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Latest from stimulus package

Germany agrees 32 billion euro tax cuts to give economy 'big boost'

An agreement was reached on Tuesday when the two sides agreed to cut the planned Child Basic Insurance to just over two billion euros.

world news

Published on Aug 29, 2023 10:13 PM IST

Reuters |

FM Nirmala Sitharaman promises support for business sectors battered by pandemic

Sitharaman’s emphasis on higher healthcare spending and supporting the industries such as hospitality and aviation indicate the general direction of the next budget.

Finance minister Nirmala Sitharaman during the pre-budget meeting with experts of water and sanitation sectors, at North Block in New Delhi on Friday.(PTI File Photo)

business

Published on Dec 19, 2020 05:57 AM IST

Mint, New Delhi | ByHT Correspondent

India’s economy contracts by 7.5%, enters ‘technical recession’

The contraction occurred despite the government’s lifting of a strict two-month lockdown imposed across the country in March after the outbreak of the pandemic. A country enters a technical recession if its economy contracts for two successive quarters.

Data released Friday by the National Statistical Office showed industry normalizing faster than the service sector.(PTI File Photo)

business

Updated on Nov 27, 2020 10:06 PM IST

New Delhi | ByAssociated Press | Posted by Kanishka Sarkar

Cabinet clears ₹6,000 cr for NIIF

The government would infuse ₹6,000 crore in the NIIF debt platform in the next two years to help it raise up to ₹1.10 lakh crore for investments, minister of information and broadcasting Prakash Javadekar said after the Cabinet meeting

Finance minister Nirmala Sitharaman had already announced about the capital infusion proposal on November 12 while unveiling the third stimulus package, AatmaNirbhar Bharat 3.0, to boost the economy(Sanjeev Verma/HT PHOTO)

business

Updated on Nov 26, 2020 01:19 AM IST

Livemint, New Delhi | ByHT Correspondent

‘Measly compared to other major economies’: CPI(M) slams new stimulus package

“The reality is that the sum total of direct extra governmental expenditures is, by liberal estimates, Rs 3,72,295 crore or a mere 1.9% of the GDP,” the CPI(M) said in a party statement.

CPI(M) general secretary Sitaram Yechury said in a tweet that the latest announcement was a gimmick.(Amal KS/Hindustan Times photo)

india news

Published on Nov 13, 2020 08:06 PM IST

New Delhi | ByPress Trust of India | Posted by Nilavro Ghosh

Finance minister Sitharaman announces income tax relief for homebuyers

“Differential between circle rate and agreement value in real estate income tax is being increased from 10 per cent to 20 per cent from today till June 30, 2021, for primary sale of residential units up to Rs 2 crore. The income tax relief provides incentive to middle class to buy homes,” Sitharaman said at a press conference.

Union Finance Minister Nirmala Sitharaman.(PTI)

business

Updated on Nov 12, 2020 03:34 PM IST

Hindustan Times, New Delhi | Byhindustantimes.com | Edited by Shivani Kumar

Finance minister Nirmala Sitharaman announces relief package ‘Atmanirbhar 3.0’, new employment scheme among is the highlight

Unveiling another round of relief package, Sitharaman on Thursday presented the state of the economy, saying active recovery has been happening in the country. She made the remarks on a day when a panel of Reserve Bank of India (RBI) said India is witnessing recession.

Finance minister Nirmala Sitharaman addressed the media on Thursday.(ANI Photo)

business

Updated on Nov 12, 2020 05:29 PM IST

Hindustan Times, New Delhi | Byhindustantimes.com | Edited by Amit Chaturvedi

Govt working on another stimulus package: Finance secretary

The Reserve Bank of India had last month said that the economy is likely to contract by 9.5 per cent in the current fiscal.

Ajay Bhushan Pandey has ruled out the possibility of any cut in GST rates in near future.(ANI Photo)

india news

Updated on Nov 02, 2020 08:34 AM IST

New Delhi | ByAsian News International | Posted by Kanishka Sarkar

Another stimulus package in the offing? Finance secretary responds

The gross corporate tax collection this financial year so far is Rs 2,65,000 crore compared to Rs 3,60,000 crore in the same period last year, said finance secretary Ajay Bhushan Pandey, adding direct tax collection will also improve along with indirect taxes.

Finance secretary Ajay Bhushan Pandey said that economic recovery in many areas has crossed the pre-Covid level, and is expected to see further growth. (Photo@FinMinIndia)

india news

Updated on Nov 01, 2020 07:01 PM IST

Hindustan Times, New Delhi | ByRajeev Jayaswal

Centre readies to step up expenditure in stimulus 3

Speaking at the virtual launch of 15th Finance Commission chairman N.K. Singh’s autobiography, Sitharaman on Monday said she has not closed the option for another stimulus package.

