No consensus on borrowing for shortfall in GST compensation cess, says FM

The GST Council meeting is underway. FM Nirmala Sitharaman is expected to address the media sooon

7:13 PM

1:39 PM

Finance Minister Nirmala Sitharaman addresses media

1:31 PM

Indications are that savings of govt. and organized sector employees have increased, we want to incentivize such people to boost demand for the benefit of the less fortunate

- Finance Minister @nsitharaman, presenting LTC Cash Voucher Scheme to stimulate consumer spending pic.twitter.com/XDLzUisi3r

— PIB in Maharashtra

1:24 PM

Govt to give Rs 12,000 cr interest-free 50-year loan to states for capital projects as part of plan to boost economic activities, says FM

1:19 PM

Interest free 50-yr loans offered to states. Split in three parts

Part 1: Rs 1,600 cr for NE states and Rs 900 cr for Uttarakhand and Himachal (total Rs 2,500)

Part 2: Rs 7,500 cr for other states in proportion to share in Finance Commission devolution 50% initially (to be spent by March 31, 2021)

Balance after use of first investment

Unutilised funds to be reallocated
 

Part 3: Rs 2,000 cr for states which meet at least 3 out of 4 reforms given in Atma Nirbhar fiscal deficit package

1:15 PM

FM Sitharaman LIVE: Special Festival Advance can lead to additional consumer demand to the tune of Rs 8,000 cr

1:10 PM

Govt to give Rs 10,000 special festival advance all its employees as one-time measure to stimulate demand in the economy: FM

1:03 PM

Finance Minister Nirmala Sitharaman: To stimulate demand, expenditure will be front-loaded

New schemes include LTC cash voucher scheme and special festival advance.

1:01 PM

To stimulate demand, expenditure will be front-loaded; new schemes include LTC cash voucher scheme and special festival advance: FM

12:57 PM

Rules of the LTC cash voucher scheme summarised

12:54 PM

Govt employees, other organised sector employees to get equivalent of their LTC even without travelling

Govt employees, other organised sector employees to get equivalent of their LTC even without travelling. They could use the allowance to make purchases of their choice. this will apply on purchase of goods that attract 12% GST or more.

12:53 PM

LIVE: LTC Cash Voucher Scheme

* Some initial indications show that savings have increased as in lockdown people couldn't spend.

 

* Govt employees get leave travel allowance in block of four years - one to anywhere in India and one hometown or two for home town. Air or rail fare will be reimbursed and leave encashment of 10 days will be paid to them: FM

12:51 PM

LIVE: Proposals being presented today can stimulate demand

Consumer Spending proposals have two components

LTC cash voucher scheme

Special festival advance scheme

12:48 PM

Savings have increased due to lockdown, says FM Sitharaman

12:46 PM

Supply constraints have eased, need to boost demand, says Nirmala Sitharaman