FM Nirmala Sitharaman press conference HIGHLIGHTS: Finance Minister says govt fully aware about slowdown, taking measures to revive growth

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Updated:Sep 10, 2019 3:28:38 pm

FM Nirmala Sitharaman Press Conference HIGHLIGHTS: Finance Minister Nirmala Sitharaman on Tuesday said that the government is fully aware of the ongoing slowdown and is taking measures to revive economic growth.

Nirmala Sitharaman Press Conference Live, Press Conference by FM Nirmala SitharamanOn job losses especially in the auto sector, Finance Minister said that the government is taking inputs from different sectors and working to tackle the problem.

FM Nirmala Sitharaman Press Conference HIGHLIGHTS:  Finance Minister Nirmala Sitharaman on Tuesday said that the government is fully aware of the ongoing slowdown and is taking measures to revive economic growth. On job losses especially in the auto sector, Finance Minister said that the government is taking inputs and working to tackle the problem. Addressing the media on ‘100 Days of Bold Initiatives & Decisive Actions’ of the government at 2 pm at Chennai, Sitharaman also said that the GST revenue collection needs to be given attention and there is a need to widen the scope and task. Prime Minister Narendra Modi recently said at a rally that the NDA government has taken several important decisions in the past 100 days, including in the farm sector, banking sector and for national security. India’s GDP growth in the first quarter of fiscal year 2019-20 slipped to 5 percent, which is the lowest in the past six years. Nirmala Sitharaman announced a slew of measures over the past month to revive the animal spirit in the economy and check slowing economic growth.

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Highlights

    15:25 (IST)10 Sep 2019
    Effective date of bank mergers to be decided by boards of respective banks, says Finance Minister

    The effective date of bank mergers will be decided by boards of respective banks, says Finance Minister Nirmala Sitharaman as she addresses the media on initiatives taken in 100 days of Modi 2.0.

    15:18 (IST)10 Sep 2019
    Will try to frontload infra spend as much as possible, says Finance Minister

    Will try to frontload infra spend as much as possible, says Finance Minister Nirmala Sitharaman as she addresses the media on initiatives taken in 100 days of Modi

    15:09 (IST)10 Sep 2019
    Sitharaman on GST cut

    Speaking on GST rate cut, Finance Minister Nirmala Sitharaman said that it’s for the GST Council to decide as the decision can’t be taken singularly by her.

    15:06 (IST)10 Sep 2019
    Sitharaman on GDP dip

    "It's not that government is not responding with measures to boost GDP. Our full focus is now on how GDP can rise in the next quarter," she said.

    14:46 (IST)10 Sep 2019
    Nirmala Sitharaman on job losses

    Speaking on the problem of job losses, Finance Minister Nirmala Sitharaman said that all in the government are interacting with all sectors of economy, travelling country, taking inputs, says Finance Minister.

    14:41 (IST)10 Sep 2019
    GST revenue collection need to be given attention, Nirmala Sitharaman says

    The government has full focus now on how GDP can rise in the next quarter, Nirmala Sitharaman said on being asked about government's measures to revive the sagging economy after Q1 GDP growth fell to 5 per cent. GST revenue collection need to be given attention and there is a need to widen the scope and task, said FM.

    14:35 (IST)10 Sep 2019
    Govt will try to frontload infra spend as much as possible, Nirmala Sitharaman says

     
    The government will try to frontload infra spend as much as possible., Nirmala Sitharaman said. On being asked about the measures needed to boost economy, Finance Minister said that the government is conscious that it has to respond. The government is working on a few steps for the auto component sector, she added.

    14:31 (IST)10 Sep 2019
    Govt understands concerns of different indsutries, FM says

    The concerns which different industries have, we do undertand, Nirmala Sitharaman said. About 5 per cent GDP dip, we must undertsands such dips happen, she added.

    14:29 (IST)10 Sep 2019
    Sitharaman on bank merger

    Effective date of mergers of the banks to be decided by the board of respective banks, she added.

    14:27 (IST)10 Sep 2019
    Idea of merging banks was that each would benefit from others, says FM

    The idea of merging banks was that each would benefit from others. The growing economy needs good banks. That was the reason behind merging banks.

    14:26 (IST)10 Sep 2019
    Decision on homebuyers soon

    The government will soon come out with decision for the homebuyers, she added.

    14:24 (IST)10 Sep 2019
    Govt considering suggestions on auto industry

    The government has considered other suggestions from the auto industry, said Finance Minister Nirmala Sitharaman.

    14:23 (IST)10 Sep 2019
    GST rate cut not in my hands alone, says Sitharaman

    GST rate cut decision can’t be taken alone as it’s the combined decision of the GST Council, Nirmala Sitharman said.

    14:17 (IST)10 Sep 2019
    Modi government has provided 8 crore gas connections

    The Modi government has provided 8 crore gas connections under PM Ujjawala Yojana, says Nirmala Sitharaman.