Union finance minister Nirmala Sitharaman.(ANI)

business

Updated on Oct 22, 2020 04:40 AM IST

Livemint, New Delhi | ByAsit Ranjan Mishra

Banks sanctioned ₹1.5 lakh crore easy loans to small enterprises

The scheme provides for an easy additional working capital loan at a concessional rate of interest to an existing borrower who is not a defaulter

The top lenders under the Emergency Credit Line Guarantee Scheme are State Bank of India (SBI), Canara Bank, Punjab National Bank (PNB), Bank of India, Union Bank of India and HDFC Bank Ltd.(REUTERS)

india news

Published on Aug 20, 2020 01:41 PM IST

Hindustan Times, New Delhi | ByRajeev Jayaswal

PM Modi takes stock of financial sector, reviews progress of Rs 20 lakh crore stimulus package

Prime Minister Narendra Modi had said that the economy is showing “green shoots” as the country emerges from the coronavirus lockdown and underscored the importance of being focussed on both life and livelihood.

Prime Minister has been taking review meetings on various aspects of the economy, according to sources.(PTI File Photo)

india news

Updated on Jul 14, 2020 06:49 AM IST

New Delhi | ByPress Trust of India | Posted by Kanishka Sarkar

Business community demands waiver in fixed charges in electricity bills

While economic activity has resumed, industrial unit owners in Delhi said production had returned to just around 40-50% of capacity so far.

The Centre had, in May, announced Rs 90,000 crore liquidity injection into fund-starved discoms as part of a stimulus package to revive the country’s economy. (Photo by Abhinav Saha/Hindustan Times)

cities

Updated on Jul 11, 2020 03:28 AM IST

Hindustan Times, New Delhi | ByRisha Chitlangia

Demand in economy will rise when uncertainty is not there: CEA

Speaking at a webinar session organised by Bharat Chamber of Commerce, Subramanian said that discretionary spending in the economy has not risen due to uncertainty regarding health in the wake of the coronavirus outbreak.

According to Chief Economic Advisor Krishnamurthy V Subramanian, this uncertainty arising out of the health factor will stay until a vaccine for Covid-19 is developed, and spending will not pick up till then.

business

Published on Jun 19, 2020 07:55 PM IST

Kolkata | ByPress Trust of India

Govt destroying economy by refusing aid to poor: Rahul

Rahul Gandhi has also urged the government to make a monthly transfer ₹7,500 to the poor and migrant workers for a period of six months.

The Congress has argued that MSMEs contributed close to one third of the nation’s gross domestic product (GDP), accounted for almost 50% of exports and employed over 110 million people.

india news

Updated on Jun 06, 2020 11:44 PM IST

Hindustan Times, New Delhi | ByHT Correspondent

Ministries asked not to start new schemes this fiscal year

The aim is to use scarce resources prudently, according to a finance ministry order. A copy of the directive, issued on Thursday, was reviewed by Hindustan Times.

After the government announced the nationwide lockdown on March 24 with effect from the following day to curb the spread of the viral disease, it announced a series of relief and economic stimulus packages.(Sonu Mehta/HT PHOTO)

india news

Updated on Jun 06, 2020 12:04 AM IST

Hindustan Times, New Delhi | ByHT Correspondent

Corporate managers must rise to the challenge

Change lending practices; take risks; review investment criteria; align goals with national reconstruction

The desire for the market outperforming returns at all times has seemingly meant an unwillingness for investment in solid, useful, economy-enhancing plays, which pay 3-4% above the cost of capital but do not provide dramatic pay-offs(Getty Images/iStockphoto)

analysis

Updated on Jun 03, 2020 06:38 PM IST

ByGovind Sankaranarayanan

‘Intent to pick holes’: FM Nirmala Sitharaman on fiscal package criticism

Elaborating the government’s approach, the FM said the government has heard everybody and then gone about stimulating economy, restarting companies and giving relaxations.

File photo of finance minister Nirmala Sitharaman.

india news

Updated on May 23, 2020 04:59 PM IST

Hindustan Times, New Delhi | ByHT Correspondent | Edited by Ashutosh Tripathi

It’s only a pause, more steps to come to deal with Covid-19 crisis: Anurag Thakur

Since the outbreak of the pandemic, the government has taken several steps to mitigate the hardships of the people due to lockdown and support growth, Anurag Thakur told PTI in an interview.

Emphasising that the Modi government is sensitive to the needs of people and businesses, Anurag Thakur said, the ministry is taking the inputs from various sectors.0. (HT Photo)

india news

Published on May 22, 2020 05:45 PM IST

New Delhi | ByPress Trust of India

No time for politics: BJP to KCR after he criticises economic package

Union minister of state for home G Kishan Reddy said it is a challenging time for the Centre and the states to bury their differences and work together to tackle the Covid-19 pandemic.

