Finance Minister Addresses Press Conference

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Finance Minister Nirmala Sitharaman Announces Atmanirbhar Bharat 2.0 Measures To Revive Economy

Finance Minister Nirmala Sitharaman is asserting new stimulus measures to rescue the financial system out of a historic contraction. “Plenty of indicators have are exhibiting that restoration is clearly taking place within the financial system… The sturdy restoration relies on the unrelenting reforms that the federal government has introduced in a scientific method,”  the Finance Minister mentioned in a media briefing. Her press convention comes at a time when economists have known as for the necessity for additional impetus to help a revival in an financial system battered by the world’s largest lockdown to curb the unfold of COVID-19. The federal government’s final financial and monetary help of Rs 21 lakh crore, known as the Atmanirbhar Bharat bundle, was launched in Might this yr. Many economists say that the Atmanirbhar bundle has largely failed to melt blow of the strict coronavirus lockdown because it centered on offering liquidity and collateral-free credit score for small companies however with little precise spending. 

Listed below are key highlights of Finance Minister Nirmala Sitharaman’s media briefing:

  • Going to announce few new measures
  • First, want to provide you with an image of financial state of affairs, and affect on Atmanirbhar Bharat bulletins made just lately
  • Energetic circumstances of COVID-19 have declined 
  • In final 10-15 days, there have been many measures and indicators exhibiting restoration clearly taking place
  • The sturdy restoration relies on unrelenting reforms introduced by authorities in a scientific method
  • GST collections have been at Rs 1.05 lakh crore in October, up 10% year-on-year
  • FDI inflows stood at $35.37 billion in April-August, up 13%
  • Financial institution credit score development has improved in comparison with final yr, up.5.1% year-on-year (as of October 23)
  • Markets are at report highs, with market capitalisations at report ranges (Catch newest updates right here)
  • RBI’s foreign exchange reserves have reached $560 billion
  • RBI predicts sturdy chance of financial system returning to development in Q3
  • Moody’s has at the moment revised India GDP projection to -8.9% (2020-21) from -9.6%
  • PROGRESS ON ATMANIRBHAR BHARAT 1.0 MEASURES:
    • Underneath the “One Nation, One Ration Card” scheme, interstate portability achieved in 28 states/Union Territories, protecting 68.6 crore beneficiaries 
    • Intrastate portability additionally achieved, with 1.5 crore transactions a month
    • Underneath PM Steet Vendor’s Atmanirbhar Nidhi (PM Svanidhi) scheme, 26.32 lakh mortgage purposes acquired, 13.78 lakh loans (amounting to Rs 1,373.33 crore) sanctioned in 30 states and 6 UTs
    • Kisan Credit score Card: Credit score enhance achieved for two.5 crore farmers
    • 1.83 lakh purposes acquired
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