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Highlights: Rs 900 crore awarded for Covid-19 vaccine research and development, says FM


The Union Finance Minister Nirmala Sitharaman is currently addressing a press conference.

The finance minister began her speech by saying that the Indian economy has witnessed a strong recovery, adding that stronger growth is expected in the third quarter.

Through a presentation, Sitharaman receives details on the progress of the key elements included in Atmanirbhar 1.0. He is currently giving details on the progress of key elements in Atmanirbhar 2.0.

His speech comes a day after the Center approved a Rs 2 lakh crore production-linked incentive (PLI) package to boost demand in India. Union Minister Prakash Javadekar had said the purpose of the PLI scheme is to make the country a global manufacturing center.

Follow live updates from the finance minister’s press conference here:

– The size of the stimulus provided by the Center as part of the announcements under Aatmanirbhar Bharat 3.0 amounts to Rs 2.65 lakh crores: Sitharaman

At the end of her briefing, the Union Finance Minister Nirmala Sitharaman said that the size of the stimulus provided by the government, as part of the 12 announcements made under Aatmanirbhar Bharat 3.0, amounts to 2.65 crore lakh. It added 15% of the national GDP as a stimulus to go.

– Rs 900 crore for Covid-19 vaccine research and development, says FM

While discussing the vaccine to combat the novel coronavirus (Covid-19), the Union’s finance minister, Nirmala Sithraman, said that a total amount of Rs 900 million has been provided to the COVID Suraksha Mission for research and development of the Indian COVID vaccine to the Department of Biotechnology. .

Rs 3,000 crore to be given to EXIM Bank to promote project exports: Sitharaman

“Rs 3,000 crore will be given to EXIM Bank to promote project exports through credit lines under the IDEAS scheme. The supported projects cover Railways, energy, transmission, roads and transportation, automobile and automobile components, sugar projects, etc. ”Said Nirmala Sitharaman.

– Additional outlay of Rs 10,000 cr under Prime Minister Garib Kalyan Rozgar Yojana to boost rural employment: FM

In addition to incentivizing job creation during the Covid-19 recovery phase through the ‘Atmanirbhar Bharat Rozgar Yojana’, the Finance Minister also said that an additional outlay of Rs 10 billion would be granted under Prime Minister Garib Kalyan Rozgar. Yojana to boost rural employment.

-Provide Rs 6000 Crores of capital to IFRS debt platform: Sitharaman

The Union Finance Minister said that Rs 6,000 of capital is being provided to the National Investment and Infrastructure Fund (IFRS) debt platform, where private equity participation will also participate. IFRS has invested 2 billion rupees, he added.

-Nirmala Sitharaman Announces Tax Relief for Developers and Home Buyers

Sitharaman announced an income tax relief for homebuyers and developers to reduce the difficulties both homebuyers and developers face in compensating for unsold inventory.

– Rs 18,000 cr will be provided above Pradhan Mantri Awas Yojana’s budget estimate for urban areas: Sitharaman

Finance Minister Nirmala Sitharaman said that a total amount of Rs 18,000 Crores will be provided in addition to the budget estimate mentioned in the 2020-21 Budget under Pradhan Mantri Awas Yojana. particularly for urban areas.

-10 new champion sectors to be covered by the Incentive Scheme linked to production: FM

With a view to boosting the competitiveness of domestic manufacturing, 10 new Champion sectors will now be covered by the Production-Linked Incentive Scheme, Sithraman said. A total amount of Rs 1.46 lakh crore would be awarded for the same, he added.

-FM launches credit guarantee support scheme for health, 26 sectors

Sitharman launched a credit guarantee backup scheme for health care and 26 sectors that are stressed due to the Covid-19 crisis. The entities will obtain an additional credit of up to 20% of the outstanding credit and the repayment can be made within a period of five years (1 year of moratorium + 4 years of repayment), he added.

