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FM Nirmala Sitharaman announces reforms in eight key sectors

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.

Atmanirbhar Bharat Abhiyan: FM Nirmala Sitharaman announces special reforms to enhance ease of doing business, new PSE policy

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

Nirmala Sitharaman announcement highlights: First part of the Rs 20 lakh crore economic stimulus unveiled

The first instalment of the mega package today focussed on the revival of the MSME sector.

Higher defence FDI, commercial coal mining, aviation reforms in FM Sitharaman's fourth tranche of announcements: Watch highlights

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

Stimulus Part 4: Govt ends Coal India's monopoly in coal mining; raises defence FDI limit to 74%

Nearly 50 coal blocks will be offered immediately on revenue-sharing basis.

Budget 2019 highlights: Everything Nirmala Sitharaman announced then

In her Budget last year, finance minister Nirmala Sitharaman took a pragmatic approach by announcing no changes in personal income tax rates but levying an additional surcharge on the super rich.

FM Nirmala Sitharaman speech highlights: Second tranche has relief for migrant workers, small farmers & poor

The first set of measures focussed on relief to MSMEs, NBFCs, power discoms among others.

FM Nirmala Sitharaman announces Rs 1.7 lakh crore relief package for poor

The FM announced a slew of measures to ease the burden on the poor who will be hit hard by the lockdown.

FM Nirmala Sitharaman announces ease in tax burden of startup employees

Finance Minister Nirmala Sitharaman announced on Saturday that as part of efforts to boost startups, tax burden on employees due to tax on employee stock options would be deferred by five years or till they leave the company or when they sell it. Referring to startups in her Budget speech, the Finance Minister said that several measures were planned to increase the base for the knowledge-driven enterprises. "To boost startups, tax burden on employees due to tax on Employee Stock Options to be deferred by five years or till they leave the company or when they sell, whichever is earliest," she said.FM Nirmala Sitharaman announces ease in tax burden of startup employees

Watch: Nirmala Sitharam announces cash transfer schemes for Covid19 relief package

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

No stimulus! Sensex pares gains as Nirmala Sitharaman delays economic package

Nirmala Sitharaman announced a slew of waivers and relaxations in compliance and deadlines.

Nirmala Sitharaman announces new measures to boost India exports: Watch highlights

Finance Minister Nirmala Sitharaman Saturday introduced RoDTEP - Remission Of Duties for Export Products - to replace the existing Merchandise Export From India (MEIS). Revenue foregone as a result of RoDTEP implementation would be Rs 50,000 crore, she said. Sitharaman also announced interest equalisation for MSMEs to 5 per cent from 3 per cent. She said for small procedural defaults, small tax payers would not be prosecuted. The minister added that all communications with assesses will be through technology or complete faceless dealings. Listen-in. (Text: IANS)Nirmala Sitharaman announces new measures to boost India exports: Watch highlights

Nirmala Sitharaman announces big reforms for Public Sector Banks: Key highlights

Finance Minister announced amalgamation of ten public sector banks into four big banks.

Finance Minister Nirmala Sitharaman announces mega merger, 10 PSBs amalgamated into 4 entities

Finance Minister Nirmala Sitharaman today announced four mega-mergers, comprising of 10 PSB banks.

PSU bank stocks jump after Finance Minister Nirmala Sitharaman announces Rs 70,000 crore recapitalisation fund

The Nifty PSU Bank index was trading 1.34 per cent up at 3,341.6 around 12:25 pm, with all components in the green.

FM Nirmala Sitharaman announces PSU bank recapitalisation of Rs 70,000 crore

Sitharaman said six PSU banks have already been brought out of the PCA framework.

3 months for PSBs to build PCGS 2.0 portfolio

Public sector banks have three months to build up their portfolios to be eligible for the extended Partial Credit Guarantee Scheme (PCGS 2.0), which will be based on actual amounts disbursed within this period, according to guidelines released by the finance ministry on Thursday.

PFC in talks with bankers for $750 million overseas bond issue

PFC had raised over $2 billion through similar overseas offerings in the previous fiscal year.

Govt finalising Rs 3.5 lakh cr discoms package on the lines of UDAY: R K Singh

The scheme will come with a gross budgetary support of Rs 1.2 lakh crore over five years will be result-oriented where the distribution companies will invest first and get money later, he said. Singh also said a group of ministers headed by home minister Amit Shah has cleared the National Tariff Policy that would soon be sent to the Union cabinet for consideration.

