The economic relief plan that is headed to President Joe Biden’s desk has been billed as the United States’ most ambitious antipoverty initiative in a generation. But inside the $1.9 trillion packages, there are plenty of perks for the middle class, too.

Whether they are direct stimulus payments, an array of tax benefits or an expansion of the Affordable Care Act, the bill will bring a big economic lift to middle-income families. In some cases, those households will have weathered the pandemic relatively unscathed, and those who are concerned about the cost of the legislation have suggested that the definition of the middle class has expanded to include families who are actually well-off.

An analysis by the Tax Policy Center published this week estimated that middle-income families, those making $51,000 to $91,000 per year, will see their after-tax income rise by 5.5% as a result of the tax changes and stimulus payments in the legislation. The increase for that income group is about twice as generous as what it received after the 2017 Tax Cuts and Jobs Act.

Targeting a relief package more narrowly to help those solidly in the middle class has been challenging, given the cost of living varies widely in different parts of the United States.

“For a lot of the country, $160,000 buys you the house on the hill,” said Howard Gleckman, a senior fellow at the Urban-Brookings Tax Policy Center, who pointed out that a couple making that level of income in New York City, for example, would be stretched.

Marc Goldwein, the senior policy director for the Committee for a Responsible Federal Budget, estimated that a family of five with a household income of $150,000 could receive about $10,000 from the federal government this year, suggesting that the stimulus package would do much more than alleviate poverty.

Many economists argue that directing aid to the poorest will have the biggest benefit because they are most likely to quickly turn around and spend the money on groceries, rent and other necessities, stimulating the economy. However, after a year of avoiding travel and dining, middle-class families are also likely to splurge as the pandemic subsides.

The Biden administration and Democrats in Congress are betting that by flooding the economy with cash they can kick-start a faster recovery.

Here are some of the ways that the bill will help the middle class.

Direct Checks

This time around, Americans will receive stimulus checks of up to $1,400 per person, including dependents.

The size of the payments are scaled down for individuals making more than $75,000 and married couples earning more than $150,000. And they are cut off for individuals making $80,000 or more and couples earning more than $160,000.

Those thresholds are lower than in the previous relief bills, to better ensure that those who need the checks the most receive them. But they will still be one of the biggest benefits enjoyed by those who are solidly in the middle class.

Tax Credits for Parents

The relief package, known as the American Rescue Plan, includes some important changes to existing tax policy to help families with children who have been struggling to care for them as the pandemic closed schools.

The most significant change is to the child tax credit, which will be increased to up to $3,600 (for children under 6) for 2021 from $2,000 per child. The credit, which is refundable for people with low tax bills, is $3,000 per child for children ages 6 to 17.

The existing credit tops out for individuals earning more than $200,000 and couples earning more than $400,000. As with the stimulus payments, the expanded credit will phase out for individuals making more than $75,000 and married couples earning more than $150,000.

The legislation also bolsters the tax credits that parents receive to subsidize the cost of child care this year. The current credit is worth 20% to 35% of eligible expenses with a maximum value of $2,100 for two or more qualifying individuals. The stimulus bill increases that amount to $4,000 for one qualifying individual or $8,000 for two or more.

The value of the credit will be calculated by taking up to 50% of the value of eligible expenses, up to certain limits, depending on household income. The law would begin to reduce the credit below 20% for households with income of more than $400,000.

Cheaper Health Insurance

After four years of being on life support, the Affordable Care Act is expanding, a development that will largely reward middle-income individuals and families, since those on the lower end of the income spectrum generally qualify for Medicaid. The relief legislation expands the subsidies for buying health insurance. As a result, a 64-year-old earning $58,000 would see monthly payments decline to $412 from $1,075 under current law, according to the Congressional Budget Office.

The legislation will now make upper-middle-income Americans eligible for aid to buy plans on the government exchanges, and premiums for those plans will cost no more than 8.5% of an individual’s modified adjusted gross income.

Another benefit to the middle class is that the stimulus package makes it easier for newly unemployed workers to get insurance through a federal program called COBRA, which allows people to buy their former employers’ health benefits. COBRA premiums will be fully paid for through September.

A Rescue for Pensioners

One of the more controversial provisions in the legislation is the $86 billion allotted to fixing failing multiemployer pensions.

The money is a taxpayer bailout for about 185 union pension plans that are so close to collapse that without the rescue, more than 1 million retired truck drivers, retail clerks, builders and others could be forced to forgo retirement income. The plans cover about 10.7 million active and retired workers, many of whom are middle class and work in fields like construction or entertainment where the workers move from job to job.

