A tariff policy that does not burden consumers with distribution companies' inefficiencies will be guaranteed, FM Nirmala Sitharaman said while presenting the fourth tranche of economic stimulus package.
The facility is a paper-less, free of cost and on a real-time basis. As per the income tax department, the turn-around-time of alloting an e-PAN is 10 minutes on a real-time basis.
The 100% guarantee scheme at a concessional rate of 9.25% for MSMEs under the Rs 3 lakh crore scheme was the second-biggest component of the Rs 20 lakh-crore package announced last week.
FM says she kept lessons of the 2008-13 period in mind when designing the Covid stimulus.
The country will not spare Sitharaman for this insult of lakhs of migrant labourers and workers, Congress chief spokesperson Randeep Surjewala said.
Finance Minister Nirmala Sitharaman today unveiled the final tranche of the Rs 20 lakh crore stimulus package to help India’s economy which has been bruised, and battered by the COVID-19 pandemic. The immediate crisis has been mitigated by the following steps.
List of strategic sectors requiring presence of public sector undertakings (PSUs) in public interest will be notified, she said while announcing her fifth and final economic stimulus package.
FDI limit in defence production through automatic route has been increased to 74% from 49%, while private sector participation has been allowed in space exploration as part of structural reforms that were announced for a variety of sectors including mineral mining, civil aviation and atomic energy.
A competitive Indian MRO industry would help local airlines reduce expenses on such works which are currently done mostly overseas. India was one of the fastest-growing aviation markets in the world and has high growth potential.
She said 500 blocks of minerals will be auctioned in a composite exploration-cum-mining-cum-production regime. Also, a joint auction of bauxite and coal blocks would be done to enhance the aluminium industry's competitiveness. This, she said, will help the aluminium industry reduce electricity costs.
Sitharaman said commercial mining will be done on revenue sharing mechanism.
India’s Finance Minister announced the nationwide rollout of a One Nation One Ration Card scheme, that will ensure migrant workers get their supplies; here’s how it works.
Finance Minister Nirmala Sitharaman to hold Press Conference today after Prime Minister Narendra Modi announced 20 Lakh crore relief package yesterday. Watch!FM Nirmala Sitharaman to hold press conference today at 4 PM
Government has reduced the statutory EPF contribution of private-sector employers and employees from the current mandated 12% to 10% for the next three months. However, for government PSUs, it will remain 12%, but PSU employees can pay 10%. Finance Minister Nirmala Sitharaman made this announcement in a press conference on Tuesday. This relief is a part of the Rs 20 lakh crore economic stimulus package announced by Prime Minister Narendra Modi Tuesday night. Atmanirbhar Bharat Abhiyan: FM Nirmala Sitharaman on EPF contributions' relief
Finance Minister Nirmala Sitharaman to hold a meeting with PSU banks today. ET NOW's Ruchi Bhatia joins in to tell us what's on the agenda. Listen in! Union Finance Minister Nirmala Sitharaman to meet PSU Bank Chiefs today
A day after suggesting that Indian economy is "poised to recover" as indicated by high levels of loan sanctions by banks over last two months, Finance Minister Nirmala Sitharaman on Saturday pointed out that banks are leaving no stone unturned to ensure that the current coronavirus situation does not result in liquidity crisis for businesses.
The first set of measures focussed on relief to MSMEs, NBFCs, power discoms among others.
Khadi & Village Industries Commission has already sold 6.5 lakh masks since the time it started production in April. The masks are available in different variants for men and women.
Unveiling the fourth tranche of government's mega stimulus, Finance Minister Nirmala Sitharaman on Saturday laid emphasis on wide-ranging structural reforms across eight critical sectors - coal, minerals, defence production, airspace management, power distribution companies, social infrastructure projects, space sectors and atomic energy. Watch highlights of FM Sitharaman's presser here. (Text: ET Online)Higher defence FDI, commercial coal mining, aviation reforms in FM Sitharaman's fourth tranche of announcements: Watch highlights
As part of the Rs 20.97 lakh crore comprehensive economic package, the government announced the Emergency Credit Line Guarantee Scheme (ECLGS) worth Rs 3-lakh crore for the MSME sector, hit hard by the coronavirus crisis.
The government has already announced a Rs 20.97 lakh crore economic package, which includes Reserve Bank's Rs 8.01 lakh crore worth of liquidity measures till May 17. FM Nirmala Sitharaman said making a "realistic assessment" of economic growth would be difficult at this point of time as there is no clarity on when the pandemic would retreat.