The poor bring more business to banks in April

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.

Government's 'jumla package' way short of what PM had promised: Congress

Senior spokesperson of the party Anand Sharma said the country believed that Prime Minister Narendra Modi was serious when he made the "dramatic" announcement of giving 10 per cent of the GDP as a package to revive the economy and support workers and migrant labourers, and that expectations had soared.

How NBFCs benefit from a dedicated liquidity window

In May, Finance Minister Nirmala Sitharaman announced PCGS 2.0 worth Rs 45,000 cr for last mile lenders.

Income Tax dept issues refunds of Rs 26,242 crore since April

Income-tax refund of Rs 14,632 crore to 15,81,906 assesses and corporate tax refund amounting to Rs 11,610 crore to 1,02,392 assesses have been processed during this period, the CBDT said in a statement.

Kashmir missing from Modi's Rs 21 lakh crore economic package: Joint Organization of Industries and Traders

Several business organizations in Kashmir joined hands under the umbrella of Joint Organizations of Industries and Trade, here in Srinagar lamenting that they have been kept out of Rs 21 lakh crore economic package, union finance minister Nirmala Sitharaman announced recently to reopen the economy in wake of the COVID-19 pandemic.

Stimulus on cabinet agenda this week

The cabinet is likely to take up key proposals of the ₹20 lakh crore package, including guarantees for collateral-free loans to small businesses, this week, a senior government official told ET.

Upgradation of industrial infra to help attract investors, says experts

Last week, Finance Minister Nirmala Sitharaman announced that a scheme will be implemented in states for industrial cluster upgradation of common infrastructure facilities and connectivity.

We need better policy framework; we’re staring at large scale shutdowns: NRAI

“We need better policy framework to make ourselves self-reliant,” NRAI president Anurag Katriar said in a statement. “It is also clear that we will perhaps be one of the last sectors to open up, which means we perhaps need maximum support to stay alive. Our primary demands were largely around policy and liquidity support and did not require massive financial outlay from the govt,” he added.

COAI says disappointed that relief for telecom did not figure in economic package

The Cellular Operators' Association of India (COAI) on Sunday said the industry has been left "disappointed" that its long-standing demand for cut in licence fee and other levies did not figure in measures and reforms announced by the government to boost the economy amid the coronavirus pandemic.

IATA says disappointed with India’s package to the aviation industry

Earlier this month, finance minister Nirmala Sitharaman announced a Rs 20 lakh crore package which included liquidity measures from the Reserve Bank of India, free foodgrains and cooking gas, credit lines to small businesses, support to migrant labourers, agri infrastructure and other structural reforms.

Power demand perks up as mercury soars, industrial activities rise

The peak power demand met is the highest energy supply during the day across the country.

Discouraging global bidders to aid local telecom gearmakers: TEPC

Sandeep Aggarwal, chairman of the telecom committee of the PHD Chambers of Commerce & Industry and co-chairman of Tepc said while the government’s decision might help local electronic equipment companies, tenders worth Rs 200 crore and below in the Indian Railways and Department of Telecommunications (DoT) are very few.

Simplifying reform process will help India become self sufficient: Anil Agarwal

‘We never dreamt that India will offer a package like this’

Street vendor loans may come with subvention

The government is considering a 5-7% interest subvention on loans to street vendors to make the targeted ₹5,000-crore financial assistance scheme popular amid apprehensions that organised lenders would baulk at lending to the bottom of the pyramid.

India's GDP to see 5% contraction in FY21, says Icra

The report estimated sharper de-growth in the first and second quarters of FY21 at -25% and -2.1% respectively, down from a range of 16%-20% contraction in Q1 and 2.1% growth in Q2 before. With two consecutive quarters of contraction, it implied the economy was in recession.

Govt notifies cut in EPF contribution to 10% for May, June, July

The move comes days after Finance Minister Nirmala Sitharaman announced the reduction in EPF rates to 10% for three months as part of the government's Rs 20 lakh crore stimulus package.

Govt's stimulus package won't stop GDP from contracting in FY21: Analysts

"The package may fall short of mitigating the near-term challenges for some businesses, but it is better designed to improve India's medium-term growth potential and attract long-term risk capital," analysts at the Japanese brokerage Nomura said. They also added that there are no "silver bullets" in the package.

Startups have reasons to cheer with less punishing Companies Act

Startup investors and industry experts said the criminality of minor offences and non-compliances under the Act was hurting valuations during fundraising and deterring risk-averse local investors from backing companies.

