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Biz EOD: Stimulus 2.0 arrives; festive advance for govt employees; interest free 50-year loans to states

Catch top stories from the world of business and economy with BusinessToday.In's Biz EOD report

twitter-logoBusinessToday.In | October 12, 2020 | Updated 23:28 IST
Biz EOD: Stimulus 2.0 arrives; festive advance for govt employees; interest free 50-year loans to states
Top stories from the world of business and economy

In what could be termed as the second round of stimulus, the government today announced measures that by its estimate would give a demand boost of Rs 73,000 crore. Finance Minister Nirmala Sitharaman announced a Rs 10,000 one-time festival advance scheme for all government employees to boost spending. She also announced special interest-free 50-year loans to states for capital expenditure for Rs 12,000 crore. Read for more top stories from the world of business and economy:

1. Ahead of festive season, govt announces Rs 1 lakh crore 'stimulus' package

For boosting consumer spending, the government today announced special tax exemption for Central government employees, who get Leave Travel Concessions in a block of 4 years leave encashment of 10 days.

2. Rs 10,000 one-time festival advance scheme announced for all govt employees

Finance Minister Nirmala Sitharaman said that under the Special Festival Advance scheme will be available up to March 31, 2021 and will be given as a prepaid RuPay card.

3. Centre's Rs 12,000 crore interest free 50-year loans to states: Which state will get what?

Nirmala Sitharman announced a Rs 12,000 crore interest-free 50-year loan to states for spending on capital projects in a bid to boost economy.

4. Sensex ends 84 points higher, Nifty at 11,930; SBI, ITC, NTPC top gainers

On the currency front, the rupee snapped its three-session winning run and slipped 12 paise to settle at 73.28 against the US dollar on Monday.

5. Retail inflation jumps to 7.34% in September, stays above RBI's comfort zone

Retail inflation jumped to 7.34 per cent in September, mainly on account of higher food prices, official data showed.

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