FM proposes an amendment to Essential Commodities Act to enable better price realisation for farmers.
Banks won’t be blamed as we are going to take the loss, says the Finance Minister.Economic package includes all companies for bank loan facility despite size and sector: Nirmala Sitharaman
The delegation spoke about the core issues impacting the sector due to Covid-induced lockdown. The key issues centred around employment and working capital support, force majeure towards rent, ecommerce and GST.
The meeting, to be held via video-conferencing, will also take stock of interest rate transmission to borrowers by banks and progress on moratorium on loan repayments, the sources said. The meeting assumes significance in light of the over Rs 20 lakh crore comprehensive economic package announced for the economy reeling under the COVID-19 crisis.
Nirmala Sitharaman on facing unwarranted criticism for being a woman Finance Minister. Nirmala Sitharaman said, “There is definitely a lot of criticism; I suppose every Finance Minister gets it. But now because the stress is in the ground so much and affected people are probably a lot more, so there is a lot of criticism and I don't mind it, I have to take it,” FM Nirmala Sitharaman said during exclusive interview with ANI Editor Smita Prakash. Nirmala Sitharaman responds on the issue of facing criticism for being a woman finance minister
Asserting that the government trusts industry fully and comprehensively, Nirmala Sitharaman emphasised the need to reset its relations with workers and consider a professional manner in terms for engaging unskilled workers.
Finance minister Nirmala Sitharaman says learnings from the experiences of 2009-13 have prompted the government to be responsible while announcing the ₹20 lakh crore stimulus package and not splurge.
In the last and final session of announcements for labour, land and liquidity support by centre, Finance Minister Nirmala Sitharaman, after announcing the last set of stimulus package gave a comprehensive overview of the Rs 20 lakh crore spending that Prime Minister Narendra Modi had promised on Monday, May 11, 2020. Watch!Atmanirbhar Bharat Abhiyan: FM Nirmala Sitharaman gives comprehensive overview of Rs 20 Lakh Cr allocated to project
In the last and final session of announcements for labour, land and liquidity support by centre, Finance Minister Nirmala Sitharaman said Centre would increase states’ borrowing limit from 3% to 5% for FY21 which would give extra resources of Rs 4.28 lakh crore to states, however conditions apply.This is part of the Atmanirbhar Bharat Abhiyan project unveiled by Prime Minister Narendra Modi on Monday, May 11, 2020. Watch!Atmanirbhar Bharat Abhiyan: FM Nirmala Sitharaman says state borrowing limit raised from 3% to 5% but conditions apply
In the last and final session of announcements for labour, land and liquidity support by centre, Finance Minister Nirmala Sitharaman announced reforms in Corporate Laws Act to benefit MSME sector and new Public Sector Enterprise policy as part of the Atmanirbhar Bharat Abhiyan project unveiled by Prime Minister Narendra Modi on Monday, May 11, 2020. Watch!Atmanirbhar Bharat Abhiyan: FM Nirmala Sitharaman announces special reforms to enhance ease of doing business, new PSE policy
In her fourth press conference in as many days, she said the focus of the fourth stimulus would be coal, minerals, defence production, civil aviation sector, power distribution companies in Union Territories, space sector and atomic energy sector.
Finance Minister Nirmala Sitharaman said the research reactor in public-private partnership (PPP) mode would use irradiation technology for food preservation - to compliment agricultural reforms and assist farmers.
India would also expand the list of weapons that can not be imported, the finance minister said.
'Banks won’t be blamed as we are going to take the loss’
Scheme worth Rs 10,000 crore will be implemented on the lines of Prime Minister’s vision of ‘vocal for local with global outreach’, to help two lakh micro food enterprises (MFE); improved health and safety standards, integration with retail markets and improved incomes to be key focus areas, said the minister.
The meeting assumes significance as the banking sector has to implement many schemes under the Rs 21 lakh crore economic package announced by the finance minister in five tranches last week.
While the Covid-relief package took care of the bleeding MSMEs sector, concerns of large companies, especially those in stressed sectors such as hospitality, tourism, automotive and aviation, should also be addressed to protect jobs and increase demand, industry members said.
Analysts said the package had more to do with fixing supply-side than demand issues.
The upcoming package is likely to focus on the MSME sector, which has been the worst hit.
India has the capability and entrepreneurship to built capabilities and help the world, Finance Minister Nirmala Sitharaman said.
The first instalment of the mega package today focussed on the revival of the MSME sector.
