Tag: stimulus package

To help the revival of the economy battered by COVID-19 related issues, Finance Minister Nirmala Sitharaman announced a slew of measures today(28th June 2021) including a Rs 1.1 lakh crore (Rs 1.1 trillion) credit guarantee scheme for improving health infrastructure and enhancing the limit under the ECLGS by 50 percent to Rs 4.5 lakh crore for the MSME sector facing a liquidity crunch. Sharing the stimulus package details, the finance minister said this comprises eight relief measures and other eight measures to support economic growth. She announced Rs 1.1 lakh crore loan guarantee scheme for COVID-affected sectors, including the health sector, which includes guarantee cover for expansion or new projects. Besides, she said, additional Rs 1.5 lakh crore limit enhancement done for Emergency Credit Line Guarantee Scheme (ECLGS) scheme. Read more

Finance Minister Nirmala Sitharaman today (13th MAy 2020) announced Rs 3 trillion in collateral-free loans for small businesses, cut the tax rate for non-salary payments, and provided liquidity to non-banking companies to help them tide over the disruptions caused by the lockdown. Announcing the first set of components of the Rs 20 trillion economic stimulus package announced by Prime Minister Narendra Modi, she said Rs 90,000 crore liquidity infusion will be made in electricity distribution companies to help them fight the current financial stress. Also, dates for filing income tax returns and other assessments have been extended. Read more

Equity markets in India were trading firm, up 2 percent, today (13th May 2020) after Prime Minister Narendra Modi announced a Rs 20-trillion stimulus package to jump-start the battered economy, the details of which will be announced through the week. The S&P BSE Sensex jumped 630 points to 32,000 levels and the Nifty50 index was testing 9,400 levels. Maruti Suzuki India gained 6 percent ahead of its March quarter results. Vedanta hit a 10 percent upper circuit after promoter Anil Agarwal announced intention to take the firm private by buying out shares held by the public. All the Nifty sectoral indices were in the green, led by the Nifty Private Bank index, up 5 percent. Maruti Suzuki and nine other firms are slated to report their March quarter results today.