    14:16 (IST)10 Sep 2019
    Nirmala Sitharaman on labour reforms

    The government has created code on wages for equal employment opportunities for women and also taken lots of steps for social justice, says Nirmala Sitharaman.

    14:14 (IST)10 Sep 2019
    Want development of J&K: Nirmala Sitharaman

    The government wants J&K on the same footing as the other Indian states, says Nirmala Sitharaman.

    14:14 (IST)10 Sep 2019
    Nirmala Sitharaman on Article 370

    Removing Article 370 was a long time dream of BJP, says Nirmala Sitharaman.

    14:12 (IST)10 Sep 2019
    Press conference begins

    Finance Minister Nirmala Sitharaman is addressing media in local language Tamil.

    13:59 (IST)10 Sep 2019
    Economic reforms in first 100 days

    “This government took office with the motto of `Nation First’. In the first 100 days, it has demonstrated a tremendous will to carry out social and economic reforms that were earlier perceived to be impossible.’’ said Smt Harsimrat Kaur Badal, Union Minister for Food Processing Industries . The government’s first 100 days are also a reflection of an aspirational India which is confident to reach its full potential ensuring ‘Sab Ka Saath, Sabka Vikas Sabka Vishwas’. She was addressing a Press Conference here today on the completion of 100 days of the Union Government.The Minister also inaugurated a photo exhibition on ‘Furthering India’s Development - 100 days of Bold Initiatives & Decisive Actions’ and released the booklet ‘Jan Connect’ in Punjabi. The Booklet contains a compendium of key decisions of the government in hundred days. --- PIB

    13:53 (IST)10 Sep 2019
    BSE, NSE shut on account of Muharram

    The stock market exchanges BSE and NSE along with will be closed for trade on September 10 on account of Muharram. Further, currency, commodity, futures markets will also be closed to mark the occasion. Yesterday, the stock market started off the week on a positive note, with the Sensex ending 163.68 points or 0.44 per cent, higher at 37,145.45; and the NSE Nifty reclaiming the crucial 11,000-mark. Yes Bank, Maruti Suzuki, L&T, Kotak Bank, Bharti Airtel, Bajaj Finance, SBI, ONGC, HDFC and Hero MotoCorp were among the biggest gainers in the Sensex-pack, rising up to 4.47%. Shares of HCL Tech, Infosys, TechM, Bajaj Auto and TCS were among the biggest losers, shedding up to 1.50% 0n Monday.

    13:51 (IST)10 Sep 2019
    RBI mandate on floating rate benchmark rates is credit negative for banks: Moody's

    The Reserve Bank of India mandating banks to link certain loans to the external benchmark-based interest rate from October 1 is credit negative to the lenders as it will limit their flexibility in managing risks, Moody's Investors Service said on Tuesday. Last week, the RBI had stated that banks are not satisfactorily transferring the cuts in policy interest rates to borrowers as it asked lenders to mandatorily link all new floating rate personal or retail loans and floating rate loans to micro, small and medium enterprises (MSMEs) to an external benchmark.

    13:36 (IST)10 Sep 2019
    India should grow at 14-15% in formal credit

    After the Narendra Modi-led government announced a goal to reach the $5 trillion economy dream by 2025, Neelkanth Mishra said that India should grow a rate of 14-15 per cent in formal credit. There is almost a Rs 35 trillion shortfall to reach the target by FY25, Neelkanth Mishra, Managing Director and India Strategist, Credit Suisse said at 6th SBI Banking & Economics Conclave. Speaking at the same event telecast by CNBC TV18, Sanjeev Sanyal, Principal Economic Advisor in the Ministry of Finance said that a $5 trillion economy assumes exchange rate of 75/$ by 2024.

    13:33 (IST)10 Sep 2019
    FinMin meets PSU companies

    On Friday, the Ministry of Finance officials met Maharatna and Navratna PSU companies’ heads today so as to discuss measures to infuse more liquidity into the system. Ahead of the meeting, DEA Secretary Atanu Chakraborty and Expenditure Secretary G C Murmu reviewed the capital expenditure being done by the Ministries of Road Transport and Highways, Railways, Telecom and Housing & Urban Affairs.

    13:30 (IST)10 Sep 2019
    GST Council to take call, it’s not in my hands

    Amid demand for GST rate cut by automobile companies, Finance Minister Nirmala Sitharaman on Friday said that it’s for the GST Council to decide as she can’t do it alone. Adding, she said that the government is aware about the challenges being faced by the firms and is reacting to the issues. Many of the government’s responses are in accordance with the recommendations by the stakeholders, she also told reporters. The wealth creators and job creators would be properly facilitated by the government, Nirmala Sitharaman said. There will be no cut in the social media spending by the government, she added. The tax targets given to to the various departments are realistic and given after due consideration and discussion. However, she also said that the tax collections will only be buoyant when the economy flourishes.