The legislation gives the weakest plans enough money to pay hundreds of thousands of retirees — a number that will grow in the future — their full pensions for the next 30 years.

But the measure has drawn criticism because the pensions were failing well before the pandemic.

The economic relief plan that is headed to President Joe Biden’s desk has been billed as the United States’ most ambitious antipoverty initiative in a generation.

The economic relief plan that is headed to President Joe Biden’s desk has been billed as the United States’ most ambitious antipoverty initiative in a generation. But inside the $1.9 trillion packages, there are plenty of perks for the middle class, too. Whether they are direct stimulus payments, an array of tax benefits or an expansion of the Affordable Care Act, the bill will bring a big economic lift to middle-income families. In some cases, those households will have weathered the pandemic relatively unscathed, and those who are concerned about the cost of the legislation have suggested that the definition of the middle class has expanded to include families who are actually well-off. An analysis by the Tax Policy Center published this week estimated that middle-income families, those making $51,000 to $91,000 per year, will see their after-tax income rise by 5.5% as a result of the tax changes and stimulus payments in the legislation. The increase for that income group is about twice as generous as what it received after the 2017 Tax Cuts and Jobs Act. Targeting a relief package more narrowly to help those solidly in the middle class has been challenging, given the cost of living varies widely in different parts of the United States. “For a lot of the country, $160,000 buys you the house on the hill,” said Howard Gleckman, a senior fellow at the Urban-Brookings Tax Policy Center, who pointed out that a couple making that level of income in New York City, for example, would be stretched. Marc Goldwein, the senior policy director for the Committee for a Responsible Federal Budget, estimated that a family of five with a household income of $150,000 could receive about $10,000 from the federal government this year, suggesting that the stimulus package would do much more than alleviate poverty. Many economists argue that directing aid to the poorest will have the biggest benefit because they are most likely to quickly turn around and spend the money on groceries, rent and other necessities, stimulating the economy. However, after a year of avoiding travel and dining, middle-class families are also likely to splurge as the pandemic subsides. The Biden administration and Democrats in Congress are betting that by flooding the economy with cash they can kick-start a faster recovery. Here are some of the ways that the bill will help the middle class. Direct Checks This time around, Americans will receive stimulus checks of up to $1,400 per person, including dependents. The size of the payments are scaled down for individuals making more than $75,000 and married couples earning more than $150,000. And they are cut off for individuals making $80,000 or more and couples earning more than $160,000. Those thresholds are lower than in the previous relief bills, to better ensure that those who need the checks the most receive them. But they will still be one of the biggest benefits enjoyed by those who are solidly in the middle class. Tax Credits for Parents The relief package, known as the American Rescue Plan, includes some important changes to existing tax policy to help families with children who have been struggling to care for them as the pandemic closed schools. The most significant change is to the child tax credit, which will be increased to up to $3,600 (for children under 6) for 2021 from $2,000 per child. The credit, which is refundable for people with low tax bills, is $3,000 per child for children ages 6 to 17. The existing credit tops out for individuals earning more than $200,000 and couples earning more than $400,000. As with the stimulus payments, the expanded credit will phase out for individuals making more than $75,000 and married couples earning more than $150,000. The legislation also bolsters the tax credits that parents receive to subsidize the cost of child care this year. The current credit is worth 20% to 35% of eligible expenses with a maximum value of $2,100 for two or more qualifying individuals. The stimulus bill increases that amount to $4,000 for one qualifying individual or $8,000 for two or more. The value of the credit will be calculated by taking up to 50% of the value of eligible expenses, up to certain limits, depending on household income. The law would begin to reduce the credit below 20% for households with income of more than $400,000. Cheaper Health Insurance After four years of being on life support, the Affordable Care Act is expanding, a development that will largely reward middle-income individuals and families, since those on the lower end of the income spectrum generally qualify for Medicaid. The relief legislation expands the subsidies for buying health insurance. As a result, a 64-year-old earning $58,000 would see monthly payments decline to $412 from $1,075 under current law, according to the Congressional Budget Office. The legislation will now make upper-middle-income Americans eligible for aid to buy plans on the government exchanges, and premiums for those plans will cost no more than 8.5% of an individual’s modified adjusted gross income. Another benefit to the middle class is that the stimulus package makes it easier for newly unemployed workers to get insurance through a federal program called COBRA, which allows people to buy their former employers’ health benefits. COBRA premiums will be fully paid for through September. A Rescue for Pensioners One of the more controversial provisions in the legislation is the $86 billion allotted to fixing failing multiemployer pensions. The money is a taxpayer bailout for about 185 union pension plans that are so close to collapse that without the rescue, more than 1 million retired truck drivers, retail clerks, builders and others could be forced to forgo retirement income. The plans cover about 10.7 million active and retired workers, many of whom are middle class and work in fields like construction or entertainment where the workers move from job to job. The legislation gives the weakest plans enough money to pay hundreds of thousands of retirees — a number that will grow in the future — their full pensions for the next 30 years. But the measure has drawn criticism because the pensions were failing well before the pandemic.