FM Nirmala Sitharaman will address a press conference at 4 PM on Wednesday in New Delhi. Sitharaman expected to provide the details of Rs 20 lakh crore economic package which was announced by PM Narendra Modi on Tuesday.Covid-19 economic package: FM Nirmala Sitharaman to brief press at 4 pm today
In a letter to finance minister Nirmala Sitharaman, the Federation of Indian Chambers of Commerce & Industry (FICCI) sought immediate support and additional funds for the vulnerable sections of society and micro, small and medium enterprises (MSME) to help them get back on track.
According to sources, the meeting has been deferred and the new date will be informed shortly. The meeting, to be held via video-conferencing, was to discuss various issues, including credit offtake, as part of efforts to prop up the economy hit by the COVID-19 crisis.
FM Nirmala Sitharaman announced Tuesday that Power Finance Corporation and Rural Electrification Corporation will infuse one-time liquidity of Rs 90,000 crore to discoms against their receivables. The loans will be given against state guarantees for exclusive purpose of discharging liabilities of discoms to generation companies. ET Consulting Editor TK Arun shares his views on whether this injection will provide any long-term support for the cash-desperate power distribution utilities. (Text: ET Online)Will Rs 90K-crore infusion ease pressure on cash-strapped power distributors?
FM Nirmala Sitharaman announced the second tranche of the special economic package on Thursday, mainly aimed at urban and rural poor. ET Consulting Editor TK Arun shares his views on whether these announcements will bring any immediate relief to migrant labourers. Watch now.Will FM Sitharaman's announcements bring any immediate relief to migrant workers?
Finance Minister Nirmala Sitharaman to hold press briefing today at 4pm with the Round 3 of relief announcements. FM Sitharaman will also hold a briefing on Saturday and Sunday too at 4pm.Covid-19 relief announcements: FM Sitharaman to hold 3rd press briefing at 4pm today
ET Consulting Editor TK Arun shares his views on Finance Minister Nirmala Sitharaman's announcements Wednesday to rescue the ailing MSMEs - including collateral-free loans up to Rs 3 lakh crore, repayment of dues within the next 45 days, change in definition of these businesses among others. Watch now. (Text: ET Bureau)Collateral-free loans, repayment of dues, revised definition: How effective is the Atmanirbhar Bharat package for small businesses?
New Delhi, May 14 (ANI): Union Minister Piyush Goyal lauded Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman for the economic package and steps announced under it, saying that first series of announcements will give wings to the Indian economy post COVID-19 world.FM’s announcement to give wings to Indian economy post COVID-19 world: Piyush Goyal
On Wednesday, in the first installment, Nirmala Sitharaman, who was flanked by MoS Anurag Thakur and the finance ministry officials, announced relief measures for the MSME sector, power discoms, NBFCs among others.
The Prime Minister spoke about making India self-reliant and announced an Aatma Nirbhar Economic Package with focus on land, liquidity, labour and laws.
Here's what swaminomics has to say about the Indian economic stimulus package announced by Finance Minister Nirmala Sitharaman. Is it sufficient to meet the needs of the country? Swaminathan Aiyar says FM Nirmala Sitharaman's financial package insufficient
In a series of one-on-one calls with the heads of all major public sector banks (PSBs) and representatives of private banks, Sithraman said the banks were doing their best to ensure customer service without disruption, through social media on Saturday.
Countering allegations from the Congress, the minister said they were misleading and sensationalising facts by taking them out of context. Sitharaman said banks write-off NPAs after they are fully provisioned for, but this does not amount to waiving of the loans.
Finance Minister Nirmala Sitharaman on March 26 announced that the Centre is considering increasing wages under the National Rural Employment Guarantee Act, 2005 (MNREGA) by Rs 2,000 per worker.MNREGA wage increased by Rs 2000 for 5 crore workers: Nirmala Sitharaman
Easing things slightly for a billion plus Indian under lockdown, the finance minister, Nirmala Sitharaman announced a few tax compliance related relief measures. In a media presser on March 24, the FM announced the extension of four income-tax related deadlines as well waived two banking-related charges. Shambhavi Mehrotra of ET Online takes us through the major announcements, highlights in the realm of personal finance and how these will impact the common man.Nirmala Sitharaman's COVID-19 relief measures: Personal finance takeaways
Sitharaman announced that the Economic Task Force will soon release a relief package to deal with the impact of the coronavirus pandemic on the economy. She also brought in a slew of measures in an effort to boost the economy, including extending tax deadlines, easing business rules, and waiving off bank charges.
Nirmala Sitharaman announced a slew of waivers and relaxations in compliance and deadlines.
