Nirmala Sitharaman LIVE: Tax relief for buyers of homes priced up to Rs 2cr

Finance Minister Nirmala Sitharaman
Finance Minister Nirmala Sitharaman on Thursday said that a few indicators were showing a distinct recovery in the economy. She went on to announce a new set of stimulus packages under ‘Atmanirbhar Bharat 3.0' a few days ahead of Diwali. To boost employment, the government launched the Atmanirbhar Bharat Rozgar Yojana to incentivise the creation of new employment opportunities. The new announcements aim to benefit companies and individuals who lost their jobs due to Covid-19 induced lockdown.

Under the scheme, if EPFO-registered companies bring in new employees or hire thosewho lost their jobs between March 1 and September 30 this year will be entitled to benefits under the new announcement.

In addition, the government announced relaxations in income-tax rules to push sale of primary residential units of up to Rs 2 crore value below circle rates. Till now, only 10 per cent difference between the circle rate and the agreement value was allowed. To boost residential real estate sector, Sitharaman said the differential had now been increased to 20 per cent till June 30, 2021, for only primary sale of residential units of value up to Rs 2 crore.

"This measure will reduce hardships faced by both home buyers and developers and help in clearing the unsold inventory," she said.
In total, the finance minister announced 12 new stimulus measures under Atmanirbhar Bharat 3.0.

Stay tuned for LIVE updates on Nirmala Sitharaman's announcements on economic stimulus.


LIVE UPDATES

15% of national GDP as stimulus takeaway: FM Nirmala Sitharaman

Nirmala Sitharaman LIVE: Rs 900-crore support for R&D purposes to help develop a Covid vaccine to be given to the biotech department



FM Nirmala Sitharaman LIVE updates: Now, additional outlay of Rs 10,000 crore is being provided to MGNREGS/PM Gram Sadak Yojana

Informal employment: Out of the Rs 1 trillion outlay of MGNREGS, Rs 73,504 crore has already been spent. Now, additional outlay of Rs 10,000 crore  is being provided to MGNREGS/PM Gram Sadak Yojana

FM Nirmala Sitharaman LIVE Updates: The income tax relief provides incentive to middle class to buy homes


FM Nirmala Sitharaman LIVE Updates: Infusion of equity in NIIF debt platform

Rs 6,000 crore of equity to be provided to the debt platform. By 2025, they will have to fund projects worth Rs 1,10,000 crore.

FM Nirmala Sitharaman LIVE updates: Income Tax relief for home buyers

For residential units worth up to Rs 2 crore, differential allowed between agreement value and circle rate has been increased from 10% to 20% till June 30, 2021.
 

To give relief to contractors in the construction and infra sectors, performance security deposit reduced to 3% till Dec 31, 2021, for projects without any dispute.


Nirmala Sitharaman LIVE updates: Here are the 10 champion sectors for which the government is launching Production Linked Incentive Scheme


Nirmala Sitharaman LIVE updates: Under PM Awas yojana (Urban) 1.8 million houses be completed

Rs 18,000 crore to be provided over and above the Budget announcement to help 1.2 million houses be grounded and 1.8 million houses be completed
 

Nirmala Sitharaman LIVE updates: Production-linked incentive scheme for 10 champion sectors that are outward-looking.

  • Benefits to the tune of Rs 1.46 trillion to be provided
  • A provision of Rs 40,995 crore to be made under this scheme

ECLGS 2.0 (Credit guarantee scheme for stressed sectors) explained

Companies in 26 stressed sectors and healthcare sector with credit outstanding between Rs 50 crore and Rs 500 crore as of Feb 2020 to benefit... tenure to be 5 years, including a 1-year moratorium

Nirmala Sitharaman LIVE updates: Under Atmanirbhar Bharat Rozgar Yojana, govt to provide subsidies to eligible employees engaged from Oct 1 onwards

Subsidy to get credited in UAN of eligible employees, says FM Sitharaman
 

FM Nirmala Sitharaman LIVE updates: Emergency Credit Line Guarantee Scheme extended to March 31, 2021


FM Nirmala Sitharaman LIVE updates: Here are the criteria for EPFO registered establishments to be eligible for benefits under Aatmanirbhar Bharat Rozgar Yojana scheme


FM Nirmala Sitharaman LIVE updates: Who can avail Aatmanirbhar Bharat Rozgar Yojana scheme?

To avail of befits under this scheme, the organisations with fewer than 50 employees will have to hire two employees, and those with more than 50 employees will have to hire 5 or more.

FM Nirmala Sitharaman LIVE updates: New employees at EPFO-registered firms to get benefits on monthly wage less than Rs 15,000

EPFO-registered firms hiring new employees or those retrenched in Mar-Sep period to get benefits.
 

FM Nirmala Sitharaman LIVE updates: Today's announcements under Aatmanirbhar Bharat 3.0

PM Rozgar Protsahan Yojana: Up to today about Rs 8,300 crore disbursed.
 
Under the new scheme, Aatmanirbhar Bharat Rozgar Yojana, any EPFO-registered employer takes on new employees or hires those who lost jobs between March 1 and September 30 will be given some benefits.

