PM Modi HIGHLIGHTS at CII: Coronavirus may have slowed economy, but India will get its growth back

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Updated: June 2, 2020 1:28:01 pm

PM Modi HIGHLIGHTS at CII: Prime Minister Narendra Modi is addressing CII's 125th anniversary where he said that the government has taken ample steps to revive faltering economy as alarm bells ring for Indian economy.

Top industry leaders including Uday Kotak and Vikram Kirloskar will attend the event.

Prime Minister Narendra Modi addressed CII’s 125th anniversary today where he said that the government has taken ample steps to revive faltering economy as alarm bells ring for Indian economy. Stating that he has confidence in India’s growth story, PM Modi said that he is sure Indian economy will revive on the back of entrepreneurs, frontline warriors, industrialists and others who are working ceaselessly in these dire times. Further, he also enumerated the government’s recent efforts towards making India a self reliant economy and improving India’s farm and MSME sector. Top industry leaders including Uday Kotak and Vikram Kirloskar also attended the event where the panel discussed ‘how to get growth back’. Meanwhile, as coronavirus continues to take its toll on the world economy, India is no different and rating agency Moody’s Investors Services has also downgraded its India rating from Baa2 to Baa3 for the first time in couple of decades and has maintained a negative forecast for this year. The recently released GDP numbers and manufacturing data have also not been promising with fiscal deficit also increasing to 4.6%.

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Highlights

    13:16 (IST)02 Jun 2020
    Cabinet decisions will bring positive changes in lives of farmers, labourers, workers: PM Narendra Modi

    The decisions taken by the Union Cabinet on Monday will bring about positive changes in the lives of farmers, labourers and workers, Prime Minister Narendra Modi has said as his government enters second year in office. These decisions will bring tremendous benefits to the farmers, street vendors and micro, small and medium enterprises, he said.

    13:10 (IST)02 Jun 2020
    Govt's rescue plan for MSMEs

    Govt approved a scheme to catalyse a subordinate debt of Rs 20,000 crore, partly guaranteed by the government, for stressed MSMEs. It cleared setting up a fund of funds, with an initial official corpus of Rs 10,000 crore, to facilitate equity infusion of Rs 50,000 crore into well-rated units that have growth potential. Through the fund, the government will hold up to 15% in these MSMEs.

    13:07 (IST)02 Jun 2020
    Cabinet clears rescue plan to soften Covid-19 blow to MSMEs, street vendors

    The Cabinet on Monday decided to further widen the definition of micro, small and medium enterprises (MSMEs) to enable thousands of more units to take advantage of various official benefits, and cleared a slew of proposals announced as part of the government’s Rs 21-lakh-crore relief package to soften the Covid-19 blow to small businesses.

    13:04 (IST)02 Jun 2020
    Why India isn’t worried about Moody’s credit rating cut: Impact to be short lived; investments to keep up

    Moody’s downgrade of India’s sovereign rating to lowest investment grade is mostly being overlooked by investors and economists alike since the effect of the cut is expected to be short-lived on investment flows. Moody’s downgrade was impending and is somewhat largely priced-in by the markets and any knee-jerk reaction in foreign exchange and rates markets would thus likely be short-lived, Madhavi Arora, Economist, Edelweiss, said in a report. With global policy backstops having improved global risk appetite, any outflows associated with Moody’s downgrade alone could be modest, Madhavi Arora added.

    12:56 (IST)02 Jun 2020
    More companies to come under ambit of MSMEs

    The government further eases the definition of MSMEs to Rs 1 crore investment and Rs 5 crore turnaround for micro industries and Rs 50 crore investment and turnaround of Rs 250 crore in medium enterprises. 

    12:54 (IST)02 Jun 2020
    Govt announces funds for MSMEs to get them listed in stock market

    Govt announces Rs 10,000 crore funds for MSME to get listed in the stock market. Nitin Gadkari said that along with the other investment, this fund will reach Rs 50,000 crore.

