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To provide ease of doing business and relief to contractors whose money otherwise remains locked up, performance security on contracts will be reduced to 3%.
Finance Minister announces additional outlay of Rs 18,000 crore under PM Awaas Yojana (Urban) for FY21.
Government extends existing emergency credit line guarantee scheme to March 31, 2021.
Sitharaman will announce 12 measures today under the third leg of the self-reliance scheme championed by the Narendra Modi government.
The first tranche of the self-dependence campaign associates more with the poor and needy of the country, she said.
Nirmala Sitharaman will today announce the next set of measures to boost an already recovering economy. The recovery is being supported by more than pent up demand, she said, which talks about the strength in the rebound.
Finance Minister Nirmala Sitharaman has begun her address to the media. She started off with commentary around the economy and it’s recovery.
The Indian economy likely slipped into a technical recession in the second quarter of the current financial year as the GDP contracted, showed an internal now-casting model of the RBI.
The extent of contraction in July-September was much lower than in the April-June period, the data suggested.
India’s GDP is estimated to contract 8.6% in July-September after a contraction of 23.9% in the April-June quarter, according to an Economic Activity Index constructed by the RBI, using 27 high-frequency indicators. These ranged from IIP and auto sales to the Job Speak Index, U.S. industrial production and U.S. payrolls.
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