The EASE 3.0 reforms agenda commits the PSBs to smart, techenabled banking. Dial-a-loan for doorstep loan facilitation and digitalised branch experience are some of the elements on the agenda. Through the latest roadmap, FM spoke of the future of banking going digital and being data driven.
FM is expected to announce measures to deal with the economic impact of Covid in reply to Finance Bill today.
The scheme would be applicable to all loans sanctioned under GECL facility during the period from the date of announcement of the scheme to October 31 or till an amount of Rs 3 lakh crore is sanctioned under GECL, whichever is earlier.
To keep things simple, the scheme has an automatic pre-approve mechanism, which means you do not have to approach the lender for the loan. If a borrower is eligible, a lender will automatically offer it.
The FM announced that the Economic Task Force will soon announce an economic relief package.
After launching the beta-facility in February, Finance Minister Nirmala Sitharaman has officially launched instant PAN- a paperless, free-of-cost service where you get e-PAN in near real-time, basis Aadhaar e-KYC. Shambhavi Mehrotra of ET Online tells you the process to get instant PAN.Instant PAN launched, here's how to get e-PAN using your Aadhaar
Union Finance Minister Nirmala Sitharaman will move the Banking Regulation (Amendment) Bill, 2020 for consideration and passage in Lok Sabha on Thursday.
The issue of waiver of late fee for Goods and Services Tax (GST) for the past period (August 2017- January 2020) will be taken up in the next GST Council meeting, according to the Central Board of Indirect Taxes and Customs (CBIC).
Finance minister Nirmala Sitharaman had, on May 16, announced that the government would make future projects for planetary exploration and outer space travel open for private sector.
Loans to the economically weaker sections in April was nearly 40% higher than loans to big corporates, indicating low credit demand for investments while also pointing to the need for borrowings to keep the poor going at a time when economic activities came to a virtual standstill.
In a tweet, the Central Board of Indirect Taxes and Customs (CBIC) said, "Issue of GST late fee for the past period (August 2017 to January 2020) to be discussed in the next GST Council meeting."
Sarma while talking to media persons on Monday said, “On Sunday finance minister called me up and assured that at this time of crisis centre government will stand by the State. She said that a meeting of finance ministers will be convened though video conferencing where the state finances will be discussed threadbare.”
The Union Cabinet on Monday said it has approved and further revised the definition of MSMEs in the country.
Further, ministries or departments that needed to float global tenders for amounts below the threshold would have to seek approval from the cabinet secretariat, which functions directly under Prime Minister Narendra Modi, the notification said.
"However in past two months, our GST collection has been only Rs 500 crore each month. We need at least Rs 7,000 crore to be able to pay salaries to our employees many of whom are discharging frontline duties against the coronavirus epidemic," Sisodia said in a press conference.
CAIT has also sent a similar representation to Commerce Minister Piyush Goyal to take up the matter with Finance Ministry. RSN RVK.
In her post-budget press conference, FM had talked about govt's intention to remove all I-T exemptions.
The 39th GST Council meeting held in Delhi on March 14. Union Finance Minister Nirmala Sitharaman chaired the meeting at Vigyan Bhawan. GST Council discussed operational glitches on the GST Network portal. They also discussed different ways to increase revenue collection and to avoid tax evasion. Delhi: FM Nirmala Sitharaman chairs 39th GST Council meeting
The Centre had earlier said it was committed to reduce the fiscal deficit -- the gap between total expenditure and revenue -- to 3 per cent of Gross Domestic Product (GDP) by 2020-21 and eliminate the primary deficit as per the FRBM Act. The Minister was addressing a gathering of industry representatives and trade.
Finance minister Nirmala Sitharaman has announced a slew of measures to deal with the economic distress caused due to the coronavirus pandemic and the subsequent lockdown announced to deal with the situation.The finance minister had already announced some measures on Tuesday that included extension of tax deadlines, easing minimum balance norms for savings account, and increasing threshold of insolvency filing to Rs one crore from Rs one lakh. Watch: Nirmala Sitharam announces cash transfer schemes for Covid19 relief package
The Union Cabinet on Friday approved reconstruction scheme for Yes Bank under which SBI will acquire 49 per cent stake in the crisis-ridden private sector bank. Finance Minister Nirmala Sitharaman said the Union Cabinet has approved the reconstruction scheme for Yes Bank as suggested by the Reserve Bank. On March 5, the RBI imposed a moratorium on Yes Bank, restricting withdrawals to Rs 50,000 per depositor till April 3. The moratorium on the bank will be lifted within 3 days of notification of the reconstruction scheme, while its board will be in place in 7 days, she said.Cabinet approves Yes Bank reconstruction plan as proposed by RBI: Nirmala Sitharaman
Union Finance Minister, Nirmala Sitharaman attended Plenary Meeting of International Monetary and Financial Committee on April 16 via video conference. In the meeting, she said, "IMF has always played and should continue to play a pivotal role in maintaining stability of International Monetary and Financial System."Coronavirus outbreak: FM Nirmala Sitharaman attends IMF meeting via video conference
While appreciating the IMF's support to member countries in times of the COVID-19 crisis, Sitharaman said the multilateral lending agency has always played a pivotal role in maintaining stability of the international monetary and financial system and it should continue rendering this critical role for the global financial architecture.
