Finance Secretary Ajay Bhushan Pandey said that the Indian economy is on the rapid recovery path, citing the robust GST collections for two months in a row. Pandey said that the government will announce another stimulus as and when it is needed and added that the economic recovery in many areas has crossed pre-Covid level. "The economic recovery has almost reached pre-Covid level in most sectors. Some sectors still impacted, some heading towards positive territory," he said. He added, "We are getting suggestions from FICCI, CII, MSME, traders associations and other ministries. After examining all these, we will decide on the stimulus or intervention."
Credit: HT Digital Content Duration: 03:55Published
Government might announce another stimulus package amid COVID-19 pandemic. Finance Secretary, Ajay Bhushan Pandey said, "We gave several stimulus packages after March, in a series. Finance Minister made announcements in different months. In every announcement, the deserving sections of economy and deserving sections of society were covered. This is a continuous process. We are getting suggestions from FICCI, CII, MSME, traders associations and other ministries. After examining all these, we will do an intervention, just like the stimulus packages and interventions announced by us earlier. This is what the Finance Minister has said."
Union Minister of Micro, Small and Medium Enterprises (MSME), Nitin Gadkari stated that MSME sector contribute 30% to Gross Domestic Product (GDP) and export from it is 48%. "Presently MSME is the most important sector for the country, I say it's backbone of Indian economy. It contributes 30% to GDP. As far as export is concerned, it's 48%. Up till now 11 crore jobs have been created by MSME," said Gadkari at inauguration of 'Namaste Bharat' exhibition via video conference in Nagpur.
Washington (CNN) President-elect Joe Biden will announce his first Cabinet picks on Tuesday, two key members of his transition team said on Sunday, forging ahead with plans for his administration as President Donald Trump continues to deny the legitimacy of Biden's win. "President-elect Biden will be announcing members -- Cabinet nominees this week.
Union Cabinet on Wednesday approved a proposal to provide production-linked incentives of about Rs 2 lakh crore over five years to create jobs and boost manufacturing in the country, the finance minister said. The incentives will be given to manufacturers in 10 sectors including automobiles and auto parts, pharmaceuticals, textiles, and food products to attract investment, Nirmala Sitharaman said. The scheme has been designed to ensure that "critical sunrise sectors get the necessary support from the government so we are able to build an India which is strong enough to serve the domestic market and link up with the global value chain," Sitharaman said. Watch the full video for more details.
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Union Minister of Information and Broadcasting Prakash Javadekar informed about the decisions taken in Cabinet meeting. He said that the Union Cabinet has approved Production Linked Incentive (PLI) scheme for 10 key sectors for enhancing India's manufacturing capabilities and enhancing exports. "The scheme will make Indian manufacturers globally competitive, attract investment and enhance exports," he said.
Union Minister Ravi Shankar Prasad has lashed out at the opposition parties for questioning the outcome of the polls in Bihar. He said the same Electronic Voting Machines were used even in the seats that the opposition won. Prasad also added that the people of Bihar had shown that they have faith in the leadership of Prime Minister Narendra Modi. The Union Minister said that the verdict shows that the work done by the Centre under Prime Minister Modi and the state under Chief Minister Nitish Kumar had been recognized by the people of the state of Bihar. NDA emerged victorious in the Bihar assembly polls with BJP winning 74 and JDU 43 seats. Tejashwi Yadav led RJD was the single largest party in Bihar. Watch the full video for all the details.
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Union Minister Prakash Javadekar while addressing a press conference informed that the Union Cabinet has approved extension of norms for compulsory packaging of food grains in jute bags. "The Union Cabinet has approved the extension of norms for mandatory packaging in jute materials. 100% of the food-grains and 20% of the sugar to be mandatorily packaged in diversified jute bags," said Javadekar.
In a bid to tap into the growth potential of the Horticulture sector in Jammu and Kashmir, Lieutenant Governor Manoj Sinha launched a Market Intervention Scheme to facilitate the stakeholders by providing valuable marketing platform and ensuring optimum prices to the apple growers. The Market Intervention Scheme will make way for the procurement of 12 lakh metric tonnes of apples, which will not only ensure profitability to the apple growers but will also create rural employment through supplementary services. The Union Cabinet had last week approved the extension of the Market Intervention Scheme for apple procurement in Jammu and Kashmir for 2020-21 on the same terms and the condition as was done in 2019-20. The procurement of apple will be done by NAFED through the Directorate of Planning and Marketing, Department of Horticulture and Jammu Kashmir Horticulture Processing and Marketing Corporation (JKHPMC), directly from apple farmers, and the payment will be made through Direct Benefit Transfer into the bank accounts of apple farmers.
Ahead Hyderabad local body elections, which are going to be held on December 01, Union Minister for Information and Broadcasting Minister, Prakash Javadekar on November 22 said what happened in Dubbaka bypoll, Bharatiya Janata Party (BJP) is going to repeat it in Hyderabad. He said, "What happened in Dubbaka bypoll, BJP is going to repeat it in Hyderabad. We have to decide whether we want a mayor of BJP or AIMIM. Voting for Congress, TRS means voting for AIMIM, and voting for AIMIM means voting for division." "The assets of CM K Chandrashekhar Rao and his friends are increasing but the asset of Telangana is decreasing. BJP has come up with an 'aarop patra' which features 60 failures of the state government during the last 6 years," he added.
On National Press Day, Union Minister for Information and Broadcasting Prakash Javadekar addressed the nation via video-conferencing. Prakash Javadekar said, "On occasion of Press Day, I would like to congratulate editors, journalists and friends. I can never forget 25 June 1975, after 27 years of independence when emergency happened and police asked editors and journalists to print news after their permission. That's why freedom of press is important. Freedom of the press is the cornerstone of our Democracy, but at the same time stressed that it is a responsible freedom."