Bulk of MSMEs left out, nothing for the poor, migrants: Congress

Chidambaram said that liquidity related measures that the FM announced could not be counted as fiscal stimulus while lamenting the lack of financial assistance for the middle class.

Government relief for MSMEs: Change in definition, repayment of dues, collateral free loans announced

Meeting a long-pending demand of the MSME sector, Sithraman announced a change in definition of MSMEs, bringing in an additional criteria related to turnover.

View: Up ease of doing agriculture stakes

It’s a little over a month since finance minister Nirmala Sitharaman announced a Rs 20 trillion stimulus package, which includes measures to improve agricultural infrastructure in the face of the economic battering caused by Covid-19.

Liquidity support provides temporary lifeline to discoms: S&P

The agency noted that many discoms in India have weak financial health owing to excess debt, loss-making operations, and high transmission and distribution (T&D) losses of more than 15 per cent.

Government to deposit Rs 1,000 in women PMJDY accounts in two instalments

Meanwhile, state-owned SBI, which has the highest number of PMJDY accounts, asked the beneficiaries not to believe in rumours that the money will be taken away by the government if not withdrawn amid large numbers of people flocking banks.

High-yield NBFC bonds see strong overseas demand

“This unusual situation of getting better offshore yields is attracting buyers,” he said.

Budget 2020: Special train for farmers for faster transport of perishable items

The government plans to run a Kisan rail through PPP model for transport of perishable goods.

MSMEs with stressed A/cs to get a lifeline, too

The special package for micro, small and medium enterprises (MSMEs) will also include accounts that are stressed or are on the verge of being declared nonperforming (NPAs), throwing a lifeline to these companies.

Sensex drops 550 points on profit booking, Nifty below 9250

In the 30-share pack Sensex, Bajaj Finance was the biggest gainer.

MSME stimulus paves way for more credit flow

The govt will provide 100% credit guarantee to banks and NBFCs on principal and interest.

Government guarantee could spur lending to MSMEs

Finance minister Nirmala Sitharaman announced that Rs 3 lakh crore of collateral-free loans will be offered to MSMEs of upto 20% of their loan oustanding at the end of Febraury.

Cabinet nod for banking game-changer , 10 PSBs to turn into four big banks

The Narendra Modi government had announced the mega merger in August last year.

Repo Rate cut, EMI moratorium to help homebuyers, developers manage liquidity

Realty developers and Industry experts lauded key measures announced by the central bank to support the economy. However, they also stated that banks need to transmit the same soon to help boosting liquidity and potential reduction in installments. The move is also expected to help realty developers avoid default in payments and any subsequent downgrades.

Sameer Gehlaut buys Indiabulls Housing shares and other top bulk deals of the day

Sameer Gehlaut, Chairman of Indiabulls Group bought 23 lakh shares of Indiabulls Housing on Thursday at Rs 96.56 per share.

Rupee settles 78 paise higher at 75.16 a dollar on stimulus boost

The rupee, which opened on a positive note at 75.90, settled for the day with gains of 78 paise at 75.16 against the American currency.

Street unimpressed by FM relief package; Sensex off 800 pts from high

Finance Minister announced a Rs 1.7 lakh crore stimulus package dubbed PM Garib Kalyan.

Scrutiny to come down in new tax regime: Rev Secy

Revenue secretary Ajay Bhushan Pandey has said the new tax regime would lessen scrutiny, lessening paperwork for taxpayers. “Scrutiny should come down in the new tax regime,” Revenue Secretary Ajay Bhushan Pandey told ET.

Q4 GDP: Where will India be when this dreadful year finally ends? Today's numbers will show the first signs

The nationwide lockdown announced from March 25 brought the entire economy to a standstill .

Govt to borrow more aggressively in April-Sept than expected

India aims to borrow Rs 4.88 lakh crore in the period, nearly 63% of its total annual borrowing plan.

View: India, with 82% of the population below 50, is best placed for herd immunity

India has the most desirable demography to aim for herd immunity: 82% of the population is less than 50.

Realtors say govt’s directive to use welfare fund to help labourers’ to mitigate epidemic loss

Earlier today, Finance minister Nirmala Sitharaman announced a number of measures to tackle the economic distress caused due to the Coronavirus outbreak and the subsequent lockdown announced to deal with the situation.

Govt to provide Rs 50 lakh health insurance per health care worker for 3 months due to Coronavirus

If any of the frontline health workers are diagnosed as coronavirus positive, they would be able to get claims settled for up to Rs 50 lakh under the health insurance cover scheme proposed by the government for three months.

