FM Nirmala Sitharaman’s 4th phase of announcement on economic package today at 4pm
Union Finance Minister Nirmala Sitharaman will address the media again on Saturday at 4 pm in the fourth phase of announcements on government’s Rs 20 lakh crore package.
Sitharaman held her first press conference and shared details of the stimulus package on Wednesday. The second and third phases of announcements on Centre’s economic package were made on Thursday and Friday.
The finance minister on Friday announced a mix of financial, legislative and reform measures aimed largely at increasing the pricing power of farmers – or share of profits in farm incomes. She proposed to dismantle historical domestic trade barriers, bring new laws for freer food and commodities markets, and better infrastructure.
Sitharaman’s third tranche of measures, aggregating Rs 1.63 lakh crore and part of a larger Rs 20-lakh crore stimulus, did not contain any direct cash transfer programme for farmers, or money in hand, but is a mix of new allocations and top-up to existing agriculturally critical schemes, some them announced in Budget 2020-21 in February.
Free food grains and pulses for migrants, more jobs for tribals and those in rural areas, and credit to small enterprises, street vendors and small farmers - these were some of the highlights of the second phase of the package which Sitharaman announced on Thursday.
Sitharaman on Wednesday announced a slew of measures under the economic package that she said would infuse vigour in the economy and benefit various economic sectors. The finance minister said that, over the next few days her team will come before the media to put forth PM’s vision and share more details on the economic package.
TDS, TCS rate for non-salaried payments for period up to March 31, 2021 have been cut by 25%. The move will release Rs 50,000 crore, she said on Wednesday. The finance minister announced that the due date for all income tax returns has been extended to November 30.
In order to provide more take home salary for employees and to give relief to employers in payment of Provident Fund, Employees’ Provident Fund Organisation (EPF) contribution is being reduced for businesses and workers for 3 months, amounting to liquidity support of Rs 6,750 crores, the finance minister announced on Wednesday.