FM Nirmala Sitharaman LIVE updates: Progress on Atmanirbhar Bharat Abhiyan 2.0

  • Festival advance which had been discontinued previously has been brought back for this one year
  • LTC voucher scheme has been rolled out for those govt employees who are not able to travel and avail of the benefit
  • Interest-free loans states: 11 states have been sanction Rs 3,621 crore as interest-free loans for capital expenditure. This excludes what Bihar proposed to do on capex... so add Rs 400 crore more
  • I-T refunds: Rs 1.32 trillion of I-T refunds have been made to 39,700 assessees in an expedited manner

FM Nirmala Sitharaman LIVE updates: Under Emergency Credit Liquidity Guarantee Scheme, a total amount of Rs 2.05 trillion has been sanctioned to 6.1 million orrowers

Under Emergency Credit Liquidity Guarantee Scheme, a total amount of Rs 2.05 trillion has been sanctioned to 6.1 million orrowers, out of which Rs 1.52 trillion has been disbursed.

FM Nirmala Sitharaman LIVE updates: Progress on Atmanirbhar Bharat Abhiyan 1.0


FM Nirmala Sitharaman LIVE updates: Progress on Atmanirbhar Bharat Abhiyan 1.0


FM Nirmala Sitharaman LIVE updates: Special liquidity scheme for housing finance companies

Rs 7,721 crore sanctioned to HFCs and NBFCs
 

Finance Minister Nirmala Sitharaman LIVE updates: Emergency Credit Liquidity Guarantee Scheme

Total amount of 2.05 trillion sanctioned to 6.1 million borrowers, which include MSMEs and others.

Finance Minister Nirmala Sitharaman LIVE updates: Emergency working capital fund via Nabard

Additional Rs 25,000 crore disbursed to help farmers with rabi sowing

Finance Minister Nirmala Sitharaman LIVE updates: Progress on Atmanirbhar Bharat Abhiyan 1.0

Kisan credit cards: Credit boost achieved among 22.5 million farmers. Total amount of Rs 1.45 trillion sanctioned
Matsya Sampada Yojana: 21 states have sent proposals and received funding. Total amount released Rs 16,000 crore
Rs 25,000 crore released to help farmers with rabi sowing

Finance Minister Nirmala Sitharaman LIVE updates: Around 1.4 million loans have been sanctioned under PM Svanidhi scheme for street vendors


Finance Minister Nirmala Sitharaman LIVE updates: Moody's has reassessed India's 2020 GDP growth at -8.9% (as against -9.6% earlier)

For 2021, they have revised estimate to 8.6% (from 8.1% earlier) 

Finance Minister Nirmala Sitharaman LIVE updates: PM Swanidhi scheme

Coverage for street vendors now available in 30 states.
 

Finance Minister Nirmala Sitharaman LIVE updates: The progress of some announcements under Aatmanirbhar Bharat Abhiyaan...

Aatmanirbhar Bharat Abhiyaan 1.0: One Nation One Ration Card has seen interstate portability and has been effective since September. 28 states/UT brought under the national portabilityof ration cards from Sep 1, 2020.

Work on portal for migrant workers has commenced
 

Finance Minister Nirmala Sitharaman outlines various economic indicators

Finance Minister Nirmala Sitharaman outlines various economic indicators which show the presence of a strong pitch for recovery in the economy.

Nirmala Sitharaman LIVE updates: Markets are at record high with record market capitalisation

FDI inflows are up 13% (YoY). RBI predicts that economy likely to return to positive growth in Q3, says FM Sitharaman.

LIVE: Finance Minister Nirmala Sitharaman's press conference

A few new measures to be announced which may be called as the next part in a series of stimulus being announced from time to time.
 
There have been quite a few data pointers in the past 15 days that have shown a systematic recovery in Indian economy, said Nirmala Sitharaman.

India has entered into recession due to PM Modi's policies: Rahul Gandhi

Congress leader Rahul Gandhi today targeted the government over the state of the economy, claiming the country has entered into a recession for the first time in history due to the policies of Prime Minister Narendra Modi.

India has shifted from tax terrorism to tax transparency, says PM Modi

Prime Minister Narendra Modi on Wednesday underscored his government’s tax reforms such as faceless appeals and dispute redressal mechanism to say India has moved from tax terrorism to tax transparency.
 
Speaking at the inauguration of an office-cum-residential complex of the Income Tax Appellate Tribunal (ITAT) at Cuttack, Modi said his government has attempted to bridge the trust deficit between the taxpayer and tax collector, while also easing the rules and procedures.
 
“Tax terrorism was a common refrain during past governments. Earlier, people used to complaint about tax terrorism. We have left that behind and moved towards tax transparency. Read on...

FM Nirmala Sitharaman's press conference to begin shortly: What to expect from Stimulus 4.0?