Rupee rises 84 paise against dollar after govt announces welfare measures to fight Covid-19

The rupee which opened on a positive note at 75.90, gained further momentum and touched a high of 75.10 against the US dollar, registering a rise of 84 paise over its previous closing.

Budget 2020: More Tejas trains to connect iconic tourist destinations on the cards

Finance minister Nirmala Sitharaman announced that more Tejas trains are on the cards to connect iconic tourist destinations. Electrification of 27,000 km of tracks is also planned.

View: Modi's mission self-reliance can go a long way in making India a major hub for defence manufacturing

The publication of a negative list will throw much-needed light on GoI’s plans for indigenisation. It will encourage the armed forces, weapon designers and producers to develop a common interest in ensuring the success of indigenous projects.

Lockdown 4.0 guidelines: Nationwide lockdown extended till May 31, with considerable relaxations

The new guidelines are based on inputs from states that Prime Minister Modi had received during his discussion with Chief Ministers.

FM provides Covid-19 relief, no fresh insolvency proceeding against MSMEs for 1 year

Now, insolvency proceedings will not be initiated up to 1 year. Earlier, the MCA had extended it to six months.

Nirmala Sitharaman speech highlights: Third tranche offers support to farmers along with governance reforms

FM proposes an amendment to Essential Commodities Act to enable better price realisation for farmers.

India Inc cheers 'Stimulus Package 2.0', says it will impart relief to businesses

Finance Minister Nirmala Sitharaman announced Rs 3 lakh crore of collateral-free loans for small businesses, cut the tax rate for non-salary payments and provided liquidity to non-banking companies to help them tide over the disruptions caused by the lockdown.

Stocks in the news: Biocon, DRL, PFC, Cipla, Indiabulls Realty, Escorts and REC

Here are a few stocks which may create some buzz in Thursday’s trade.

TDS, TCS rates cut to put cash in your hand but your tax liability remains same

A reduction in TDS, TCS rates does not mean reduction in the tax liability of the receivers of these payments/incomes.

Your take-home pay for May will be higher: Govt notifies cut in EPF contribution

Currently, an employee contributes 12% of his salary to the EPF account. The employer matches the contribution to the EPF account.

On Track: Suburban rail project gets Rs 500 cr

CM BS Yediyurappa announced an initial allocation of Rs 500 crore for the suburban rail project as part of efforts to ease traffic flow in Bengaluru.

Govt to lift FPI cap on some sovereign bonds

Sovereign bonds have rallied since the announcement of lifting the investment limits.

India plans to set up common infra for hardware companies, will help startups: Analysts

Finance minister Nirmala Sitharaman announced in the budget that “Knowledge Translation Clusters” would be set up across different technology sectors, including new and emerging areas.

Ikea not to pass on duty hike impact on imported furniture to customers

In the Union Budget 2020 announced on February 1, Finance Minister Nirmala Sitharaman announced to increase customs duty on imported furniture from the present 20 per cent to 25 per cent. The move was aimed to protect the interest of the MSME segment. Ikea opened its first store in the country in Hyderabad in August 2018.

More custom duty from furniture to kitchenware: Multiple duties singe Ikea

Budget raised custom duties on wooden furniture, tableware etc. Ikea imports about 75% of its products.

Budget 2020-21: Top 100 educational institutions to offer full-fledged degree programmes online

Top 100 educational institutions in the country will offer full-fledged online degree programmes, FM Nirmala Sitharaman announced. The institutions should be in the top-100 in overall category in the NIRF for at least two years in the previous three years. The UGC had paved way for the move by drafting the UGC (Online Courses) Regulations, 2018.

NBFCs can now be a part of TReDS, subordinate debt available for MSMEs

The FM announced that an app-based invoice financing loans product would also be launched. “This will obviate the problem of delayed payments and cash flow mismanages for MSMEs,” she added.

‘Hand-to-mouth’ crisis for MSMEs fuels calls for more fiscal aid in India

As the cash-flow for MSMEs dries up, and in the absence of any fiscal support, many will be forced to cut jobs to curb costs.

Announcements made by FM will help businesses tide over COVID-19 impact: Industry

Deloitte India Partner M S Mani said the extension of GST return filing timelines together with the deferment of e-invoicing and new returns announced earlier would allow businesses to focus on resumption of business processes once normalcy resumes in future.

