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Nirmala Sitharaman press conference LIVE updates: 'Rs 102 lakh crore worth of infra projects identified,' says FM

Nirmala Sitharaman press conference: The FM said that Rs 102 lakh crore of infrastructure projects have been identified after 70 consultations in four months

twitter-logo BusinessToday.In   New Delhi     Last Updated: December 31, 2019  | 15:56 IST
Nirmala Sitharaman press conference LIVE updates: 'Rs 102 lakh crore worth of infra projects identified,' says FM
Nirmala Sitharaman press conference today at 3pm

Finance Minister Nirmala Sitharaman is scheduled to hold a press conference at the National Media Centre at 3pm on Tuesday. Press Information Bureau confirmed the press meet on its official Twitter handle.

The Tuesday press meet is the second media conference by the Finance Minister in less than a week. In her last press conference, Nirmala Sitharaman had announced the waiving of MDR (merchant discount rate) on payment via RuPay and UPI platforms.

Reports suggest that the minister will announce measures to revive the economic slowdown.

Follow Nirmala Sitharman's press conference on the live blog here:

3:48 pm: "An annual global investors meet to be organized where Centre and States will get to meet all the investors and to talk to them about infrastructure opportunities," said the minister.

3:47 pm: It is estimated that India would need to spend $4.5 trillion on infrastructure by 2030 to sustain its growth rate.

3:44 pm: "In his Independence Day speech 2019, PM Modi highlighted that Rs 100 lakh crore would be invested on infrastructure over the next 5 years," said the FM.

3:43 pm: Under NIP the government has identified:

  • Rs 2.5 lakh crore port and airport projects
  • Rs 3.2 lakh crore digital infra projects
  • Rs 16 lakh crore irrigation, rural, agri and food processing projects
  • Over Rs 16 lakh crore  infra projects including mobility projects

3:41 pm: "Nearly Rs 25 lakh crore energy projects lined up under NIP, nearly Rs 20 lakh crore road and nearly Rs 14 lakh crore railway projects lined up under NIP. Private sector to share a 22-25% of NIP investments, Centre and states the rest," she said.

3:40 pm: "Rs 102 lakh crore National Infrastructure Projects to help make India a $5 trillion economy by 2025," said Union Finance Minister.

3:39 pm: An annual supplementary report would be issued every year, said the minister.

3:38 pm: Power, railways, urban, irrigation, mobility, water, renewables, and health to form bulk of Rs 105 lakh crore projects, said the minister.

3:37 pm: "In the NIP mechanism as of now, the Centre's share will be 39%, states share 39% and pvt sector share will be 22%. Expect pvt share to increase to 30% by 2025," said FM.

3:33 pm: Nirmala Sitharaman said that an annual global investors meet will be organised in the second half of 2020.

3:30 pm: Finance Minister said that she is happy that they could keep the promise that the Prime Minister made on his Independence Day speech.

3:29 pm: National Infrastructure Pipeline (NIP) Coordination Mechanism to be launched, comprising the Centre, states and private sector, for detailed planning, information dissemination and monitoring implementation of the NIP framework.

3:24 pm: "In line with announcement made by PM in his Independence Day 2019 speech, to make infrastructure investment worth Rs. 100 lakh crore for the next five years, a task force was formed to identify projects," she said.

3:23 pm: "Both centre and states have spent Rs 51 lakh crore, which is 5-6 per cent of GDP in infrastructure," said the FM.

3:21 pm: "Today, the task force has identified Rs 102 lakh crore worth of projects, after conducting 70 stakeholder consultations in a short period of four months," she said. "States are coming up with additional Rs 3 lakh crore worth of projects," she said.

3:19 pm: FM says Rs 100 lakh crore of infra investment for next 5 years also a task force to be formed was announced by PM Modi. "We have Rs 102 lakh crore worth of projects," she said.

3:10 pm: The minister could announce measures relating to the Rs 100 crore infra pipeline, as per reports.

3:00 pm: On Saturday the Finance Minister announced that customers and merchants will no longer have to pay MDR fee, a move that will provide a big boost to online transactions in India. MDR is the cost paid by a merchant to a bank for accepting payment from their customers via credit or debit cards every time a card is used for payments in their stores.

Also read: Govt bans levy of MDR fee on payment via RuPay, UPI; to boost cashless transactions

2:58 pm: The Finance Minister assured the government support for bankers to take prudent commercial decisions and launched an online portal for auction of assets attached by banks in her previous press conference.

Also read: Nirmala Sitharaman to hold press meet at 3 PM

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