12:53 (IST)
Centre approved PLI scheme for manufacturing sectors
The Narendra Modi government on Wednesday approved offering Rs 2 lakh crore worth of production-linked incentives (PLI) scheme to 10 more sectors to boost domestic manufacturing. The information and broadcasting minister Prakash Javadekar said production-linked incentives will be offered for sectors such as white goods manufacturing, pharmaceutical, specialised steel, auto, telecom, textile, food products, solar photovoltic, and cell battery.
The scheme will help encourage domestic manufacturing, reduce imports, and generate employment as the government works to bolster economic growth. The financial outlay for the new scheme will be Rs 1,45,980 crore.
12:42 (IST)
FM to address media at 12.45 pm: Report
According to CNBC-TV18, Nirmala Sitharaman will address the media at 12.45 pm.
12:40 (IST)
Sensex, BSE slip ahead of FM's address
Equity benchmark Sensex dropped over 200 points in early trade, tracking losses in financial stocks ahead of Finance Minister Nirmala Sitharaman's press conference. The 30-share BSE index was trading 226.79 points or 0.52 percent lower at 43,366.88, while the broader NSE Nifty slipped 60 points or 0.47 percent to 12,689.15.
12:39 (IST)
Sitharaman to address media today
Finance Minister Nirmala Sitharaman is set to address media shortly, a day after government officials said India was planning to announce a fresh round of stimulus worth about $20 billion in the week to pull the economy out of its worst contraction.
FM Nirmala Sitharaman Press Conference LATEST Updates: Finance Minister Nirmala Sitharaman on Thursday announced another stimulus package to boost the Indian economy amid the ongoing COVID-19 pandemic. The measures are aimed at sectors worst hit by the pandemic and lockdown, and will list out infrastructure projects which will be expedited to boost job creation.
Finance Minister Nirmala Sitharaman will address a press conference at 12.30 pm on Thursday, a day after the government approved a Rs 2 lakh crore production-linked incentive (PLI) package over five years for manufacturers in 10 sectors.
Sitharaman is expected to announce a third set of stimulus package to boost the coronavirus-hit economy, according to a LiveMint report.
Equity benchmark Sensex dropped over 200 points in early trade, tracking losses in financial stocks ahead of her press conference. The 30-share BSE index was trading 226.79 points or 0.52 percent lower at 43,366.88, while the broader NSE Nifty slipped 60 points or 0.47 percent to 12,689.15.
Sitharam said that the Cabinet decided to create more PLIs to make sure job creation happens and India becomes part of the global value chain and becomes self-reliant.
"We are ensuring that India will be part of the global value chain and the critical sunrise sectors get the necessary support from the government so that we are able to build an India which is strong enough to service its own domestic market. We are also making sure that we are able to link up with the global value chains," she said.
source https://www.firstpost.com/business/finance-minister-nirmala-sitharaman-press-conference-today-live-updates-stimulus-package-coronavirus-hit-economy-cabinet-approved-production-linked-incentives-latest-news-9007251.html