Union Minister of State for Home Affairs G Kishan Reddy said Telangana Chief Minister K Chandrashekhar Rao’s criticism of the Centre’s economic package were unwarranted and irresponsible.(HT FILE PHOTO)

india news

Published on May 19, 2020 05:53 PM IST

Hindustan Times, Hyderabad | BySrinivasa Rao Apparasu

GoM meets to take stock of relief work, stimulus package

The officials added that the ministers also discussed relief to migrant workers returning to villages.

Union home minister Amit Shah sitting with defence minister Rajnath Singh(ANI file photo)

india news

Updated on May 19, 2020 02:15 AM IST

Hindustan Times, New Delhi | ByHT Correspondent

Stimulus package a lost opportunity: Bernstein

India’s desire to announce a large economic package, something that shows the world that it cares about the economy and is willing to match global stimulus numbers, was perhaps the driver for the claim of a large package (USD 280bn, 10% of GDP), the firm said.

People wait to collect food in Patna on May 15.(AP Dube/HT photo)

india news

Updated on May 19, 2020 09:27 PM IST

Hindustan Times, New Delhi | ByRajeev Jayaswal

Where the relief and stimulus package falls short

It will not help individuals and businesses deal with the crisis

The need of the hour was money in hand, or simply, cash. It’s the reason the $2 trillion stimulus package announced by United States, at 10% of GDP which is almost the same proportion as India’s (the ₹20 lakh crore works out to a little less than 10% of India’s GDP) is a good benchmark(REUTERS)

editorials

Published on May 17, 2020 05:46 PM IST

Hindustan Times | ByHT Correspondent

Govt launches ‘Manodarpan’ to provide psychological support to students, teachers

Union Finance Minister Nirmala Sitharaman on Sunday launched Manodarpan, an initiative to provide psychological support and counselling to students, teachers and families for mental health and emotional well-being.

Union Finance Minister Nirmala Sitharaman(Hindustan Times File)

education

Updated on Jul 21, 2020 09:49 AM IST

New Delhi | Byhindustantimes.com| Edited by Nandini

More borrowing, spending will be measure of Centre’s fiscal package: Chidambaram

The former finance minister was referring to the Centre’s Rs 20 lakh crore economic stimulus package meant to revive the Indian economy after the 55-day nationwide lockdown imposed to curb the spread of the Covid-19 pandemic.

In a tweet, he also thanked Finance Minister Nirmala Sitharaman for acknowledging that the additional expenditure can be met only by additional borrowing.(PTI FILE PHOTO.)

india news

Updated on May 17, 2020 03:55 PM IST

Hindustan Times, New Delhi | Byhindustantimes.com |Edited by Sohini Sarkar

‘A game changer’: Amit Shah praises PM Modi, Nirmala Sitharamam for stimulus package

The Union home minister also said the Centre’s decision to allocate an additional Rs 40,000 crore for the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) will boost the rural economy and infrastructure.

In a series of tweets, Amit Shah said the announcements will “a game changer”.(PTI)

india news

Updated on May 17, 2020 03:51 PM IST

Hindustan Times, New Delhi | Byhindustantimes.com | Edited by Meenakshi Ray

Structural reforms in 8 key sectors to boost economy, says FM Sitharaman

The reforms will provide an impetus to those sectors which are new areas of growth, unleash new investment opportunities, lead to more production and in turn generate more jobs, the minister said.

Finance Minister Nirmala Sitharaman addressing the media on the Centre’s economic package at the National Media Centre in New Delhi on Saturday.(MOHD ZAKIR/HT PHOTO.)

india news

Updated on May 16, 2020 08:00 PM IST

Hindustan Times, New Delhi | Byhindustantimes.com | Edited by Sohini Sarkar

Govt to spend ₹50,000 crore to develop coal sector: Nirmala Sitharaman

Nirmala Sitharaman said the government will spend ₹50,000 crore to develop coal sector infrastructure and introduce competition, transparency, and private sector participation in the sector.

Coal is among the eight sectors including minerals, defence production, airspace management, MROs, power distribution companies, space sectors, atomic energy which will be in focus, the finance minister said.(HT File Photo)

india news

Updated on May 16, 2020 05:49 PM IST

Hindustan Times, New Delhi | Byhindustantimes.com | Edited by Meenakshi Ray

FM Nirmala Sitharaman on structural reforms in 8 sectors: Highlights

FM Nirmala Sitharaman focused on the Micro Small and Medium Enterprises (MSMEs) on day 1, while day 2 she took care of migrant workers. The day 3 saw the FM focusing on agriculture and its allied activities.

Labourers work in a utensil manufacturing factory at Micro, Small and Medium Enterprises (MSME) unit.(ANI)

india news

Updated on May 16, 2020 05:32 PM IST

Hindustan Times, New Delhi | Byhindustantimes.com | Edited by Ashutosh Tripathi

P Chidambaram’s ‘research and dialogue’ tweet swipe at FM Sitharaman

The congress leader, who has also been a finance minister, said his questions were part of research and dialogue, what he termed the “new R&D”.

