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Economic crisis: Nirmala Sitharaman, Prakash Javadekar to address media at 3 pm today

Nirmala Sitharaman, Prakash Javadekar to address media at 3pm: Earlier this week, RBI Governor Shaktikanta Das had said the government has taken a number of measures to boost the economy in three phases and indicated that more steps are likely.

twitter-logo BusinessToday.In   New Delhi     Last Updated: September 18, 2019  | 13:57 IST
Economic crisis: Nirmala Sitharaman, Prakash Javadekar to address media at 3 pm today
Nirmala Sitharaman, Prakash Javadekar to address media at 3pm

Union Ministers Nirmala Sitharaman and Prakash Javadekar will address the media at 3:00 pm on Wednesday. The press conference will be held at the PIB Conference Hall at the National Media Centre in Delhi. They will address the media on certain Cabinet decisions during this meet.

The ministers are likely to announce a slew of measures to give a boost to the economy. A senior finance ministry official had earlier told news agency PTI that the blueprint for the stimulus is ready and would be announced by the FM in the next few days.

The government announced a slew of measures in three dosages which include a special window for real estate, export incentives, bank consolidation and sops for micro, small and medium enterprises (MSMEs) and the automobile sector.

Earlier this week, RBI Governor Shaktikanta Das had said the government has taken a number of measures to boost the economy in three phases and indicated that more steps are likely.

"I think with right measures taken, things should improve. It's a positive trend that the government is responding fast and I don't think we have heard the last from the government with regard to dealing with the current economic situation... My expectation is that it will be a continuous process and they would definitely be dealing with other challenges," he had said.

The first set of announcements was made on 23 August that included rollback of the enhanced surcharge imposed on foreign portfolio and domestic investors in Budget 2019-20.

It was followed by announcement with regard to consolidation of 10 public sector banks (PSBs) into four on August 30.

According to the consolidation exercise, United Bank of India and Oriental Bank of Commerce are to be merged with Punjab National Bank, making the proposed entity the second-largest PSB, while Syndicate Bank is to be merged with Canara Bank, Allahabad Bank will be merged with Indian Bank, and finally Andhra Bank will be amalgamated with Corporation Bank and Union Bank of India.

Last week, the government announced a slew of measures to boost exports and the real estate sector.

During the week, the finance minister will chair the 37th meeting of the GST Council, which is expected to discuss rate revisions for various sectors, including automobiles, fast-moving consumer goods, and hotels.

(With PTI inputs)

Also read: Nirmala Sitharaman's real estate booster unlikely to benefit majority of stuck projects

Also read: Millenials' preference for Ola, Uber responsible for auto crisis, says FM Nirmala Sitharaman

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