Finance Minister Nirmala Sitharaman is holding a press conference to announce the next lot of measures under the Rs 20 lakh crore economic stimulus package with focus on structural reforms. Centre has announced a host of liquidity and fiscal measures so far in three such tranches since Wednesday for different sectors and segments of society have been announced.
In the last tranche, FM had announced measures to help the agricultural sector. Among other measures, Essential Commodities Act has been amended to remove food grains, edible oil, oil seeds, pulses, onion and potato from its purview. A Rs 1 lakh crore fund has also been set up to develop agricultural infrastructure at farm-gate. Farmers will also been given the choice of selling their produce at attractive prices in a market of their choice by the way of a new law.
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5.18 PM: In GST Council meeting on March 14, GST on MRO has been brought down to 5 per cent with full input tax credit, informed Revenue Secretary.
5.13 PM: Demand-side concerns will be addressed by putting money in people's hands, says FM.
5.07 PM: Establishing facilities in PPP mode to use irradiation technology for food preservation, says FM.
5.07 PM: Research reactor in PPP mode will be developed for producing medical isotopes, says FM.
5.05 PM: Liberal geo-spatial data policy for tech entrepreneurs will be devised, says FM.
5.02 PM: To provide level playing field for private players in space, provisions will be made for them to avail facilities available with ISRO, says FM.
5.00 PM: Viability gap funding of Rs 8,100 crore for social infrastructure development, says FM.
4.56 PM: Power discoms in union territories to be privatised, says FM.
4.51 PM: Cost of maintenance for Indian airlines to come down significantly if India becomes a MRO hub, says FM.
4.50 PM: Not just civil, but defence aircraft will also benefit if India is made a MRO hub, says FM.
4.49 PM: 6 more airports put up for auction, says FM, adding that AAI will get Rs 2,300 crore down payment.
4.46 PM: Restriction on utilisation of Indian airspace will be eased so make civilian flying more efficient, says FM. This is an environment-friendly step with major implication on India's fuel import bill, she added.
4.41 PM: FDI limit in defence manufacturing under automatic route to be raised from 49 per cent to 74 per cent, says FM.
4.41 PM: Emphasis on realistic qualitiative requirements; oeverhauling of trial and testing procedures, says FM.
4.39 PM: Ordinance Factory Boards to be corporatised; this is not same as privatisation, says FM.
4.37 PM: Separate Budget provisions for domestic capital procurement in defence, says FM.
4.35 PM: We shall notify a list of weapons and platforms which shall not be imported and brought in India; each year, this list shall be increased, says FM.
4.35 PM: Make in India and self reliance have become partners, particularly in critical industries like defence, says FM.
4.31 PM: Stamp duty payable at the time of mining lease award being rationalised, says FM.
4.30 PM: Distinction between captive and non-captive mines removed, says FM.
4.30 PM: Joint auction of Bauxite and coal to enhance aluminium sector's competitveness, says FM.
4.29 PM: 500 mining blocks would be offered through an open and transparent auction process, says FM.
4.28 PM: Introduction of seamles exploration-cim-mining-cum-production regime in mineral mining, says FM.
4.24 PM: Rs 50,000 crore for coal evacuation infrastructure, says FM.
4.22 PM: In order to have coal converted into gas, we are providing incentives, says FM adding that coal bed methane extraction will happen through auctioning.
4.20 PM: We are bringing in commercial mining in coal sector on a revenue share basis; government monopoly being remvoed, says FM.
4.15 PM: Issues in coal, minerals, defence production, air space management, airport, MRO, power distribution companies in union territories, space and atomic energy sectors will be addressed in today's announcements, says FM.
4.15 PM: Attempts have already started for upgradation for industrial infrastructure: FM
4.11 PM: Efforts which are being taken clearly give us the confidence that Make in Indi which was launched three years back as an initiative to change the mindset of people to bring in new ways of doing business, to make sure India becomes attractive on its strength, are all being received very well, says FM.
4.09 PM: Structural reforms are the focus of today's announcements, says FM Sitharaman.
4.05 PM: "Many sectors need policy simplification. Once we decongest a sector, we can provide the necessary boost for growth and employment," say the FM.
4.04 PM: In stages we have annoucned relief, says FM Sitharaman, adding that PM had said that we should be ready for tough competition.
4.01 PM: FM Nirmala Sitharaman to announce fourth tranche of measures under Atma Nirbhar Bharat economic stimulus package shortly.
3.44 PM: Several sectors have been badly hit due to the coronavirus outbreak and subsequent lockdowns. Few of the worst hit sectors are aviation, hospitality and travel. While each of these sectors have their specific demands, some common demands include direct tax and GST holiday, and government support for payment of salaries to employees.
3.43 PM: PM Modi praises announcements for farm sector
I welcome today’s measures announced by FM @nsitharaman. They will help the rural economy, our hardworking farmers, fishermen, the animal husbandry and dairy sectors. I specially welcome reform initiatives in agriculture, which will boost income of farmers. #AatmaNirbharDesh— Narendra Modi (@narendramodi) May 15, 2020
3.42 PM: Finance Minister Nirmala Sithraman announced 11 key measures in Tranche III, including a combination of schemes and changes in legal framework, to help country's agricultural sector amid the coronavirus lockdown. While bold, these moves are expected to take time before they become reality.
3.36 PM: The highlight of the third tranche of measures were the legal reforms meant to help the farmers. These refer to changes regarding Essential Commodities Act, Agriculture Produce Marketing Committee and Contract Farming, which have been hailed as bold and progressive.
3.32 PM: The three tranches of economic stimulus announced so far heavily focus on liquidity measures for street vendors, poor, migrant workers and farmers, but do not much fiscal outgo. The government is limiting fiscal spending over concerns that excess spending could trigger a sovereign rating downgrade, government officials told Reuters.
3.20 PM: The last tranche of measures focussed on agriculture sector, including Rs 1 lakh crore fund for agri infrastructure, amendments to Essential Commodities Act, and a new law to allow farmers to sell their produce at attractive prices in a market of their choice.
Finance Minister @nsitharaman announces measures to strengthen Agriculture Infrastructure Logistics, Capacity Building, Governance and Administrative Reforms for Agriculture, Fisheries and Food Processing Sectors#AatmaNirbharDesh— PIB in Chandigarh (@PIBChandigarh) May 15, 2020
3.19 PM: The press conferenc at 4 PM will be broadcasted live on YouTube, Twitter and Facebook.
FM Smt. @nsitharaman to address 4th press conference announcing Govt's roadmap towards #AatamnirbharBharat TODAY at 4 PM— Ministry of Finance 🇮🇳 #StayHome #StaySafe (@FinMinIndia) May 16, 2020
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3.17 PM: FM Nirmala Sitharaman will hold a press conference at 4 PM to announce the fourth tranche of measures under the Atma Nirbhar Bharat stimulus package.