File photo of Congress leader P Chidambaram. (HT photo)

india news

Updated on May 16, 2020 02:59 PM IST

Hindustan Times, New Delhi | Byhindustantimes.com | Edited by Ashutosh Tripathi

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stimulus package news

Latest from stimulus package

An agreement was reached on Tuesday when the two sides agreed to cut the planned Child Basic Insurance to just over two billion euros.

Sitharaman’s emphasis on higher healthcare spending and supporting the industries such as hospitality and aviation indicate the general direction of the next budget.

The contraction occurred despite the government’s lifting of a strict two-month lockdown imposed across the country in March after the outbreak of the pandemic. A country enters a technical recession if its economy contracts for two successive quarters.

The government would infuse ₹6,000 crore in the NIIF debt platform in the next two years to help it raise up to ₹1.10 lakh crore for investments, minister of information and broadcasting Prakash Javadekar said after the Cabinet meeting

“The reality is that the sum total of direct extra governmental expenditures is, by liberal estimates, Rs 3,72,295 crore or a mere 1.9% of the GDP,” the CPI(M) said in a party statement.

Unveiling another round of relief package, Sitharaman on Thursday presented the state of the economy, saying active recovery has been happening in the country. She made the remarks on a day when a panel of Reserve Bank of India (RBI) said India is witnessing recession.

The Reserve Bank of India had last month said that the economy is likely to contract by 9.5 per cent in the current fiscal.

The gross corporate tax collection this financial year so far is Rs 2,65,000 crore compared to Rs 3,60,000 crore in the same period last year, said finance secretary Ajay Bhushan Pandey, adding direct tax collection will also improve along with indirect taxes.

Speaking at the virtual launch of 15th Finance Commission chairman N.K. Singh’s autobiography, Sitharaman on Monday said she has not closed the option for another stimulus package.

The scheme provides for an easy additional working capital loan at a concessional rate of interest to an existing borrower who is not a defaulter

Prime Minister Narendra Modi had said that the economy is showing “green shoots” as the country emerges from the coronavirus lockdown and underscored the importance of being focussed on both life and livelihood.

While economic activity has resumed, industrial unit owners in Delhi said production had returned to just around 40-50% of capacity so far.

Speaking at a webinar session organised by Bharat Chamber of Commerce, Subramanian said that discretionary spending in the economy has not risen due to uncertainty regarding health in the wake of the coronavirus outbreak.

Rahul Gandhi has also urged the government to make a monthly transfer ₹7,500 to the poor and migrant workers for a period of six months.

The aim is to use scarce resources prudently, according to a finance ministry order. A copy of the directive, issued on Thursday, was reviewed by Hindustan Times.

Change lending practices; take risks; review investment criteria; align goals with national reconstruction

Elaborating the government’s approach, the FM said the government has heard everybody and then gone about stimulating economy, restarting companies and giving relaxations.

Since the outbreak of the pandemic, the government has taken several steps to mitigate the hardships of the people due to lockdown and support growth, Anurag Thakur told PTI in an interview.

Union minister of state for home G Kishan Reddy said it is a challenging time for the Centre and the states to bury their differences and work together to tackle the Covid-19 pandemic.

The officials added that the ministers also discussed relief to migrant workers returning to villages.

India’s desire to announce a large economic package, something that shows the world that it cares about the economy and is willing to match global stimulus numbers, was perhaps the driver for the claim of a large package (USD 280bn, 10% of GDP), the firm said.

It will not help individuals and businesses deal with the crisis

Union Finance Minister Nirmala Sitharaman on Sunday launched Manodarpan, an initiative to provide psychological support and counselling to students, teachers and families for mental health and emotional well-being.

The former finance minister was referring to the Centre’s Rs 20 lakh crore economic stimulus package meant to revive the Indian economy after the 55-day nationwide lockdown imposed to curb the spread of the Covid-19 pandemic.

The Union home minister also said the Centre’s decision to allocate an additional Rs 40,000 crore for the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) will boost the rural economy and infrastructure.

The reforms will provide an impetus to those sectors which are new areas of growth, unleash new investment opportunities, lead to more production and in turn generate more jobs, the minister said.

Nirmala Sitharaman said the government will spend ₹50,000 crore to develop coal sector infrastructure and introduce competition, transparency, and private sector participation in the sector.

FM Nirmala Sitharaman focused on the Micro Small and Medium Enterprises (MSMEs) on day 1, while day 2 she took care of migrant workers. The day 3 saw the FM focusing on agriculture and its allied activities.

The congress leader, who has also been a finance minister, said his questions were part of research and dialogue, what he termed the “new R&D”.

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