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VIDEO: Watch Prime Minister Share His Thoughts On Budget 2020

Reforms announced in the budget will boost the economy and financially empower every citizen: PM

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Prime Minister Narendra Modi has said the reforms announced in the budget will boost the economy and financially empower every citizen.

In a televised address, PM Modi said that his government has given a lot of emphasis on agriculture, infrastructure, textiles and technology in the budget to increase the employment generation.

PM Modi said that to double the income of the farmers, 16 action points have been created which will increase employment in the rural areas.

The Prime Minister said that the modern infrastructure is of great importance for modern India and infrastructure sector is also a large employment generator.


PM Modi said that the construction of 6,500 projects from 100 lakh crore rupees will increase employment opportunities on a large scale.

The Prime Minister said that the businesses will also benefit from the National Logistics Policy.

PM Modi congratulated Finance Minister Nirmala Sitharaman and her team for the first budget of this decade saying the Union Budget has vision and action.

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COVID19

COVID-19: Govt Grants More Relaxations For Agriculture And Allied Sectors

The govt has issued the 4th Addendum to its notification invoking the Disaster Management Act.

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NEW DELHI: Center has granted a slew of exemptions and relaxations for Agriculture and Allied sectors in view of the 21-day lockdown due to the COVID-19 pandemic outbreak.

In order to ensure that the farmers do not suffer from any adverse fallout, the Union Ministry of Home Affairs has issued the 4th Addendum to its notification invoking the Disaster Management Act.

According to the latest Addendum, shops of Agricultural machinery, its spare parts, including supply chain and repairs and shops for truck repairs on highways, preferably at fuel pumps, can remain open. This will facilitate the transportation of farm produce.


The tea industry, including plantations, can also function with a maximum of fifty per cent workers.

The Home Ministry has emphasized that the head of the organization or establishment will ensure the practice of social distancing norms and proper hygiene. The District authorities have been directed to ensure strict enforcement of the orders.

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COVID19

FM Attends 2nd Extraordinary G20 Finance Ministers And Central Bank Governors Virtual Meeting

FM shared with her G20 counterparts the efforts being made by India to deal with COVID-19 crisis.

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NEW DELHI: Union Minister for Finance & Corporate Affairs, Nirmala Sitharaman participated in the 2nd Extraordinary G20 Finance Ministers and Central Bank Governors (FMCBG) meeting under the Saudi Arabian Presidency today, to discuss the impact of COVID-19 pandemic on the global economy and coordinate efforts in response to this global challenge.

Finance Minister appreciated the Saudi Presidency for organizing these meetings which provide an opportunity to all G20 members to not only share their individual experiences but also to work in better coordination.

G20 Finance Ministers and Central Bank Governors during the 1st Extraordinary Virtual G20 FMCBG Meeting held on March 23, 2020, had decided to meet virtually on a regular basis to continue discussions on the evolution of the COVID-19 pandemic, including its impact on markets and economic conditions and take further actions to support the economy during and after this phase.


This meeting was held to follow up on the discussion of the 1st virtual meeting as well as to discuss the follow-up in line with the statement made by G20 Leaders during the G20 Virtual Leaders Summit held on March 26, 2020.

During the summit, the Leaders had tasked G20 Finance Ministers and Central Bank Governors to deliver a G20 Action Plan in Response to COVID-19, in close cooperation with relevant international organizations (IOs).

Smt Sitaraman supported the proposed G20 Action Plan and emphasized that such an exercise would provide an opportunity for immense cross-learning and critical insights.


Referring to the G20 Leaders statement, regarding regulatory and supervisory measures, she emphasised the importance of ensuring that the financial system continues to support and quickly revive the economy

Finance Minister made specific interventions on reviewing and enhancing the IMF toolkit and further expanding the swap line network.

She suggested that the IMF can develop innovative and ingenious methods to meet COVID-19 related financing requirements given that policy space is severely constrained in most countries in these unprecedented circumstances.

On the issue of swap arrangements, FM Sitharaman encouraged the IMF to use its existing resources to create a non-stigmatised short-term liquidity swap facility which could be rapidly deployed as and when needed by the countries. She also emphasized upon the need to allow flexibility for countries to engage in new lines of bilateral swap arrangements as per requirements.

During her intervention, FM Sitharaman also briefly shared with her G20 counterparts the efforts being made by Government of India to deal with COVID-19 crisis, including the recently announced relief package of INR 1.7 Trillion for the poor, the emergency health fund of INR 150 Billion, along with several other monetary, fiscal and regulatory measures taken to address the economic and social concerns of those most impacted by the crisis.


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ECONOMY-DEVELOPMENT

COVID-19: Salaries Of Maharashtra State Employees To Be Disbursed In 2 Instalments

A government resolution clarifying the decision was issued this evening.

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MUMBAI (Maharashtra): The Maharashtra government on March 31 clarified that it would disburse the salaries for the month of March of people’s representatives, government officers and employees in the next two instalments.

A government resolution clarifying the decision was issued this evening.

State deputy chief minister and finance minister, Ajit Pawar said that salaries of people’s representatives, government officers’ and employees have not been deducted but it will be disbursed in two instalments.


Employees of the rank of group ‘A’ and ‘B’ will be disbursed 50 per cent of their salaries for the month of March as a first instalment.

Whereas, group ‘C’ employees will be given 75 per cent of their salaries. Group ‘D’ and pensioners will get a full amount of their dues.

Pawar further clarified that different departments of the state government and local self bodies are working on war-footing to combat COVID-19 and therefore there is no question of deducting their salaries.


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