Thread by @PIBMumbai

Finance Minister @nsitharaman will address a press conference today

Catch LIVE updates in English and Marathi, from 12.30 PM onwards, on @PIBMumbai

Watch:

LIVE now: Finance Minister @nsitharaman addresses press conference at PIB Delhi

Finance Minister @nsitharaman says she is going to announce the next steps in the series of stimulus measures announced by the government

A strong #COVID19 recovery scene is emerging, active cases have declined from 10 lakh to 4.89 lakh, fatality rate has come down to 1.47% - Finance Minister @nsitharaman

Finance Minister @nsitharaman outlines various economic indicators which show the presence of a strong pitch for recovery in the economy

Improvements recorded in Composite PMI, energy consumption, bank credit, GST collections, market capitalization, FDI

@RBI predicts a strong likelihood of return to positive growth in Q3 of 2020-'21

Various unrelenting systemic reforms have helped in this

- FM @nsitharaman

.@MoodysInvSvc has reassessed India's 2020 GDP growth at -8.9% (as against -9.6% earlier)

For 2021, they have revised estimate to 8.6% (from 8.1% earlier)

This shows that a positive correction is happening as regards our economic prospects

- Finance Minister @nsitharaman

28 states have been brought under #OneNationOneRationCard scheme, 68.6 crore beneficiaries can hence lift food grains from any of these 28 states/UTs

Around 14 lakh loans have been sanctioned under #PMSVANidhi scheme for street vendors

- @nsitharaman

Credit boost has been given to 2.5 crore farmers through Kisan Credit Cards, ₹ 1.4 lakh crore has been distributed to farmers

- FM @nsitharaman, explaining progress of schemes under #AatmaNirbharBharat Package

Pradhan Mantri Matsya Sampada Yojana proposals from 21 states, worth nearly ₹ 1,700 crore has been sanctioned

- Finance Minister @nsitharaman

Happy to say that ₹ 25,000 crore has been distributed to help farmers prepare for Rabi sowing, this is over and above the budget allocation

- Finance Minister @nsitharaman

LIVE ow:

Under Emergency Credit Liquidity Guarantee Scheme, a total amount of ₹ 2.05 lakh crore has been sanctioned to 61 lakh borrowers, out of which ₹ 1.52 lakh crore has been disbursed

- Finance Minister @nsitharaman

Under Partial Credit Guarantee Scheme, Public Sector Banks have bought portfolios worth nearly ₹ 27,000 crore

To infuse liquidity into discoms, loans worth ₹ 1.18 lakh crore has been sanctioned, loans worth more than ₹ 31,000 crore disbursed

- Finance Minister @nsitharaman

Utsav Cards being issued by @TheOfficialSBI for festival advance

Many employees availing LTC Voucher Scheme

Many steps being taken by @MORTHIndia and @DefenceMinIndia for utilizing ₹ 25,000 crore capital expenditure

- Finance Minister on progress of #AatmaNirbharBharat 2.0

11 states have been sanctioned interest-free loans worth ₹ 3,621 crore for capital expenditure

This amount is exclusive of what Bihar proposes to do

₹ 1.32 lakh crore has been given to nearly 39.7 lakh taxpayers as Income Tax refunds without any delay

- FM @nsitharaman

There are 12 announcements being made by Finance Minister @nsitharaman today, as part of #AatmaNirbharBharat 3.0

1️⃣ New scheme #AatmaNirbharBharatRozgarYojana being launched to incentivize job creation during #COVID19 recovery

EPFO registered establishments - if they take in new employees or those who lost jobs earlier - these employees will get some benefits

Effective from Oct 1, 2020

1️⃣

Here are the criteria for EPFO registered establishments to be eligible for benefits under #AatmaNirbharBharatRozgarYojana

If new employees of requisite number are recruited from Oct 1, 2020 to June 30, 2021, the establishments will be covered for next two years