-Existing emergency credit line guarantee scheme extended until March 31, 2021: Sitharaman

The Union Finance Minister said that the existing Emergency Credit Line Guarantee Scheme that is part of Atmanirbhar Bharat has been extended until March 31, 2021, adding that the loan is fully guaranteed and collateral free.

-‘A scheme is launched to encourage job creation during the virus recovery phase ‘: Sitharman

Nirmala Sitharaman during her press conference said that a new scheme called ‘Atmanirbhar Bharat Rozgar Yojana’ is being launched to encourage the creation of new job opportunities during the recovery phase of the coronavirus (Covid-19).

This scheme will be applicable to those who enter employment in establishments registered in EPFO ​​with monthly salaries below 15,000 rupees per month, he added.

Rs 1.32 L-cr delivered to 39.7 lakh taxpayers as income tax refunds, says FM

Finance Minister Nirmala Sitharman added that Rs 1.32.8 billion has gone as income tax refunds to 39.7 lakh taxpayers.

-Sitharaman gives details on the progress of key elements under Atmanirbhar Abhiyaan 2.0

The Finance Minister began to discuss the progress of the key elements of Atmanirbhar Abhiyaan 2.0. Sitharman said a festival trailer was released under which SBI Utsav cards are distributed.

A total amount of 25 billion rupees has been provided as additional capex for the road transport ministry and the defense ministry, it added.

Eleven states have been sanctioned with Rs 3,621 crore as an interest-free capital expenditure loan, Sitharaman said.

-‘Rs 7,227 crore disbursed to NBFC / HFC ‘: Minister of Finance

Nirmala Sitharaman, giving details of the progress of key items under Rs 7,227 crore, said that a total amount of Rs 7,227 crore has been disbursed to non-bank finance companies (NBFCs) and home finance companies (HFCs). .

It added that under the Emergency Credit Liquidity Guarantee Scheme, a total amount of Rs 2.05 lakh crores has been sanctioned to 61 lakh borrowers, of which Rs 1.52 lakh crores have been disbursed.

– Rs 2.5 million credit increase has been granted to farmers via Kisan credit cards, Rs 1.4 million have been distributed to farmers: Sitharaman

While talking about Kisan credit cards, the finance minister said that a credit boost of Rs 2.5 million has been given to farmers through these cards and Rs 1.4 million of credit has been distributed to farmers. rupees.

Work has begun to start a portal for migrant workers, says Nirmala Sitharaman

Sitharaman said that the labor ministry together with the finance ministry and other interested ministries are working closely with the states, and work has started on creating a portal for migrant workers.

– Sitharaman provides details on the progress of key elements in Atmanirbhar Abhiyaan 1.0

The Finance Minister, through a presentation, gave details of the progress of some key elements in the Atmanirbhar Abhiyaan 1.0. She said that under the One Nation-One Ration Card, a total of 68.6 crore recipients are covered and have the option to withdraw their food grains from any FPS of any choice in the 28 states and union territories (UT) included in the national portability of the ration. cards as of September 1, 2020.

Giving details about PM Street Vendor’s (PM SVANidhi) AtmaNirbhar Nidhi, he said that around 14 lakh loans have been sanctioned under the street vendor scheme.

– Strong growth is expected in the third quarter: Sitharaman

The Union Finance Minister said stronger growth is expected in the third quarter.

The economy is experiencing a strong recovery, says Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman, during her press conference, said that the Indian recovery is in a state of strong recovery. Power consumption showed an upward trend in October at 12% year-on-year, it said. Sitharaman also added that October goods and services tax (GST) collections amounted to Rs 1.05 million lakh, 10 percent year on year.

The Union Finance Minister, Nirmala Sitharaman, begins to address the press conference

Union Finance Minister Niramala Sitharaman began addressing a press conference this afternoon, which comes a day after the Center approved a Rs 2 lakh crore Production Linked Incentive (PLI) package for boost demand in India.

Hindustan Times