Officials of the power ministry discussed the need to restructure the power system to make states responsible for the financial health of their power distributions companies (discoms), with the NK Singh-led FC. This would entail recalibrating state borrowing limits under the Fiscal Responsibility and Budget Management (FRBM) Act, to account for the added liabilities, the press release said.
GoI has sedulously avoided direct disbursements to wage labourers who have no jobs and no recourse.
As per CGA data, the FY20 fiscal deficit worked out to be 4.59% of the GDP, while the revenue deficit was 3.27%.
The govt is not in denial over unemployment and the state of the economy, finance minister Nirmala Sitharaman said, adding there were clear indications that employment was rising and economy was looking up.
Even the fiscally conservative President Donald Trump has announced nearly $300 billion in direct cash transfers to US citizens at the bottom of the pyramid. PM Modi would do well to have his government attack the problem from the demand side by putting money directly in the hands of the people.
Earlier this month, the government announced a Rs 20.97 lakh crore economic package, which included RBI's Rs 8.01 lakh crore worth of liquidity measures.
Special Secretary in the logistics division of the ministry, Pawan Agarwal, said the policy will look at several areas such as process re-engineering, digitisation, and focus on multi-modal transport.
The peak power demand met is the highest energy supply during the day across the country.
Brazil's Marcos Troyjo will succeed India’s KV Kamath as president of the New Development Bank (NDB). Elections for the post were held during a special meeting of the bank’s board of governors on Wednesday.
The nationwide lockdown announced from March 25 brought the entire economy to a standstill .
Covid-19 lull offers India an excellent window of opportunity to implement reforms that would help it maximise the benefit of reopening of export markets post-Covid-19. India’s factor markets – capital, labour and land – still remain major constraints on economic activity
Rajak has highlighted the problems faced by Bihar, which accounts for 14% of the 5.6 crore migrant workers as per the 2011 census. The minister has demanded that a fixed amount of the corpus be allocated to Bihar from the common pool of Rs 10,000 crore for the cluster development of Micro Food Enterprises.
Union Finance Minister Nirmala Sitharaman and Minister of State for Finance, Anurag Thakur, met the National Company Law Appellate Tribunal (NCLAT) Chairman, Justice Sudhansu Jyoti Mukhopadhaya, in the national capital on March 06. Ministry Of Corporate Affairs Secretary, Injeti Srinivas was also present. Justice Mukhopadhaya is the Chairman of NCLAT since its inception in 2016.FM Nirmala Sitharaman, MoS Anurag Thakur meet NCLAT Chairman
To make ‘Atmanirbhar Bharat’ and ‘Made in India’ come true, we must simplify our rules and leave no room for subjectivity. Ease of doing business can’t be just provided at a macro level, but at the micro level of laws on land and labour.
Finance minister Nirmala Sitharaman had on May 13 announced a new definition for MSMEs as part of the ₹20 lakh crore economic stimulus package. Besides a change in definition, she had announced a ₹3 lakh crore credit guarantee scheme to provide collateral-free loans to MSMEs.
India’s aspirations have been whetted by its improving ease of doing business, though more needs to be done.
Senior Congress leader Prithviraj Chavan, incidentally, had demanded a Rs 21 lakh crore package in April this year.
Nirmala Sitharaman said the priority is to "decriminalise" provisions in the Companies Act. The Cabinet Committee on Economic Affairs (CCEA) on Wednesday approved a total 72 changes in the Companies Act, 2013 to decriminalise offences, Nirmala Sitharaman said. The move was in line with the government's intent of making it easier to do business in the country, at a time when the economy stares at the slowest annual pace of expansion recorded since the 2008-09 global financial crisis.Govt priority is to "decriminalise" provisions in the Companies Act: Nirmala Sitharaman
Copyright © 2020 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service