Covid LIVE: PM says stimulus package will boost production, create jobs

Today's coronavirus numbers: Bengaluru (788 cases), Mumbai (746 cases), Chennai (308 cases), Kolkata (191 cases), Delhi (89 cases). Stay tuned for corona-related news

5:26 PM

Large part of FM's stimulus package will work only in medium-term

Finance Minister Nirmala Sitharaman’s new deal as Covid-19 relief is based on three prongs: More guarantees by the government to improve flow of credit to vulnerable and important sectors; direct action when it comes to health; and support for the poor and farming community. These measures are timely and will help alleviate the hardships of the concerned sectors. But these again are supply side measures and not on the demand side. A large part of the package will work only in the medium-term. Read here

4:51 PM

Coronavirus LIVE: Andhra Pradesh sees 2,224 fresh cases in a day

4:42 PM

Economic revival: FM Sitharaman raises ECLGS scheme limit to Rs 4.5 trn

To help revival of the economy battered by Covid-19, Finance Minister Nirmala Sitharaman on Monday announced a slew of measures, including Rs 1.1 lakh crore (Rs 1.1 trillion) credit guarantee scheme for improving health infrastructure, and enhancing the limit under the ECLGS by 50 per cent to Rs 4.5 lakh crore for the MSME sector facing liquidity crunch.
 

Sharing the details of stimulus package, the finance minister said this comprises eight relief measures and other eight measures to support the economic growth. Read here

4:23 PM

LIVE: FM announces new streamlined process for PPP projects and asset monetisation

States have already been allowed additional borrowing for four years up to 0.5% of GSDP annually (Rs 1,05,864 crore for 2021-22 crore) subject to carrying out specific power sector reforms.
 

New streamlined process for PPP projects and asset monetisation: New policy to be formulated for appraisal and approval of PPP proposals and monetisation of core infra assets, including through InvITs

4:13 PM

LIVE: FM announces extension of PLI scheme for large-scale electronics manufacturing

• The tenure of the PLI scheme for large-scale electronics manufacturing has been extended by a year till 2025-26, says FM.

• Participating companies will be allowed to choose any five years to meet the production targets under the scheme

4:11 PM

LIVE: Total outlay has reached Rs 61,109 crore under Digital India mission, says FM

To give a boost to Digital India, an additional amount of Rs 19,041 crore to be provided to BharatNet to take broadband to each village of the country. Total Outlay has reached Rs 61,109 crore, including the already approved Rs 42,068 crore in 2017.

4:10 PM

LIVE: Govt to infuse more equity in ECGC to boost export insurance cover by Rs 88,000 cr

LIVE: Govt to infuse more equity in ECGC to boost export insurance cover by Rs 88,000 cr

4:05 PM

LIVE: Govt to infuse more equity in ECGC to enable it to extend Rs 88,000 crore in export insurance

• Project exports through the National Export Insurance Account to get a Rs 33,000-crore boost over the next five years

• Govt to infuse more equity in ECGC to enable it to extend Rs 88,000 crore in export insurance

3:59 PM

LIVE: Farmers in NE to get 10-15% higher price for their produce, says FM

Farmers in NE to get 10-15% higher price for their produce through removal of middlemen and agents

3:58 PM

LIVE: North Eastern Regional Agricultural Marketing Corporation to get an infusion of Rs 77.45 cr, says FM

The North Eastern Regional Agricultural Marketing Corporation to get an infusion of Rs 77.45 crore for financial restructuring and revival

3:54 PM

LIVE: FM announces measures for doubling farming income

Impetus for growth and employment

• ICAR has developed bio-fortified crop varieties having high nutrients like protein iron, zinc and Vitamin A

• These varieties are tolerant to diseases, insects, pests, drought, salinity and flooding. These will help augment farmers' income

3:50 PM

LIVE: FM says govt will spend Rs 23,220 cr this fiscal year for paediatric care

New scheme focused on short-term emergency preparedness with a special emphasis on children and paediatric care

3:43 PM

LIVE: FM reiterates 5 kg of free food grains will be provided to the poor

• Pradhan Mantri Gareeb Kalyan Anna Yojana: 5 kg of food grains to be provided free of cost to NFSA beneficiaries from May to November 2021

• Estimated financial implication: Rs 93,869 crore, bringing the total cost to Rs 2,27,841 crore 

3:40 PM

LIVE: Additional subsidy of Rs 14,775 crore to be provided for DAP and NPK fertilisers, says FM

Additional subsidy of Rs 14,775 crore to be provided for DAP and NPK fertilisers. Rs 9,125 crore for DAP and Rs 5,650 crore for NPK-based complex fertilisers

3:34 PM

LIVE: Atmanirbhar Bharat Rozgar Yojana to be extended to March 31, 2022, says FM

• Atmanirbhar Bharat Rozgar Yojana to be extended to March 31, 2022, says FM

• Benefit of Rs 902 crore given under the scheme to 2.14 million beneficiaries of 79,577 establishments till June 18, 2021