The government will soon come out with a new public sector enterprises policy that will define strategic sectors which will not have more than four PSUs, Finance Minister Nirmala Sitharaman said on Saturday.
“The focus is on restructuring. Finance ministry is actively engaged with RBI on this. In principle, the idea that there may be a restructuring required, is well taken,” she said.
Finance Minister Nirmala Sitharaman on Tuesday promised more policy interventions to revive the economy and emphasized that green shoots are visible and the agriculture sector is driving growth. Indicators like, inter and intra-state movement of goods, PMI data, and are witnessing a pick-up, she said.More policy interventions to revive the economic growth says Nirmala Sitharaman
Earlier this month, Prime Minister Narendra Modi too had said the Indian economy has started seeing "green shoots" of recovery and the country remains one of the most open economies in the world.
Addressing BJP Tamil Nadu unit party workers via a virtual rally, she said: "People's rights were completely rejected. Why did the Congress party do it?It was hankering for power, it was for the sake of office. The law was broken and an emergency was declared." The emergency era witnessed several atrocities, she alleged.
"The final call as to which are the sectors which are going to be called 'strategic' is not made yet, that has to be announced and I can't preempt what announcement is likely to come," she said.
In her message on the 160th Income Tax Day, the minister also lauded the department for being responsive to the needs of the taxpayers during this pandemic time by relaxing various compliance requirements and addressing their liquidity concerns.
Importing raw materials that were not available in the country and needed for our industries was not wrong, she said, addressing the BJP's Tamil Nadu unit workers via a virtual link.
Emphasising that the plan needs to reflect how the economies are balancing their supply-side and demand-side measures in response to COVID-19, Sitharaman shared with her counterparts the manner in which India is working on ensuring this balance.
Participating in the third Meeting of G20 Finance Ministers and Central Bank Governors via video conference, Sitharaman shared with G-20 India's success in using technology-based financial inclusion to make contactless transfers of USD 10 billion to 420 million bank accounts.
In a tweet, the finance ministry said that the press conference will be a curtain raiser for the PM Garib Kalyan Rojgar Abhiyaan, Rs 50,000 crore worth public works scheme to provide employment opportunities to returnee migrant workers.
Sitharaman asked banks to cut down on paperwork and keep the formalities simple for the sector, the Department of Financial Services tweeted. The minister on Tuesday reviewed the performance of the recently launched ₹3 lakh crore Emergency Credit Line Guarantee Scheme for MSMEs via videoconference.
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.
During a meeting, which included the ministries of petroleum and natural gas, coal, power, mines, the department of atomic energy and the managing directors of 23 CPSEs, Sitharaman asked the concerned secretaries to ensure the CPSEs achieved capex of at least 50% of their capital outlay for the fiscal by the second quarter itself.
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.
"On National Handloom Day, we salute all those associated with our vibrant handloom and handicrafts sector.They have made commendable efforts to preserve the indigenous crafts of our nation.
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.
The Centre will introduce its pilot Kisan Rail, a special parcel train for carrying perishable commodities, announced as part of the budget this year, on Friday.
FM says she kept lessons of the 2008-13 period in mind when designing the Covid stimulus.
The six-member Monetary Policy Committee (MPC) headed by the RBI Governor is scheduled to announce its decision on August 6.This is the 24th meeting of MPC.
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.
They said the moratorium data is not "significantly perturbing" but hit out against the "spate of unplanned and unintelligent lockdown mania" in many pockets. "It is imperative that restructuring of loan accounts in select sectors is used as a policy option after August 31, to mitigate stress," the SBI economists said in a report.
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
Ahead of the launch of 'Garib Kalyan Rojgar Abhiyaan' scheme, Union Finance Minister Nirmala Sitharaman said that Central and state governments have meticulously mapped the skill sets of the migrant workers who have returned in large numbers to the 116 districts in six states.FM Nirmala Sitharaman shares details of PM Garib Kalyan Rojgar Abhiyaan for migrants
The livelihood opportunities will come up in 116 districts spread over six states who have received substantial numbers of migrants.
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
Under the GST structure, taxes are levied under 5 per cent, 12 per cent, 18 per cent and 28 per cent slabs. On top of the highest tax slab, a cess is levied on luxury, sin and demerit goods and the proceeds from the same are used to compensate states for any revenue loss.
The government on Saturday expanded the scope of the scheme to include "individual loans given for business purposes" within the ambit of Emergency Credit Line Guarantee Scheme.
“States should not be made to bear the burden of borrowing, which in any case is likely to be higher than the rate at which the central government will be able to borrow,” Badal said in the letter dated July 3, a copy of which was seen by ET.