With losses of Rs 1,000 crore a day during lockdown, the auto component sector is hammered by the pandemic

The auto industry pinned their hopes on 2020 for a revival after 2019 proved to be a forgettable one as sales plummeted to decades low. Little did they know that a pandemic waited in the wings.

Finance Ministry to seek Cabinet nod for credit guarantee fund

"The Credit Guarantee Enhancement Corporation Fund is being set up as a Non-Banking Financial Company (NBFC) with partnership of IIFCL, LIC, PFC, REC and similar other companies. A CCEA note in this regard is under process", official sources said adding inter-ministerial consultations are over.

LIC looks to offload IDBI stake ahead of RBI timeline

Loss making IDBI Bank has been picked as the first public sector lender in which the government will divest its stake, finance minister Nirmala Sitharaman announced in her budget speech last week.

RBI asks PNB to harmonise provisions for bad loans with OBC & UBI

In late August finance minister Nirmala Sitharaman announced the amalgamation of 10 public sector banks into four big banks. As part of this plan PNB is supposed to acquire OBC and UBI which would create the country’s second largest bank – both in terms of business and branch network.

Cooperative banks to come under RBI watch

RBI will have the right to supersede the management of a cooperative bank in case of governance failure.

Govt to focus on women, children, disadvantaged classes: Sitharaman

Finance Minister Nirmala Sitharaman announced a Rs 35,600-crore outlay for nutrition-related programmes for 2020-21 and an amount of Rs 28,600 crore was allocated for programmes specific to women. The budget proposed to provide Rs 35,600 crore for nutrition-related programmes for 2020-21.

Budget 2020: Aims at improving connectivity through regional flights, airports

“Air traffic has been growing rapidly in the country as compared to global average. One hundred more airports would be developed by 2024 to support Udaan scheme. It is expected that the air fleet number shall go up from the present 600 to 1200 during this time. I propose to provide about Rs 1.70 lakh crore for transport Infrastructure in 2020-21,” Sitharaman announced.

Budget's online education proposal to boost edtech sector

Ronnie Screwvala, co-founder and chairman at upGrad, said the company will be ramping up its business three times in light on the new government policy.

Sensex plunges 700 points, Nifty below 11,800; realty, bank stocks tank

BSE market capitalisation fell by nearly Rs 2.40 lakh crore to Rs 154 lakh crore.

Cabinet clears food processing scheme, fisheries package and free food grains allocation for migrants

The scheme for the micro food processing enterprises will be funded between centre and state in the 60:40 ratio.

Reduced EPF contribution: 16 questions answered by EPFO

​The reduction in EPF contribution to 10 per cent from 12 per cent was announced by Finance Minister Nirmala Sitharaman as a part of the Atmanirbhar Bharat Package to provide some relief to employers and also to increase the take-home pay of the employees.

How India can rise to the Covid challenge

India is in the middle of a calamity. An extraordinary challenge requires an extraordinary response.

View: It is time for states to step up and provide the much-needed covid relief

GoI and RBI have responded by notifying certain measures. Finance minister Nirmala Sitharaman announced compliance forbearance under different tax laws, including a few tax payment deadlines.

Tax dept asks officers working from home to chase large taxpayers for dues

I-T dept has asked field formations to contact large taxpayers to follow up on pending collections.

View: Govt's relief measures will help those worst affected by the lockdown, but will it do the trick?

Some very hard choices lie ahead for the finance minister-led economic response taskforce.

Budget 2020 can end India Inc's wait and watch mode to spur investment in the economy

The government has been intervening, at regular intervals, to pump prime the economy. Finance minister Nirmala Sitharaman announced new measures to boost economy and rolled back those which soured investor sentiment. The economy, which hit a trough in the second quarter, is expected to see some revival in the second half of this fiscal.

PM Garib Kalyan Yojna: India begins virus battle with Rs 1.70 lakh crore plan

Under the PM Garib Kalyan Ann Yojana, 80 crore poor people, covering about two-thirds of the country’s population, will get 5 kg rice or wheat each month for the next three months free of charge, in addition to the 5 kg they already get. Each household will get 1 kg of dal of their choice, for next three months, also free of charge.

How actor Sonu Sood emerged as an unlikely real-life hero for thousands of migrants in India's lockdown

Sood and restaurateur Neeti Goel have sent around 20,000 people home by buses, trains and even flights.

Just raising deposit cover to Rs 5 lakh won’t help

This deposit cover increase is a welcome move, but is it enough? No, because it addresses only half the problem.

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