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November 12, 2020 / 06:54 PM IST

Nirmala Sitharaman Press Conference Highlights: FM says total stimulus by govt, RBI is Rs 29.87 lakh crore, which is 15% of GDP

FM Nirmala Sitharaman Press Conference Highlights: The Union Finance Minister listed 12 new measures on November 12 as a part of the stimulus package during the COVID-19 outbreak.

Nirmala Sitharaman Press Conference Highlights: The Union Finance Minister listed 12 new measures on November 12 as a part of the stimulus package during the COVID-19 outbreak. The Centre announced another stimulus package worth Rs 2.65 lakh crore, as a part of Atmanirbhar Bharat 3.0. This amount includes the ProductionLinked Incentive (PLI) scheme announced on November 11. Sitharaman
said the economy is seeing strong recovery, and COVID-19 active cases are declining. The Centre and Reserve Bank of India (RBI) have together provided total fiscal stimulus of Rs 29.87 lakh crore since the COVID-19 pandemic began. This amount is 15 percent of India's gross domestic product (GDP), Sitharaman said.
  • November 12, 2020 / 06:54 PM IST

    This LIVE blog session has concluded. Stay tuned to Moneycontrol for the latest news, views and updates.

  • November 12, 2020 / 05:59 PM IST

    Dinesh Khara, Chairman, SBI, on on FM Sitharaman's Atmanirbhar Bharat Package 3.0 announcement

    “The latest round of stimulus package by the Government is a bouquet of measures that incentivizes job creation in the informal sector, expands the supply of loanable funds through enlargement of credit guarantee scheme to support stressed sectors and a strong push to real estate,  with tax incentives for home buyers that could potentially unleash a price discovery in the real estate market. The Government also proposes to enlarge the rural employment scheme that could continue to support rural recovery. The support for project exports could potentially widen the risk-taking capabilities of EXIM Bank. Overall, these measures will ensure that we continue to take steps towards a sustained economic recovery.”

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  • November 12, 2020 / 05:58 PM IST

    Manju Yagnik, VCP Nahar Group and  Senior Vice President, NAREDCO on FM Sitharaman's announcement 

    "Finance Minister Nirmala Sitharaman's stimulus measures in terms of income tax relief for buyers and developers is very timely and will further boost the housing demand in the country. The income tax relief of up to 20 per cent for homes costing up to ₹ 2 crore available till June 30, 2021 will bring in much needed fresh buying in the sector. This move to incentivize buyers will ensure the first-time home buyers and fence sitters to also enter the market resulting into good sales in next few quarters. The additional outlay under PMAY will help the completion of stuck projects, create new jobs, and boost demand for raw materials."

  • November 12, 2020 / 05:22 PM IST

    Shishir Baijal, Chairman & Managing Director, Knight Frank India on FM Sitharaman's Atmanirbhar Bharat Package 3.0 announcement

    “The prolonged COVID-19 crisis and anticipation for the vaccine has kept consumer demand on tenterhooks. However, the government and central bank measures since the pandemic outbreak have been encouraging and in the right direction to support industry and boost consumer demand. Today’s stimulus measures will aid job creation and infrastructure development in the country. Recognition of real estate as a core sector, creating ancillary industry demand and employment, and enhanced Pradhan Mantri Awas Yojana – Urban allocation, will boost the housing demand in the country. Besides, the increase in circle rate and transaction value threshold from 10% to 20% will remove a transaction hurdle and save tax thereby increasing the opportunity for unbridled property purchase activity.”

  • November 12, 2020 / 05:15 PM IST

    Niranjan Hiranandani President NAREDCO, Assocham on FM Sitharaman's economic stimulus package

    “Finance Minister Nirmala Sitharaman’s announcement, about additional funding of Rs. 18,000 crore for PM Awaas Yojana-Urban will add to the sparkle this festive season. This is over and above the Rs 8,000 already allotted this year, and will translate into more homes for home seekers, more employment opportunities as also good business for suppliers and industries peripheral to real estate and construction.”

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  • November 12, 2020 / 04:33 PM IST

    Nirmala Sitharaman Press Conference LIVE Updates| 15% of national GDP as stimulus takeaway: FM

  • November 12, 2020 / 03:50 PM IST

    Nirmala Sitharaman Press Conference LIVE Updates: Most banking stocks continued trading in the red in afternoon trade on November 12 even as the Finance Minister Nirmala Sitharaman announced fresh stimulus measures.

    Nifty Bank index was about 2 percent down around 1415 hours, with all stocks in the red. Shares of Kotak Mahindra Bank, Bank of Baroda, ICICI Bank, State Bank of India, IndusInd Bank and Axis Bank were down over 2 percent each.

    Read more about the market reaction to the FM's presser

  • November 12, 2020 / 03:36 PM IST

    Nirmala Sitharaman Press Conference LIVE Updates: Stating that the economy is seeing strong recovery, and COVID-19 active cases are declining, the finance minister said, "Fertiliser consumption is going up significantly, an increased supply of fertilisers will ensure that forthcoming crop seasons will not be affected for want of adequate fertilisers."

    The minister noted that a 17.8 percent increase in fertiliser usage against actual usage of 571 lakh metric tonnes in 2019-20 has been recorded.

    Read the full story

  • November 12, 2020 / 03:22 PM IST

    Nirmala Sitharaman Press Conference LIVE Updates: The Centre and Reserve Bank of India (RBI) have together provided total fiscal stimulus of Rs 29.87 lakh crore since the COVID-19 pandemic began. This amount is 15 percent of India’s gross domestic product (GDP), Finance Minister Nirmala Sitharaman said. 

    Under Atmanirbhar Bharat 3.0, the fiscal stimulus is Rs 2.65 lakh crore, which includes the PLI scheme annoucend on November 11. 

    Read more about the total fiscal stimulus here

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  • November 12, 2020 / 03:16 PM IST

    Nirmala Sitharaman Press Conference LIVE Updates: During the media briefing, the Union Finance Minister had referred to Moody's economic outlook for India. Moody’s Investors Service, on November 12, revised India’s Gross Domestic Product (GDP) forecast upwards for calendar year 2020 to -8.9 percent from the -9.6 percent contraction estimated earlier. India’s GDP forecast for calendar year 2021 was similarly revised to 8.6 percent from 8.1 percent predicted earlier. The economy had contracted by about 23.9 percent in the April-June quarter and is earlier seen contracting more than 10 percent in FY2021. This was largely due to the impact of the nationwide lockdown imposed to curb the spread of the novel coronavirus outbreak.

  • November 12, 2020 / 03:09 PM IST

    FM Nirmala Sitharaman Press Conference LIVE Updates: The government announced an additional outlay of Rs 18,000 crore for Pradhan Mantri Awas Yojana (Urban), which means this amount will be provided over and above the budget estimate which was mentioned in the Budget 2020-21.

    The decision will help ground 12 lakh houses and complete 18 lakh houses, said the union minister during a press conference on November 12.

    “A number of measures have been taken in the past several months for revival of the Housing and Real Estate Sector. These measures have contributed to fair recovery in this sector,” said Sitharaman.

    Read the full story

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