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Nirmala Sitharaman's 3rd major presser at 2.30 pm today; likely to make big announcements for real estate sector

Finance Minister Nirmala Sitharaman's press conference:The Modi government is battling with the ongoing economic slowdown, which has spread from auto, real estate, manufacturing, FMCG to several other allied businesses

twitter-logo BusinessToday.In   New Delhi     Last Updated: September 14, 2019  | 12:09 IST
Nirmala Sitharaman's 3rd major presser at 2.30 pm today; likely to make big announcements for real estate sector
Finance Minister Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman will address a press conference at 2.30 pm today, her third in the past few days. The FM will address the media at 2.30 pm at the National Media Centre, New Delhi, tweeted PIB. The Ministry of Finance also confirmed the FM would address the media on Saturday.

The Finance Minister, after announcing a series of measures regarding the FPIs and the merger of public sector banks, is expected to take steps to boost the real estate and export sectors. Sitharaman will announce sector-specific and broad-based initiatives, reported CNBC.

Also read: Will Nirmala Sitharaman's mid-term measures address the economic slowdown?

The Modi government is battling with the ongoing economic slowdown, which has spread from auto, real estate, manufacturing, FMCG to several other allied businesses. On August 23, FM Sitharaman had addressed her first presser, announcing steps like the rollback of surcharge on foreign portfolio investors, an upfront release of Rs 70,000 crore to public sector banks, measures to revive the auto slowdown, among others.

In her August 30 presser, the FM announced a mega consolidation plan for public sector banks, merging 10 PSBs into four financially sound bigger banks.

India's growth hit a six-year low of 5 per cent for the April-June quarter of FY20, weighed down by slump in manufacturing output, weak consumer demand and deceleration in private investment. The economic slowdown is likely to spoil India's hopes of becoming a $5 trillion economy in GDP terms by 2024. The country's exports in August dropped by 6.05 per cent to $26.13 billion compared to the August 2018 mark. The government is hoping the relief measures would stop the downward trend in the sagging Indian economy.

Also Read: India's GDP growth slips to 7-year low of 5% in April-June quarter

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