FM Nirmala Sitharaman Press Conference LIVE Updates: FM announces PM Awaas Yojana-Urban with a budget of Rs 18,000 crore

Finance Minister Nirmala Sitharam announced measures to boost demand and reactivate the economy. AND ME

Press conference of FM Nirmala Sitharaman LATEST updatesNirmala Sitharaman announced an additional disbursement of Rs 18,000 crore for Prime Minister Awaas Yojana-Urban, adding that the disbursement exceeds the Rs 8,000 already allocated this year.

The Ministry of Finance announced what they called Atmanirbhar Bharat 3.0. “You can call it Atmanirbhar 3.0,” says FM Sitharaman. For organizations registered with EPFO, new hires (who lost their job or it’s their first job) will get special benefits, “says Sitharaman. The benefits have yet to be announced.

The economy has experienced a strong recovery with growth in GST collection, bank credit, FDI inflows along with other indicators, says the Finance Minister.

Finance Minister Nirmala Sitharaman announced on Thursday another stimulus package to boost the Indian economy amid the current COVID-19 pandemic. The measures are aimed at the sectors most affected by the pandemic and the shutdown, and will list the infrastructure projects that will be accelerated to boost job creation.

Finance Minister Nirmala Sitharaman will deliver a press conference at 12:30 pm on Thursday, the day after the government approved a Production Linked Incentive Package (PLI) of Rs 2 lakh crore for five years for manufacturers of 10 sectors.

Sitharaman is expected to announce a third stimulus package to boost the coronavirus -the economy of success, according to a LiveMint report.

The benchmark Sensex equity index fell more than 200 points in early trading, following losses in financial stocks ahead of its press conference. The 30-share BSE index was trading 226.79 points or 0.52 percent lower at 43,366.88, while the broader NSE Nifty was down 60 points or 0.47 percent at 12,689.15.

Sitharam said that the Cabinet decided to create more PLIs to ensure that job creation happens and that India becomes part of the global value chain and becomes self-sufficient.

“We make sure that India is part of the global value chain and that the critical sunrise sectors get the necessary support from the government so that we can build an India that is strong enough to serve its own domestic market. Also we are making sure that we can link with global value chains, “he said.