    12:52 (IST)02 Jun 2020
    Govt launches Prime Minister Street Vendors Atma Nirbhar Nidhi scheme

    Government launches PM SWAN Nidhi, Prime Minister Street Vendors Atma Nirbhar Nidhi scheme for street vendors.

     
     
     
    12:50 (IST)02 Jun 2020
    Govt may buy stake in MSMEs

    In an effort to provide support to MSMEs, the government said that it will buy stake in MSMEs with good ratings. 

    12:48 (IST)02 Jun 2020
    Govt's fund will be used to invest in MSMEs

    Stressed MSME fund will invest up to 15% in equity of MSMEs with a strong track record of exports, GST filings, healthy turnover, says Nitin Gadkari.

     
     
     
    12:47 (IST)02 Jun 2020
    MSP for 14 kharif crops to be increased

    Agriculture MinisterNarendra Singh Tomar announced that the minimum support prices for 14 kharif crops will be increased, in a measure to provide relief to India’s farmers.

    12:47 (IST)02 Jun 2020
    MSP for 14 kharif crops to be increased

    Agriculture MinisterNarendra Singh Tomar announced that the minimum support prices for 14 kharif crops will be increased, in a measure to provide relief to India’s farmers.

    12:47 (IST)02 Jun 2020
    MSP for 14 kharif crops to be increased

    Agriculture MinisterNarendra Singh Tomar announced that the minimum support prices for 14 kharif crops will be increased, in a measure to provide relief to India’s farmers.

    12:40 (IST)02 Jun 2020
    Cheap, easy loans for farmers, street vendors; equity funding for MSMEs

    The Union Cabinet yesterday approved major economic support measures for MSMEs, farmers, agricultural sector employees and street vendors, in what the government claimed were ‘historic’ decisions. Among the decisions taken, MSME definition was relaxed, and easier loans for street vendors and farmers were announced. Agriculture Minister Narendra Singh Tomar announced that the minimum support prices for 14 Kharif crops will be increased, in a measure to provide relief to India’s farmers. Eventually, the government has hiked MSP for sunflower seed to Rs 5,885/100 kg, jowar hybrid to Rs 2,620/100 kg, maize to Rs 1,850/100 kg, and tur to Rs 6,000/100 kg. 

    12:34 (IST)02 Jun 2020
    India moves big labour law changes to limit coronavirus impact

    The coronavirus-led crisis in India has made many states to ease labour laws in order to give a fillip to the economy and attract more investment. After Madhya Pradesh CM Shivraj Singh Chouhan announced relaxation in its labour laws, Yogi Adityanath’s Uttar Pradesh government has come up with a mega amendment in its labour laws. The latest move by the UP government has exempted businesses from the purview of almost all the labour laws for the next three years. The laws that are relaxed include those related to settling industrial disputes, occupational safety, health and working conditions of workers, and those related to trade unions, contract workers, and migrant labourers.

    12:27 (IST)02 Jun 2020
    Modi’s Rs 21 lakh cr package not enough; industry says govt needs to do this for companies to survive

    Even as the Narendra Modi-led government rolls out a special economic package as big as Rs 21 lakh crore, the industry has called it insufficient and has demanded more heavy lifting from the centre to boost demand in the market. Given the major disruptions caused by the coronavirus pandemic, the industry has asked for increased government spending, direct cash transfers to consumers, and deferment of taxes. In a survey conducted by a national trade body with responses of over 100 companies, most companies said that the stimulus package of the government did not benefit them and it was ineffective, The Indian Express reported. Many companies also said there was little fiscal support either to the industry or to the poor.