New stimulus package brings big benefits to the middle class

Senators broke through an impasse late Saturday night over a Republican effort to curtail the powers of the Federal Reserve, clearing away what had been seen as the final hurdle to a deal on a $900 billion stimulus package as lawmakers raced against a Sunday night deadline to avoid a government shutdown.

With time running out for a compromise, Sen. Patrick J. Toomey, R-Pa., agreed to narrow his effort to rein in the central bank, according to three aides familiar with the discussion. All three aides, speaking on the condition of anonymity, noted that the precise language was still being finalized.

Toomey had sought to bar the Fed and Treasury Department from setting up any loan program similar to those established this year that have helped to keep credit flowing to corporate, municipal and medium-size business borrowers during the recession brought on by the coronavirus pandemic. The agreed-upon alternative, which was still being drafted near midnight on Saturday, aides familiar with the process said, would bar only programs that were more or less exact copycats of the ones newly employed in 2020.

The agreement was a critical breakthrough for lawmakers who have been racing to complete the emergency plan to rush direct payments, unemployment benefits and food and rental assistance to millions of Americans, as well as provide relief to businesses and funds for vaccine distribution. While negotiators were still wrangling over a number of smaller issues, the Federal Reserve language had emerged as the thorniest sticking point to a final agreement.

“If things continue on this path, and nothing gets in the way, we’ll be able to vote tomorrow,” Sen. Chuck Schumer, D-N.Y., the minority leader, told reporters as he left the Capitol shortly before midnight. “House and Senate.”

In an indication that a final deal was close, House leaders notified lawmakers to expect votes as soon as early Sunday afternoon.

President Donald Trump, who has been absent from the frenzied negotiations on the measure, weighed in on Twitter, exhorting Congress to “GET IT DONE” and provide “more money in direct payments.”

The emerging deal would send direct payments of $600 to many Americans and provide enhanced federal jobless payments of $300 per week until early spring. It would also provide hundreds of billions of dollars to prop up small businesses, schools and other institutions struggling amid the pandemic.

With government funding set to lapse Sunday and both chambers hoping to merge the stimulus package with a catchall measure to cover all federal spending for the remainder of the fiscal year, time was dwindling to finalize the recovery plan and rush it to Trump’s desk.

Without action by Congress, two programs designed to expand and enhance unemployment benefits are set to expire in the coming days, leaving about 12 million Americans without federal support. A number of other benefits are set to expire at the end of the year.

Democrats had said that Toomey’s proposal, which had been embraced by Republicans, amounted to an attempt to undercut President-elect Joe Biden and his administration’s ability to continue supporting the country’s economic recovery.

The Fed rolled out a wide-ranging suite of emergency loan programs in response to market disruptions in March and April, and Congress allotted $454 billion to back up those efforts in the first pandemic stimulus law, enacted in March. But Toomey remained concerned for months that the programs might last past the end of the year. Though Steven Mnuchin, the Treasury secretary, moved to claw back the money in mid-November, Toomey insisted that the new stimulus measure close off the programs for fear that a new Treasury secretary might try to restart the effort next year, once Biden takes office.

As initially drafted, Toomey’s proposal would have prevented the Fed and the Treasury Department from reestablishing emergency lending programs that had been backed by the congressional appropriation, and would have barred the creation of “similar” programs going forward.

While it was not clear exactly what the new language would say, two aides familiar with the agreement said it would prevent the new Treasury secretary from revamping carbon copies of the pandemic lending programs. But under the compromise struck late Saturday, proposed by Schumer, it would not prevent Fed emergency programs from lending to states or medium-size businesses in the future, so long as the design of the programs was somewhat different, the people said.

Toomey had been particularly concerned that Democrats might harness the Fed’s powers to funnel cheap money to state and local borrowers. Democrats have been seeking additional avenues to provide relief to those governments.

“This agreement will preserve Fed independence and prevent Democrats from hijacking these programs for political and social policy purposes,” Steve Kelly, a spokesman for Toomey, said in a statement.

