the last two months. refinancing has also been happening.
- Govt. has permitted states to use SDRF to set up shelters for urban poor. 11cr. was sent for this. 3 meals provided at the cost of central govt. at the Shelters for Urban Homeless during lockdown.
- 12,000 SHGs have produced over 3 cr. masks and 1.2 lac litres of sanitisers
Read 13 tweets
14th May 2020 Finance Minister Nirmala Sitharaman's Press Conference

Today's initiative focuses on migrants worker, small farmers, street employed people.
9 steps will be announced shortly

#NirmalaSitharaman #AatmanirbharBharat
3 relating to migrant worker, 1 street vendor, 1 housing, 2 small farmers

#NirmalaSitharaman #AatmaNirbharBharatAbhiyan
about 3 crore farmers has availed loan given to them at concessional rate
Read 7 tweets
The Economic package for Self-Reliance (#atmanirbharbharat) amid covid:-

Announced package - ₹20lakh cr
Already announced PMKGY - ₹1.7lakh cr
RBI liquidity announced - ₹6.5lakh cr

11.5 lakh cr NEW packages to be announced by #NirmalaSitharaman

₹3 lakh cr loan package, ₹50k cr equity infusion and ₹20k subordinate debt(NPA) relief for #MSMEs are great announcements.

But only 33% MSMEs take credit from formal sector(Banks&NBFCs), 66% take it from informal sectors.

Will this reduce NPA in formal sector by MSMEs??
The definition change for #MSMEs was a needed measure but it's not something newly proposed.
It was proposed in 2018 by cabinet but came into consideration amid this Covid adversity.

Hope this changes the drastic figures as current avg employment generated by MSME is of 2.
Read 8 tweets
Thread: 15 Measures announced by the Finance Minister Today.
6 measures for MSME
3 tax related measures
2 for Employees
2 related to NBFC
1 for discoms
1 for contractors
1 for real estate industry

#20lakhcrores #NirmalaSitharaman
1. Rs 3 lakh crores loan for 45 lakh MSMEs without collateral. 12 month moratorium, 4 year term loan, 100% credit guaranteed on principal and interest available till October 2020.
Read 18 tweets
FinMin's PC detailing out the package announced by the PM yesterday Image
1. For MSMEs

1.1) collateral free loans for MSMEs for upto 3cr. till 31st October 2020
1.2) 20,000 cr. through more loans for subordinate debt relief for stressed and NPA MSMEs
1.3) A "Fund of Funds" to infuse 50k crores into MSMEs with potential

Definition of MSMEs revised Image
The redefinition was 1.4; unclear how this is part of a package🙄

1.5) govt. tenders up-to 200 cr, will no longer be on global tender route, meaning Indian MSMEs will be able to participate.
1.6) E-market linkage for MSMEs; pending GoI paymentsto be paid within next 45 days
Read 12 tweets
A collateral-free automatic loan is being given to MSMEs, with a facility of ₹ 3 lakh crores

This will enable 45 lakh MSME units to resume business activity and also safeguard jobs

- FM #NirmalaSitharaman

#AatmaNirbharBharatAbhiyan #EconomicPackage #AatmanirbharBharat
The second measure is for stressed MSMEs, who will be provided 20,000 crore via subordinate debt, will benefit about 2 lakh MSMEs

- FM #NirmalaSitharaman #AatmaNirbharBharatAbhiyan #EconomicPackage
3️⃣ For MSMEs needing handholding, A ₹50,000 crore #FundofFunds through mother fund - daughter fund framework is being created, to expand their capacity and to get listed on markets which they choose

- FM #NirmalaSitharaman #AatmaNirbharBharatAbhiyan
Read 20 tweets
Starting with my most favorite ❤
Oil On Canvas
3 feet by 2 feet.
#durga #oilpainting #hindu #hinduart #art #painting #hinduism #india Image
The legendary singer, a voice so divine even Lord Venkateshwara wakes up to her Suprabhatam everyday.
Color Pencils and Soft Pastels on A3 Sized Paper.
#mssubbulakshmi #sketch #art #painting #hindu #hinduism #hinduart #krishna Image
In Kalamkari Art using Micro Tip Colored Pens.
#lakshmi #saraswati #hindu #hindus #hinduism #Hinduart #kalamkari #art #painting #artist #india #red ImageImage
Read 21 tweets
#CoronavirusOutbreak | WHO Director-General Tedros Adhanom Ghebreyesus said that a nationwide shurdown, which is being implemented by India to curb #COVID19, will not be enough to fight the outbreak. | Follow LIVE updates here:
#CoronavirusOutbreak | A three-year-old Indian girl was among the 73 new #COVID19 cases that have been reported in #Singapore in a day, taking the tally to over 600. | Follow LIVE updates here:
#CoronavirusOutbreak | Three persons, all with travel history abroad, tested positive for the novel in #Goa, health department officials said, as the tourist haven joined the states which have reported #COVID19 cases. | Follow LIVE updates here:
Read 32 tweets
Finance Minister Nirmala Sitharaman is set to address the media at 2 PM today on Statutory & Regulatory compliance matters in light of the #coronavirusindia lockdown.
Press briefing begins by Minister for Finance & Corporate Affairs Nirmala Sitharaman via video conferencing.
Sitharaman thanks all those who have abided by the PM's call for lockdown. Says the lockdown has been done to flatten the curve.
"We're very close to coming up with an economic package. However, many regulatory and compliance related issues....
Read 36 tweets
#NirmalaSitharaman recited a Kashmiri poem during #Budget2020.

