Indian finance Minister Nirmala Sitharaman made several announcements like,
Power connection portability, Rs three lakh crore reform schemes in Budget 2021-22. Sitharaman also announced a distribution reforms scheme for the next five years. … A revamped, reform-based, results-linked, power distribution sector scheme will be launched with an outlay of Rs 3,05,982 crore over five years.”
Finance Minister Nirmala Sitharaman is scheduled to meet heads of public sector banks (PSBs) on August 25 to review financial performance of the lenders and progress made by them to support the economy battered by COVID-19 pandemic.
Given the importance of the banking sector in generating demand and boosting consumption, sources said the meeting with the MD and CEOs of PSBs is considered important.
Recently, the Finance Minister said the government is ready to do everything required to revive and support economic growth hit by the COVID-19 pandemic.
“Growth will be given its importance. Growth will be pushed both by the Reserve Bank and by us…,” she had said.
Interestingly, this would be the first physical review meeting since the outbreak of the pandemic in March last year.
The revamped Rs 4.5 lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) would also be reviewed during the meeting likely to be held in Mumbai, sources said.
Besides, the Finance Minister expected to take a stock of the bad loan or non-performing asset (NPA) situation, and discuss various recovery measures by banks, they said.
To boost the coronavirus-hit economy, which likely entered into a technical recession for the first time in history, and ramp-up capital expenditure, Finance Minister Nirmala Sitharaman on Thursday announced a new scheme to incentivise job creation, measures for 26 stressed sectors, benefits for home buyers and real estate developers as part of Atmanirbhar 3.0 stimulus package worth Rs 2,65,080 crore. Sitharaman said the Covid-19 stimulus provided so far added up to 15 per cent of GDP, of which the government contribution was 9 per cent.
Saying that the Indian economy was witnessing a strong recovery, Sitharaman announced an “Aatmanirbhar Bharat Rozgar Yojana”, under which EPF-registered organisations would get benefits on recruiting new people who didn’t have EPFO before or those who lost their jobs between March 1 and September 30.