    13:26 (IST)10 Sep 2019
    100 days of Modi government

    On September 9 and 10 the Cabinet ministers have been asked by the leadership to hold press conferences in the different parts of the country on 100-days of the work done by the Modi government. Nirmala Sitaraman (Chennai), Ramvilas Paswan (Patna), Ravi Shankar Prasad (Ahmedabad), Harsimrat Kaur Badal (Chandigarh), Thawarchand Gehlot (Raipur), Arjun Munda (Ranchi), Mukhtar Abbas Naqvi (Allahabad), Pralhad Joshi (Goa), Gajendra Singh Shekhawat (Jaipur), Ramesh Pokhriyal 'Nishank' (Dehradun), Jitendra Singh (Jammu), Raj Kumar Singh (Hyderabad), Mansukh L. Mandaviya (Bhubaneswar), Anurag Thakur (Shimla) and Narendra Singh Tomar (Gwalior) are the ministers who were asked to reach out to the public.

    13:18 (IST)10 Sep 2019
    FPI surcharge withdrawal by govt

    "In order to encourage investment in the capital market, it has been decided to withdraw the enhanced surcharge levied by Finance (No 2) Act, 2019 on long and shot term capital gains arising from transfer of equity shares/units referred in Section 111A and 112A respectively," the finance minister Nirmala Sitharaman had  said while announcing FPI surcharge withdrawal.

    13:16 (IST)10 Sep 2019
    Sitharaman's previous outings

    In the press conference in August this year, Finance Minister Nirmala Sitharaman withdrew enhanced surcharge on FPIs. She also announced a slew of measures ranging from the automobile sector, to boosting infrastructure to help revive economic slowdown.

    13:12 (IST)10 Sep 2019
    Economy in a slowdown

    The GDP recorded a dismal growth of 5 per cent in fiscal year 2020. It was the slowest growth since 2013 on account of weak activity in sectors including services and manufacturing, agriculture and construction. The government announced a slew of measures in the past few weeks so as to boost growth and improve the investor setiment. China grew at 6.2 per cent in the June quarter of the ongoing fiscal, according to its official data.

    13:05 (IST)10 Sep 2019
    FM Nirmala Sitharaman press conference today

    "Finance Minister Smt @nsitharaman to address media on '100 Days of Bold Initiatives & Decisive Actions’ of the Govt of India @ 2:00 PM, 10th September 2019, at Chennai. #MODIfied100": Ministry of Finance tweeted.

    12:59 (IST)10 Sep 2019
    Modi govt’s mega PSU bank mergers to improve efficiency, credit quality; what analysts say

    After the Narendra Modi-led government announced a mega PSU bank merger in a bid to create national banks with with global presence, analysts say that the move will help to improve efficiency of the banks and spur up the economy. The bank consolidation announced by FM is likely to bring in more synergies among players in the PSB sector after having addressed operational issues and infused more accountability at all levels, says Ravikant Bhat, Research Analyst, Banking at India Nivesh Securities.

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    12:56 (IST)10 Sep 2019
    GST rate cut on auto hits roadblock; fitment panel raises red flag

    GST fitment panel pegs annual revenue loss of Rs 50,000 crore if tax rates applicable on the automobile sector are cut, TV news channel CNBC TV18 reported citing sources. The GST Council takes the final decision to make any changes in the tax structure of the items under its jurisdiction. The next GST Council meeting is scheduled on September 20, 2019. The Fitment Committee, a panel of officials of the GST council, held a meeting on the previous Friday to find out the possibilities of a GST rate cut to revive the slowdown and boost the auto sector ahead of the upcoming festive season.

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    12:54 (IST)10 Sep 2019
    Inflation may bite your household budget, may have risen to 10-month high in August

    Retail prices of different items such as household goods, fuel, food, etc, are likely to have touched a 10-month high in August. CPI inflation rate stood at 3.15 per cent in July, which is projected to have spiked to 3.23 per cent in August, according to Kotak Institutional Equities Research. The report underlines that the market consensus on inflation estimate in August is even higher at 3.35 per cent. In July, the retail inflation rate moderated marginally from an 8-month high level in June. 

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    12:54 (IST)10 Sep 2019
    Modi government 100 day report card: Bold initiatives to be in focus

    With the Modi government 2.0 completing 100 days in office, FM Nirmala Sitharaman will address media on ‘100 Days of Bold Initiatives & Decisive Actions’ of the government at 2 pm today.  'Tezi se desh hit ke nirnay' - this is how Union Minister Prakash Javadekar summed up the first 100 days of the BJP-led government, yesterday. While Prime Minister said that the first 100 days had been of "development, trust and big changes" in the country, the Congress party claimed that the same period was defined by a different set of three letters - tyranny, chaos and anarchy.