Today, the Union Finance Minister, Smt Nirmala Sitharaman addressed a press conference where she announced some new measures in the series of stimulus announcements that Govt is doing. She informed that the active cases of COVID-19 are declined from 10 to 4.98 lakhs and the case fatality rate is 1.47%.

The RBI will give the monthly report that strongly depicts a positive growth in the Indian economy; said FM. Govt is taking strong steps which are viewed as the rebound is not only due to pent up demand but also due to stronger economic growth.

Moreover, there is positive growth in the Indian economy which will be 8.6% for 2022. Also, Nirmala Sitharaman talked about some progress on some key items under Atmanirbhar Bharat Abhiyan 1.0. This involves One Nation-One Ration Card where 80.6 crore beneficiaries will opt for food grains in 28 states/UTs. Intra-State portability also enabled where about 1.5 cr monthly transactions take place.

GST collection for October grossed Rs 1.05 lakh crore, which is 10% Year on Year (YoY), and daily railway freight tonnage grew by an average 20% YoY vs 12% in the last week. As of 23rd October 2020, Bank credit YoY growth improved by 5.1%.

Under PM SVANidhi, about 13.78 lakh loans that total Rs 1373.33 cr are sanctioned, covering 26.62 loan applications are made. Credit boost is achieved to 2.5 cr farmers and govt has sanctioned Rs 1,43,262 crores in two phases.

Talking about ECLGS, Public sector Banks (PSBs) have approved the purchase of 26,889 crores, and Rs 7227 cr has been disbursed. FM informed that states/UTs will be given Rs 118,272 cr loans in which Rs 31,136 cr has already been released to 11 states/UTs.

Smt. Sitharaman said that 11 states sanctioned Rs 3,621cr as an interest-free loan towards capital expenditure. SBI Utsav cards being distributed under the festival advance scheme that was announced on 12th October.


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