1️⃣

Central govt. will give subsidy by way of EPF contributions for two years in respect of new eligible employees

Subsidy will be credited upfront in Aadhaar-seeded EPFO accounts

- Finance Minister explains benefits of #AatmaNirbharBharatRozgarYojana

More than 95% of all establishments and 65% of all employees in formal sector are estimated to be covered in first category, wherein EPF contributions will be given by govt. by way of subsidy support

- Finance Minister @nsitharaman

https://twitter.com/PIBMumbai/status/1326800871733096448

2️⃣

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

- announces Finance Minister @nsitharaman

2️⃣

We are launching credit guarantee support scheme for health care sector and 26 sectors stressed due to #COVID19, says FM

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)

3️⃣ Production Linked Incentive worth ₹ 1.46 lakh crore is being offered to 10 champion sectors, this will help boost competitiveness of domestic manufacturing

Will give a big boost to economy, investment, exports and job creation

- Finance Minister @nsitharaman

3️⃣

Here are the 10 champion sectors for which the government is launching Production Linked Incentive Scheme

A total amount of nearly 1.5 lakh crore has been earmarked across sectors, for next five years

https://twitter.com/PIBMumbai/status/1326804484765278210

4️⃣

Finance Minister announces additional outlay of ₹ 18,000 crore for @PMAYUrban

Will help ground 12 lakh houses and complete 18 lakh houses

Will create additional 78 lakh jobs and improve production and sale of steel and cement, resulting in multiplier effect on economy

5️⃣

To provide ease of doing business and relief to contractors whose money otherwise remains locked up, performance security on contracts will be reduced to 3%

EMD for tenders will be replaced by bid security self-declaration

Relaxations till December 31, 2021

- @nsitharaman

6️⃣

Differential between circle rate and agreement value in real estate income tax is being increased from 10% to 20%

From today till June 30, 2021, for primary sale of residential units up to ₹ 2 crore

The income tax relief provides incentive to middle class to buy homes: FM

7️⃣

Govt. will make ₹ 6,000 crore equity investment in debt platform of National Investment and Infrastructure Fund, which will help NIIF raise ₹ 1.1 lakh crore by 2025 for financing infrastructure projects

- Finance Minister @nsitharaman

8️⃣
₹ 65,000 crore fertilizer subsidy will be provided to farmers

Fertilizer consumption is going up significantly, increased supply of fertilizers will ensure that forthcoming crop seasons will not be affected for want of adequate fertilizers

- Finance Minister @nsitharaman

9️⃣

Additional outlay of ₹ 10,000 crore is being provided for #PMGaribKalyanRozgarYojana, announces Finance Minister @nsitharaman

Funds can be used for MGNREGA or for Gram Sadak Yojana, will help accelerate rural economy

1️⃣0️⃣

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

This will help EXIM Bank facilitate these Line of Credit development assistance activities and promote exports from India

- FM @nsitharaman

1️⃣1️⃣

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

#AatmaNirbharBharat 3.0

1️⃣2️⃣

₹ 900 crore is being provided to @DBTIndia for research activities related to #COVID19 vaccine development

This does not include cost of vaccine or logistics for vaccine distribution (whatever is required for that will be provided)

- @nsitharaman

#AatmaNirbharBharat 3.0

So, here goes - the size of the stimulus being provided by the government, as part of the 12 announcements made today under #AatmaNirbharBharat 3.0, amounts to ₹ 2.65 lakh crore

- informs Finance Minister @nsitharaman

And here is a summary of the stimulus measures announced by the Government of India till date, in the wake of the #COVID19 pandemic

The total stimulus by Govt. and @RBI works out to ₹ 29.87 lakh crore - 15% of national GDP as stimulus takeaway

- Finance Minister @nsitharaman

The Production Linked Incentive Scheme will run for the medium term, it has immediate impact on decision-making

This, along with the major milestone decision of reducing corporate tax, has rushed in a lot of investment into the country

- Finance Minister @nsitharaman