Senators broke through an impasse late Saturday night over a Republican effort to curtail the powers of the Federal Reserve, clearing away what had been seen as the final hurdle to a deal on a $900 billion stimulus package as lawmakers raced against a Sunday night deadline to avoid a government shutdown.

Senators broke through an impasse late Saturday night over a Republican effort to curtail the powers of the Federal Reserve, clearing away what had been seen as the final hurdle to a deal on a $900 billion stimulus package as lawmakers raced against a Sunday night deadline to avoid a government shutdown. With time running out for a compromise, Sen. Patrick J. Toomey, R-Pa., agreed to narrow his effort to rein in the central bank, according to three aides familiar with the discussion. All three aides, speaking on the condition of anonymity, noted that the precise language was still being finalized. Toomey had sought to bar the Fed and Treasury Department from setting up any loan program similar to those established this year that have helped to keep credit flowing to corporate, municipal and medium-size business borrowers during the recession brought on by the coronavirus pandemic. The agreed-upon alternative, which was still being drafted near midnight on Saturday, aides familiar with the process said, would bar only programs that were more or less exact copycats of the ones newly employed in 2020. The agreement was a critical breakthrough for lawmakers who have been racing to complete the emergency plan to rush direct payments, unemployment benefits and food and rental assistance to millions of Americans, as well as provide relief to businesses and funds for vaccine distribution. While negotiators were still wrangling over a number of smaller issues, the Federal Reserve language had emerged as the thorniest sticking point to a final agreement. “If things continue on this path, and nothing gets in the way, we’ll be able to vote tomorrow,” Sen. Chuck Schumer, D-N.Y., the minority leader, told reporters as he left the Capitol shortly before midnight. “House and Senate.” In an indication that a final deal was close, House leaders notified lawmakers to expect votes as soon as early Sunday afternoon. President Donald Trump, who has been absent from the frenzied negotiations on the measure, weighed in on Twitter, exhorting Congress to “GET IT DONE” and provide “more money in direct payments.” The emerging deal would send direct payments of $600 to many Americans and provide enhanced federal jobless payments of $300 per week until early spring. It would also provide hundreds of billions of dollars to prop up small businesses, schools and other institutions struggling amid the pandemic. With government funding set to lapse Sunday and both chambers hoping to merge the stimulus package with a catchall measure to cover all federal spending for the remainder of the fiscal year, time was dwindling to finalize the recovery plan and rush it to Trump’s desk. Without action by Congress, two programs designed to expand and enhance unemployment benefits are set to expire in the coming days, leaving about 12 million Americans without federal support. A number of other benefits are set to expire at the end of the year. Democrats had said that Toomey’s proposal, which had been embraced by Republicans, amounted to an attempt to undercut President-elect Joe Biden and his administration’s ability to continue supporting the country’s economic recovery. The Fed rolled out a wide-ranging suite of emergency loan programs in response to market disruptions in March and April, and Congress allotted $454 billion to back up those efforts in the first pandemic stimulus law, enacted in March. But Toomey remained concerned for months that the programs might last past the end of the year. Though Steven Mnuchin, the Treasury secretary, moved to claw back the money in mid-November, Toomey insisted that the new stimulus measure close off the programs for fear that a new Treasury secretary might try to restart the effort next year, once Biden takes office. As initially drafted, Toomey’s proposal would have prevented the Fed and the Treasury Department from reestablishing emergency lending programs that had been backed by the congressional appropriation, and would have barred the creation of “similar” programs going forward. While it was not clear exactly what the new language would say, two aides familiar with the agreement said it would prevent the new Treasury secretary from revamping carbon copies of the pandemic lending programs. But under the compromise struck late Saturday, proposed by Schumer, it would not prevent Fed emergency programs from lending to states or medium-size businesses in the future, so long as the design of the programs was somewhat different, the people said. Toomey had been particularly concerned that Democrats might harness the Fed’s powers to funnel cheap money to state and local borrowers. Democrats have been seeking additional avenues to provide relief to those governments. “This agreement will preserve Fed independence and prevent Democrats from hijacking these programs for political and social policy purposes,” Steve Kelly, a spokesman for Toomey, said in a statement.

Lawmakers resolve fed dispute as they race to close stimulus deal

Japan's prime minister on Tuesday unveiled more than $700 billion in fresh stimulus to fund projects from anti-coronavirus measures to green tech, the country's third such package this financial year.

The coronavirus pandemic has wrought global economic carnage and countries across the world have announced massive cash injections.

