But Congress P Chidambaram quick rebuttal to FM last two quarters has been in range of minus fifty percent and govt to explore manufacturing gain 56% gain in stastical sense when manufacturing at low ebb in close mode.Further former FM said the last one and half month and next quarter in scenario of economy is well embedded in minus facing vicious cycle. Nation economy in jeopardy but FM and govt has its sweeten experience of Covid and recessions.
It is a matter of great regret that the #Economy has gone into a recession: #PChidambaram.
P Chidambaram, Nirmala cross of words, diction on economy.
Economy is emerging strong as key parameters of economy show signs of positive growth: Nirmala Sitharaman
Finance Minister Nirmala Sitharaman today said that the economy is emerging strong as key parameters of the economy are in the positive trajectory. She said, India strongly dealt with the Covid-19 pandemic and active cases and mortality rate are showing a declining trend.
Addressing the press conference in New Delhi today, the Minister said, rise in PMI Index, energy consumption, GST collection, bank credit, FPI investment show that India’s economy is doing better. She said, Market Capitalization and Forex Reserve are on all time high which is a positive indicator.
Informing about the progress made in the AtmaNirbhar Bharat Abhiyan, she said, 28 States and Union Territories have been brought under the national portability of ration cards from the 1st September of this year. This has benefitted around 69 crore beneficiaries who can pick the food grains from any fair price shop, said the Minister.
Ms. Nirmala said, several measures taken for the famers are resulting the positive impact. She informed that more than one lakh 43 thousand crore rupees have been sanctioned to the farmers through Kishan Credit Card scheme. She added that 25 thousand crore rupees have been disbursed for additional emerging working capital funding for farmers through NABARD.
Talking about the other key measures to boost the economy, the Finance Minister said, more than one lakh 18 thousand crore rupees worth of loans have been sanctioned to 17 States and Union Territories to increase the liquidity in the DISCOM sector. She said, 25 thousand crore rupees have been provided as additional capital expenditure to the Ministry of Road Transport and Ministry of Defence. She informed that 11 states have been sanctioned three thousand 621 crore rupees have been sanctioned as interest free loans towards capital expenditure.
The Finance Minister said that under the Atmanirbhar 3.0 steps are being taken to boost employment in the country. She said, a new scheme Atma Nirbhar Bharat Rozgar Yojana is being launched to incentivise creation of new employment opportunities during the Covid recovery phase. She said, under the Rozgar Yojana, the central government will provide subsidy for two years in respect of new eligible employees after 1st October of this year. She said, the subsidy support will be credited upfront in Aadhar seeded EPFO Account of eligible new employees.
She informed that three lakh crore rupees existing emergency credit line guarantee scheme announced as part of the Atma Nirbhar Bharat Abhiyan for the MSME sector has been extended till 31st March of next year. She said, more than two lakh crore rupees have been sanctioned to 61 lakh borrowers so far. Ms. Nirmala said, the scheme to be utilized for 100 per cent collateral free additional credit at capped interest rate to entities rates in 26 stressed sectors.
Talking about the production linked incentive schemes, she said, the government has approved PLI scheme for three sectors at the cost of more than 51 thousand crore rupees to give a significant boost to the economy and domestic employment. She informed that the Union Cabinet chaired by the Prime Minister, Narendra Modi has given its approval to introduce the Production-Linked Incentive Scheme in the 10 key sectors. This scheme will make Indian manufacturers competitive globally and attract investment in the areas of core competency with cutting-edge technology.
Yesterday, the Union Cabinet chaired by the Prime Minister, Narendra Modi gave its approval to introduce the Production-Linked Incentive Scheme in the 10 key sectors. This scheme will make Indian manufacturers competitive globally and attract investment in the areas of core competency with cutting-edge technology. It will also ensure efficiencies, enhance exports and make India a pivotal part of the global supply chain.
The Finance Minister announces Rs. 2,64,080 crore worth stimulus. She says the total stimulus equals to 15% of GDP.
The government on Wednesday approved a Production-Linked Incentive (PLI) scheme for ten key sectors, including telecom, automobiles and pharmaceuticals, taking the total outlay for such incentives to nearly Rs 2 lakh crore over a five-year period.