Focus could be on jobs, manufacturing, tourism, startups, PF, subsidy for new employment

India’s economy probably shrank for a second straight quarter, says a RBI report

India’s economy probably shrank for a second straight quarter, according to a team of economists including Michael Patra, the central bank’s deputy governor in charge of monetary policy, pushing the country into an unprecedented recession.
 
Gross domestic product contracted 8.6% in the quarter ended September, the Reserve Bank of India showed in its first ever published ‘nowcast,’ which is an estimate based on high-frequency data. The economy had slumped about 24% in April to June. Read on...

Auto firms welcome PLI scheme as sector gets lion's share of incentives

The beleaguered auto sector which has been reeling from shock of a demand slowdown, welcomed the Performance Linked Incentive (PLI) push to the sector.
 
The maximum incentive of about Rs 57,000 crore was provided to the auto component and automobile sector, as compared to other sectors like advanced cell chemistry battery, pharma, food products, and white goods. Read on...

Stimulus 4.0 might come before Diwali, focus on jobs and stressed sectors

The Central government is likely to unveil another stimulus package focusing on stressed sectors, middle-income groups in urban and rural areas, and employment generation before Diwali, said three key officials in the know. The measures are essential to bolster the pandemic-hit economy, they said. Read on...

Govt gifts Rs 1.45-trillion incentive for 10 manufacturing sectors

In a move that has lifted the industry sentiment in the festival season, the Union Cabinet on Wednesday approved a Rs 1.45-trillion package by extending the production-linked incentive (PLI) scheme to 10 more sectors (see chart). The policy for what the government calls the champion sectors has been tailored to attract investments, boost domestic manufacturing, enable companies to become part of the global supply chain and generate employment opportunities. Read on...

Economy can recover by Q3, a quarter earlier than expected: RBI study

The Indian economy may have been badly hit by the Covid-19 pandemic, but the incoming data in October have “brightened the near-term outlook”.
 
If the momentum is maintained, the economy can turn around by the third quarter - a quarter earlier than expected - according to an assessment by several Reserve Bank of India (RBI) staff, including Deputy Governor Michael Patra. Read on...

Q2 GDP to shrink 8.6%; India to enter recession for 1st time: RBI official

The GDP is likely to contract by 8.6 per cent for the July-September period, which means India will enter into a recession for the first time in history in the first half of this fiscal with two successive quarters of negative growth due to the COVID-19 pandemic, as per an RBI official.
 
Researchers have used the 'nowcasting' method to arrive at the estimates ahead of the official release of data and their views in an article in RBI's monthly bulletin released on Wednesday do not constitute the central bank's views. Read on...

India in historic technical recession, RBI signals in first ever nowcast

India’s economy probably shrank for a second straight quarter, according to a team of economists including Michael Patra, the central bank’s deputy governor in charge of monetary policy, pushing the country into an unprecedented recession.
 
Gross domestic product contracted 8.6% in the quarter ended September, the Reserve Bank of India showed in its first ever published ‘nowcast,’ which is an estimate based on high-frequency data. The economy had slumped about 24% in April to June. Read on...

Falling vegetable prices give RBI respite from pressure on inflation, rates

Sizzling vegetable prices in India that have kept inflation high are beginning to cool, helping price growth return toward the central bank’s target band and allowing policy makers to keep interest rates lower for longer.
 
The wholesale price for staples such as onions was 29 rupees (39 cents) a kilogram in New Delhi on Tuesday, down 29% from Nov. 1, while the price of tomatoes fell about 11%, according to the department of consumer affairs. Potatoes dropped 1.7% to 29.5 rupees during the same period, it said. Read on...

Hard for Visa, MasterCard to challenge FM Sitharaman's RuPay push

Visa and MasterCard may find it hard to contest the finance minister’s verbal instruction to banks to focus on RuPay cards floated by the National Payments Corporation of India (NPCI) in lieu of others, but there is still a lot of ground for everyone to cover in furthering digital banking.
 
During the annual general meeting of the Indian Bank’s Association on Tuesday, Finance Minister Nirmala Sitharaman said banks should promote RuPay cards, and issue those as the first option. Read on...

FM Sitharaman on economic stimulus: Govt to provide subsidised credit to Jan Dhan account holders?

The government is learnt to have explored other options to help these income groups. It had proposed good and services tax (GST) rates be cut on consumer durables, but the proposal was turned down by the GST Council. So, the fresh stimulus measure could be on providing these income groups subsidised credit.
 

Economic Stimulus 4.0: Here's what you can expect from FM Nirmala Sitharaman today


Economic Stimulus 4.0: Will Centre dole out direct cash support?

Sources said after several rounds of discussion within ministries, the Centre has ruled out direct cash support. Another round of infusion in the form of direct cash has been discussed extensively but it was observed the measure was not beneficial, they said. Read on...

Sitharaman's Stimulus 4.0: The finance minister is likely to focus on boosting demand

Unlike the first two stimulus packages, this time the focus would be on boosting demand. The third package, too, tried to create demand through the leave travel concession (LTC) route.

Finance Minister Nirmala Sitharaman to address the media at 12:30 pm today

She may announce Stimulus 4.0 at 12:30 pm.

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