    12:22 (IST)02 Jun 2020
    India’s core sector output witnesses biggest ever fall, contracts 38% in April as lowdown hits economy

    India’s core sector output contracted 38.1% in the month of April, reflecting how India’s economy has taken a toll as the country fights the coronavirus pandemic with a nation wide-lockdown. The core sector had expanded by 5.2% in the same period a year ago while it shrank 9% in the previous month. “In view of nationwide lockdown during April 2020 due to COVID-19 pandemic, various industries viz. Coal, Cement, Steel, Natural Gas, Refinery, Crude Oil, etc experienced a substantial loss of production,” the official release said. This is the biggest ever fall in the core sector data ever recorded.

    12:17 (IST)02 Jun 2020
    Fiscal deficit widens to 4.6% of GDP in 2019-20

    The country’s fiscal deficit widened to 4.6 per cent of the Gross Domestic Product in 2019-20 mainly on account of poor revenue realisation, according to official data. The deficit, which signifies the gap between government revenue and expenditure, is higher than the revised estimate of 3.8 per cent for the fiscal.

    12:12 (IST)02 Jun 2020
    GDP growth slows to 3.1% in Q4 FY20 but is this the final estimate? Govt caveat leaves room for revision

    India’s economy in Q4 FY20 grew at a mere 3.1 per cent on-year, hurt by coronavirus pandemic and a nationwide lockdown that followed. While agriculture and mining sectors saw decent growth, manufacturing and construction activities contracted in the fourth quarter. Even as the GDP growth estimates surpassed most estimates made by various economists and rating agencies, the Ministry of Statistics and Programme Implementation has mentioned that the data flow from the economic entities has been impacted due to the pandemic and therefore the quarterly and annual estimates are likely to be revised.

    12:07 (IST)02 Jun 2020
    Niti Aayog suggests slew of steps to make India’s exports competitive

    The NITI Aayog has proposed 17 measures to improve competitiveness of India’s external trade. The measures include establishment of a national trade network (NTN), improving information flow and making customs processes and IT systems more efficient. The government think-tank said time has come to set up an NTN on the lines of the GSTN (for goods and services tax), integrating all departmental data flows into one integrated system to enable all export-import related compliance online.

    12:02 (IST)02 Jun 2020
    PM Modi hails Rs 20 lakh crore package a ‘major step’ in making India Atamnirbhar

    Terming the Rs 20 lakh crore package a “major step” in making the country ‘Atamnirbhar’ (self-reliant), Prime Minister Narendra Modi on Saturday said India will set an example of economic revival to the world which is currently fighting the menace of coronavirus. The package for Atamnirbhar Bharat Abhiyan would usher in a new era of opportunities for every Indian, be it farmers, workers, small entrepreneurs or youth associated with startups, the Prime Minister said in a letter to citizens on the occasion of completion of the first year of the Modi 2.0 government.

    12:00 (IST)02 Jun 2020
    Job loss at all-time high; manufacturing PMI second-lowest in May even as economic activity resumes

    The manufacturing activity and business optimism in May stood at the second-weakest level on record in May even after the Narendra Modi-led government allowed businesses and industries to resume operations. The manufacturing PMI marginally increased from 27.4 in April to 30.8 in May despite the partial lifting of lockdown restrictions. Weaker demand in the market led to a slow output after April’s complete lockdown and consequently, firms cut staff numbers at the quickest pace since data collection began over 15 years ago, said the IHS Markit report released today. The coronavirus-led lockdown has led to a sharp deterioration in business conditions during May.

    11:53 (IST)02 Jun 2020
    PM Modi calls govt's reforms systematic, bold

    Our Reforms are systematic, planned, inter-connected and futuristic. For us, reforms means, taking bold decisions, says PM.

    11:51 (IST)02 Jun 2020
    PM Modi says this reform will bring relief to farmers

    Have taken steps to bring relief to farmers via amendment of APMC Act. Farmers will now be able to sell their produce in their own terms, says PM.

    11:48 (IST)02 Jun 2020
    PM seeks industry help on reforms

    PM Modi urges industry to come up with a detailed study of every sector and build consensus on reforms. We will undertake reforms across sectors based on the recommendations, he said.