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
Citing the example of the South Asian crisis in 1997, he said that a large number of public sector banks in the region had to be privatised post the crisis and in many cases were sold at fire sale prices to private equity investors from abroad.
The meeting also included secretary of financial services, Debasish Panda and representatives of Small Industries Development Bank of India, according to a tweet by the department of financial services. It highlighted the government’s commitment to help micro, small and medium enterprises by ensuring uninterrupted supply of liquidity during these difficult times, the finance ministry tweeted.
In May, finance minister Nirmala Sitharaman had announced the ECLGS to provide top-up loans of up to 20% to borrowers, with outstanding credit up to Rs 25 crore on February 29.
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.
After meeting top bankers, PM Modi to discuss economic situation with RBI, SEBI and FM Sitharaman today
Prime Minister Narendra Modi on Wednesday held a meeting with the stakeholders of banks and NBFCs and discussed issues in the financial sector, including credit growth and risk aversion. Prime Minister Narendra Modi will now be meeting heads of financial regulators, like RBI, SEBI. Finance Minister Nirmala Sitharaman, Commerce minister Piyush Goyal and highways minister Nitin Gadkari are also part of this meeting. The agenda of the meeting will likely focus on Moratoriums, Single window clearance, and MSMEs.After meeting top bankers, PM Modi to discuss economic situation with RBI, SEBI and FM Sitharaman today
The Employees' Provident Fund (EPF) monthly contributions were reduced from 12 per cent to 10 per cent as a part of the Atma Nirbhar Bharat Package back in May 2020. The move was aimed at providing some savings to employers and employees to tide over coronavirus crisis.
In view of the constraints due to the Covid pandemic and to further ease compliance for taxpayers, CBDT on Wednesday extended the due date for filing of Income Tax Returns for FY 2018-19(AY 2019-20) from 31st July, 2020 to 30th September, 2020.Income tax return filing deadline for FY 2018-19 extended to Sept 30, 2020
“In this context, suggestions are invited in respect of review of existing Customs exemption notifications,” the Central Board of Indirect Taxes and Customs (CBIC) said in notice to stakeholders. Suggestions have been invited through the mygov.in portal.
The commerce department has requested its revenue counterpart to reconsider its decision, and a communication has also been sent by Commerce and Industry Minister Piyush Goyal to Finance Minister Nirmala Sitharaman on July 21.
As much as Rs 30,000 crore has been withdrawn in under four months starting April by 8 million subscribers of the Employee Provident Fund Organisation. EPFO manages a corpus of Rs 10 lakh crore built on mandatory contributions from nearly 60 million salaried people and their employers. The huge outgo is likely to impact the fund’s earnings in FY21. Going by the current trend, EPFO expects nearly 10 million subscribers to withdraw from their savings in the coming days.EPFO withdrawals hit Rs 30,000 crore during April-July lockdown
Under a pre-packaged insolvency plan, debtors and creditors agree upon the restructuring plan in advance, helping speed up the process.
EPFO officials told ET the amount withdrawn between April and the third week of July is much more than the usual outgo seen over similar periods, and that pandemic-related job losses, salary cuts and medical expenses explain this substantial increase.
Currently, the consumer is deeply affected by the fear of the Covid-19 pandemic itself, as well as the economic consequences of it, which is leading to a fall in economic activity and, hence, demand.
Covid-19 credit facility of Rs 3-lakh crore covers all companies and not just MSMEs: Nirmala Sitharaman
The government could also consider extending the deadline for availing 15% corporate tax rate on new investments beyond March 2023 to benefit the industry, Sitharaman said.
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.
However, disbursements against this stood at Rs 82,065 crore till July 23 under the 100 per cent ECLGS for micro, small and medium enterprises (MSMEs).
The minister asked the secretaries and the CRB to closely monitor the CPSEs’ performance and to chalk out a plan to ensure they spent at least 50% of their capital outlay by the second quarter of FY21.
Sitharaman said businesses were gaining traction due to the Rs 20 lakh crore economic stimulus package, also known as the Atmanirbhar Bharat Abhiyan.
Many nonbank lenders including Piramal Capital, Indiabulls Consumer Finance, IIFL Home Finance and Tata Motors Finance, have applied for loans worth nearly ₹15,000 crore under the government’s Special Liquidity Scheme (SLS).
The board envisaged a shorter time limit than the current 180 days for an MSME insolvency resolution process, along with cost-effective and easier procedures where the debtor continues to manage the business while negotiating with creditors, Kumar said during an online conference on Monday.
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
The ICC has been mandated to serve as a single-window system for attracting investment and its terms of reference include accelerating investments, bringing projects to the Empowered Group of Secretaries (EGoS) which require special incentive, policy interventions, expeditious clearances and systematic references, among others, the MoCA order said.
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.
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.