She read lines by Dina Nath Kaul, forgot he took on the name Nadim. Forgot that he came to prominence with an ode to Sheikh Abdullah. Forgot history in favour of superficial symbolism, like our govt. often does.

Dina Nath Kaul "Nadim" came to prominence in 1946, when he recited a poem to honour Sheikh Abdullah - who had just been released from prison.

One year later, he led the clarion call as part of the Cultural Front against the 1947 invasion.

Radio Kashmir was established in 1948. Suddenly, Kashmiri had a much bigger platform. It allowed the progressive writer's movement to move beyond poetry to short stories, operas, sonnets.

Nadim was one of the leading figures of that progressive writer's movements.

Read 9 tweets
LIVE blog: Finance Minister Nirmala Sitharaman to present Budget 2020 at 11 am…
Copies of the Union Budget reach Parliament. Follow all live updates on #Budget2020 here:…
Live now: Union Finance Minister Nirmala Sitharaman tables 15th Finance Commission panel report. #Budget2020…
Read 93 tweets
Long thread on Budget FY-2020: How difficult is finance minister’s job in #India. If you’re amongst those who think the budget doesn’t do much for people, you need to understand this in detail. Why do we struggle to solve national problems? #Budget2020 #NirmalaSitharaman
Let me simplify things for the readers as to how the budget looks like & what the numbers mean. Below is the graphic that I have created for the revenue & expense heads for govt of India.Left side is govt INCOME & right side is how it SPENDS for the year. Size Rs 27.8 lac crores
Income of govt:
1) Taxes & non-tax revenue is 61% & 10% respectively. Additionally, another 4% comes by selling govt shares in PSUs. All this adds to 75%.
2) Borrowings forms the balance 25% of Income. This is our govt borrowing money to spend which of-course carries interest.
Read 21 tweets
#mysteryofIndiasvanishinggrowth It's paywalled, so the hi-lites: I discovered whr a large part of India's growth vanished. #longtweet
opening fact: Institutional investors, eg US private equity funds/their local mgrs, route finance to India through offshore countries eg Singapor
eyeopening fact (IMPORTANT): Conventionally the overseas debt is 1st accounted for as equity until, like all loans, it comes up 4 repayment @ which point it goes on the books as debt. These loans are bonds, whose full technical name is the compulsory convertible debenture-CCD.
debenture=complicated word for debt;
the loans come w specific contractual clauses such as guaranteed time-bound repayments.
Sadly, developing countries (eg India) r unable to borrow in domestic currency, an existential crisis. Rupee bonds exist but not many investors want them
Read 19 tweets
(1/n) •Domestic company corp tax cut from 30% to 22 % percent if
they don't avail any exemptions or incentives from FY20
• Effective tax for these companies rate 25.17 percent inclusive of all
surcharge and cesses. Applicable for current fiscal
(2/n) *listed companies which have announced buyback of shares prior to July 5 will not be charged with super rich tax
*All the measures announced will give relief of 1.45 lakh crores annually
(3/n) *Roll back of enhanced surcharge introduced in Budget on capital gain arising from sale of equity shares in a company liable for STT .
* super-rich tax will not to apply on capital gains from sale of any security including derivatives for FPIs.
Read 15 tweets
(1/n) Among many things addressed today in Finance Minister's Meet with Press, she addressed there will be development of Credit Default Swap (CDS) Markets in consultation with @SEBI and @RBI RBI. This step was taken following the credit events of IL&FS, DHFL etc in past yr
@sebi @RBI (2/n) Now what is Credit Default Swap (CDS)/ Markets?
CDS is kind of an insurance against a risk of default on a loan by a company. Company – reference entity, default – credit event.
@sebi @RBI (3/n)Why will a seller do that? Coz under such contract buyer will pay a regular amt to seller 4 protection he has bought for his bond, incase of a credit event. Seller will gain incase there is no credit event since he has got regular payment from buyer for his ‘protection’.
Read 17 tweets
Thread on @nsitharaman declarations as follows #NirmalaSitharaman
@nsitharaman 1) CSR violations shall no longer be a criminal offence effective today.
@nsitharaman 2) All Income Tax notices, summons to be done from centralised computerised system. All existing notices to be reviewed before October 1. Form October 1 all I-T notices till date shall stand null and void.
Read 33 tweets
Modi Govt. has taken many measures to boost the economy.
These measures will support the economy and will create a positive atmosphere among the business community and also the common citizens of India.
Continuing working as people's govt, @nsitharaman announced many measures after taking feedbacks from the business community, every sector & also the consumers.
Read 4 tweets

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