    11:44 (IST)02 Jun 2020
    PM Modi says these sectors have potential for exports

    India can increase exports & create jobs in furniture, ACs, leather, footwear. Urge industry to partner with rural india to create opportunities, says PM Modi.

    11:41 (IST)02 Jun 2020
    PM Modi enumerates steps for rural India

    Govt is providing infra to create agro processing clusters near rural areas. Govt considers the private sector a partner in nation building, says PM ModiPM

    11:38 (IST)02 Jun 2020
    PM Modi says govt will take structural reforms to make India self reliant

    We will take structural reforms that will change course of the country; we will together build self-reliant India: PM Modi to industry

    11:33 (IST)02 Jun 2020
    Private sector important partner for govt, says PM Modi

    "Our government considers the private sector as an important partner of the government in its path to the self-reliant India," says PM Modi.

    11:30 (IST)02 Jun 2020
    PM Modi calls for cut in imports; says export more

    Self-reliant India is about -- Strong enterprises; generating employment; empowering people to come out and find solutions. Now, the need is that we make those products that are made in India, but made for the world. We have to cut our imports, says PM Modi.

    11:29 (IST)02 Jun 2020
    India must not be dependent on others, says PM Modi

    "But, self-reliant India doesn’t mean that we remain dependent on others for our strategic needs. We don’t want to remain in that situation now" -- PM Modi.

    11:28 (IST)02 Jun 2020
    PM Modi lays roadmap for self reliant India

    Speaking at the CII event, PM Modi said that now the industry has a clear path - self-reliant India. "This means that we embrace the world with even more strength. Self-reliant India will be integrated more with the global ecosystem," he said.

    11:25 (IST)02 Jun 2020
    PM Modi assures govt's preparations on COVID-19 front

    India sent medical supplies to more than 150 nations, helping them fight coronavirus pandemic. You take two steps ahead, and the government will take four steps to support you. -- PM Modi

    11:22 (IST)02 Jun 2020
    PM Modi explains govt's efforts for MSMEs

    MSMEs will be able to grow without any concerns or fears. Now our MSMEs will not have to find ‘other ways’ to keep their ‘MSME’ status. The industry’s demand for updating MSME definition for a very long time. This demand is now fulfilled. -- PM Modi

    11:20 (IST)02 Jun 2020
    PM enumerates govt's efforts to bring economy back on track

    'Now the government is doing things for which people had given up all hopes. We are also undertaking labour reforms, as well as agriculture reforms. 9 strategic sectors opened up where private industries were not allowed earlier'. -- PM Modi

    11:16 (IST)02 Jun 2020
    Govt has taken steps to make economy and sectors future ready

    We have made decisions to make our economy and sectors future-ready. Our reforms are not scattered; rather, our reforms are planned, futuristic. For us, reforms mean taking it to the logical conclusion -- PM Modi. 

    11:13 (IST)02 Jun 2020
    5 things key to Aatmnirbhar Bharat

    PM Modi has said that five things are utmost important to make India a self-reliant economy. These are Intent, Inclusion, Investment, Infrastructure and Innovation.

    11:10 (IST)02 Jun 2020
    PM Modi says economy topmost priority

    It is one of our topmost priorities to strengthen the economy amid the ongoing coronavirus pandemic -- PM Modi. We have taken several decisions which will help the economy in the long run, he added.

    11:08 (IST)02 Jun 2020
    PM Modi says have to save lives and economy

    We have to save lives from coronavirus, but on the other hand, we also have to stabilise and speed up the economy.

    11:07 (IST)02 Jun 2020
    PM Modi congratulates CII

    Modi congratulates CII for completing 125 years since inception. 'It is a very big thing to be in existence for 125 long years. You must have faced many challenges along the way.'

    11:07 (IST)02 Jun 2020
    PM Modi says confident of India's entrepreneurs, industry leaders

    Stating that India will get its growth back, PM Modi said that he is confident India will be on growth trajectory soon becuase of its entrepreneurs, industry leaders.

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