The upcoming package is likely to focus on the MSME sector, which has been the worst hit.
Disbursement in these clusters stood at Rs 12,871.50 crore as of July 15 to entities belonging to micro, small and medium enterprise (MSME) sector, hit hard by the COVID-19 crisis. The scheme is the biggest fiscal component of the Rs 20-lakh crore Aatmanirbhar Bharat Abhiyan package announced by Finance Minister Nirmala Sitharaman last month.
The ministry of home affairs has been sounded out about the localised closures, but with guidelines on Unlock 2.0 in place and health being a state subject, officials are finding it difficult to address the issue. “These could derail the recovery,” said a government official. These are “certainly a setback”, said another.
Extend loan automatically to all eligible borrowers without fear of 3Cs: Finance Minister Nirmala Sitharaman to banks
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.
'Discouraging attitude' of banks’ risks providing little relief to MSMEs under a key Government scheme
The cornerstone of Finance Minister Nirmala Sithraman’s package for economic revival was the Rs 3-lakh crore collateral free loan scheme for MSMEs. Two months since, the scheme’s success has been limited, with majority of small businesses still struggling to find funding.
The Department of Investment and Public Asset Management (Dipam) is expected to shortly finalise a draft that will designate various sectors as strategic or non-strategic, officials told ET. Banking, petroleum, atomic energy, defence, space, and ports are likely to be part of the strategic list.
Economic package includes all companies for bank loan facility despite size and sector: Nirmala Sitharaman
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
NRAI delegation meets FM Nirmala Sitharaman, seeks a mix of policy and liquidity support for F&B sector
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 level of the NPAs is going to be unprecedented in six months from now if we really recognise the true level of NPAs...We are in trouble and sooner we recognise it, better it is because we really need to deal with the problem,” Rajan said during a session at the India Policy Forum 2020 organised by NCAER.
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.
The decision to permit up to 74 per cent FDI in the defence manufacturing through the automatic route was announced by Finance Minister Nirmala Sitharaman in May while announcing the fourth tranche of the Rs 20 lakh crore stimulus package for the coronavirus-hit economy.
Assistance formula designed with everyone in mind... first see where the money is going: Finance Minister, Nirmala Sitharaman
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.
Finance minister took stock of the implementation of key announcements by the ministries of finance and corporate affairs as part of the Rs 20 lakh crore Covid19 relief package.
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, 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
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 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
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
Structural reforms in coal, defence prod, aviation focus of 4th tranche of economic package: Nirmala Sitharaman
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.
India to set up research reactor for affordable treatment of cancer, other diseases: Nirmala Sitharaman
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.
The Emergency Credit Line Guarantee Scheme is the biggest fiscal component of the Rs 20-lakh crore Aatmanirbhar Bharat Abhiyan package announced by Finance Minister Nirmala Sitharaman in May.
The blocks on hold for auction are in Madhya Pradesh, while the mines kept in abeyance are in Jharkhand, according to a document of the mines ministry.
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.
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 Department of Financial Services, in a letter to chief secretary of states, said that incidences of unruly behaviour of anti-social elements against the bankers needs to be responded with stern action taken against such elements, sources said.
Analysts said the package had more to do with fixing supply-side than demand issues.
The Department of Financial Services in a letter to chief secretary of states said that incidences of unruly behaviour of anti-social elements against the bankers needs to be responded with stern action taken against such elements, sources said.
Self-reliant India does not mean we will look inwards, or become isolationist country: Nirmala Sitharaman
India has the capability and entrepreneurship to built capabilities and help the world, Finance Minister Nirmala Sitharaman said.
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.
Affordable Rental Housing Complexes is a sub-scheme under the Pradhan Mantri Awas Yojana-Urban. The concessionaire will make the complexes livable by repair or retrofit and maintenance of rooms and filling up infrastructure gaps such as water, sewer, sanitation, road and related work.
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
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.
The government is looking to push public expenditure in the second quarter of FY21 in a bid to help the economy revive from the coronavirus slump. Finance minister Nirmala Sitharaman, on Tuesday, reviewed the performance of public sector enterprises and asked CPSEs to push 50% of the capital outlay for 2020-21 in the second quarter.FM Sitharaman to PSUs: Meet 50% of Rs 1.66 lakh crore FY21 capex by Q2
Duty on polished diamonds was raised to 7.5% in September 2018. This includes duty on diamonds exported and then reimported. “The duty should be reduced to 2.5%. These diamonds, which are manufactured abroad, are now not being imported to India and are instead routed to Hong Kong and Dubai,” said the GJEPC vice-chairman.
FICCI writes letter to Finance Minister Nirmala Sitharaman seeking fiscal support for the MSME sector
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.
'Banks won’t be blamed as we are going to take the loss’