April 13, 2024


Delighting finance buffs

Nirmala Sitharaman press conference LIVE: After boost for MSMEs, what next in economy reboot plan?

Finance Minister Nirmala Sitharaman PC LIVE: After measures to help MSMEs affected by the coronavirus lockdown, what’s next in the government’s stimulus plan? Stay tuned for live updates from today’s Finance Ministry press conference.

Photo: PTI

The Finance Ministry is set to announce the second installment of measures being taken to revive the economy hit by novel coronavirus pandemic. The measures are a part of Rs 20 lakh economic package announced by Prime Minister Narendra Modi on Tuesday.

In the first batch of the economic package, the government unveiled measures amounting to about Rs 6 lakh crore in easy loans, additional liquidity and other incentives to help businesses fight the crisis.

Separately, the government also said that PM CARES Fund Trust has decided to allocate Rs 3,100 crore for the fight against COVID-19, out of which nearly Rs 2000 crore will be earmarked for purchasing ventilators and Rs 1000 crore for migrant labourers.

Here are the live updates on Finance Minister Nirmala Sitharaman’s press conference on measures to revive economy:

03:45 PM: In the first part of announcements, Finance Minister Nirmala Sitharaman announced a slew of measures to help MSMEs hit by the lockdown, now set to be extended beyond May 17. She had also announced a reduction in employee and business contribution towards EPF for three months and a 25 per cent cut in TDS and TCS rates to put more money in people’s pockets. The measures announced on Wednesday also included relief for the real estate sector, discoms and contractors.

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