Also read|&nbsp;<a href="https://www.wionews.com/world/more-people-died-by-suicide-in-october-than-from-covid-19-in-2020-in-japan-346347">More people died by suicide in October than from COVID-19 in 2020 in Japan</a>

Premier Yoshihide Suga said the latest package, worth 73.6 trillion yen ($708 billion) -- including loan schemes and actual government spending of around 40 trillion yen -- would be formally approved later Tuesday.

It is the first stimulus spending Suga has announced since taking office in September, and comes as Japan faces a spike in Covid-19 infections, with record numbers of new cases reported in recent weeks.

"We drew up (the stimulus package) to pave the way for new growth, to protect people's livelihoods as well as maintaining employment and keeping businesses going," he said.

Japan officially exited recession last month after three quarters of contraction, and hopes to cement its recovery with the latest spending -- which follows previous packages in April and June worth around 117 trillion yen each.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/world-business-watch-japan-announces-708-bn-in-fresh-stimulus-348263/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

Government data released Tuesday revised up Japan's GDP figure for the July-September period to 5.3 percent from a preliminary estimate of 5.0 percent.

The new package includes financial support for medical institutions and facilities for the elderly, and subsidies to continue a controversial domestic travel scheme supporting tourism-dependent businesses.

While Japan has seen a relatively small Covid-19 outbreak overall -- with 163,929 confirmed cases and 2,382 deaths -- there has been a sharp rise in infections, and doctors have warned that hospitals could be overwhelmed.

A severe shortage of medical staff has been reported in Osaka and the northern Hokkaido region, with local media saying military backup could be sent to hospitals there.

The package also features a $20 billion green tech fund designed to support projects from renewable energy development to pollution reduction.

In October, Suga set a 2050 deadline for Japan to become carbon neutral, significantly firming up the country's climate-change commitments.

Japan's prime minister on Tuesday unveiled more than $700 billion in fresh stimulus to fund projects from anti-coronavirus measures to green tech, the country's third such package this financial year.

Japan's prime minister on Tuesday unveiled more than $700 billion in fresh stimulus to fund projects from anti-coronavirus measures to green tech, the country's third such package this financial year. The coronavirus pandemic has wrought global economic carnage and countries across the world have announced massive cash injections. Also read| More people died by suicide in October than from COVID-19 in 2020 in Japan Premier Yoshihide Suga said the latest package, worth 73.6 trillion yen ($708 billion) -- including loan schemes and actual government spending of around 40 trillion yen -- would be formally approved later Tuesday. It is the first stimulus spending Suga has announced since taking office in September, and comes as Japan faces a spike in Covid-19 infections, with record numbers of new cases reported in recent weeks. "We drew up (the stimulus package) to pave the way for new growth, to protect people's livelihoods as well as maintaining employment and keeping businesses going," he said. Japan officially exited recession last month after three quarters of contraction, and hopes to cement its recovery with the latest spending -- which follows previous packages in April and June worth around 117 trillion yen each. × Government data released Tuesday revised up Japan's GDP figure for the July-September period to 5.3 percent from a preliminary estimate of 5.0 percent. The new package includes financial support for medical institutions and facilities for the elderly, and subsidies to continue a controversial domestic travel scheme supporting tourism-dependent businesses. While Japan has seen a relatively small Covid-19 outbreak overall -- with 163,929 confirmed cases and 2,382 deaths -- there has been a sharp rise in infections, and doctors have warned that hospitals could be overwhelmed. A severe shortage of medical staff has been reported in Osaka and the northern Hokkaido region, with local media saying military backup could be sent to hospitals there. The package also features a $20 billion green tech fund designed to support projects from renewable energy development to pollution reduction. In October, Suga set a 2050 deadline for Japan to become carbon neutral, significantly firming up the country's climate-change commitments.

Japan unveils fresh $700 billion stimulus package

India is planning to announce a fresh round of stimulus totalling about $20 billion this week to help pull the economy out of its historic contraction, government officials said on Wednesday.

India planning around $20 billion of new stimulus

A government surviving on China's alms thinks it can help India. A leader with a cash-strapped economy wants India to learn from him.

We are talking about Pakistan and its Prime Minister, Imran Khan.

Not too long ago, Imran Khan was releasing videos that depicted how helpless he had become during this pandemic. He now thinks he can dispense aid.

<a href="https://www.wionews.com/pakistan/pakistans-economy-contracts-for-first-time-in-68-years-by-038-pc-305208">Also read:&nbsp;Pakistan's economy contracts for first time in 68 years by -0.38 pc</a>

He is offering to help India with his "successful cash transfer programme." He posted this earlier today, with a Pakistani media report that read, "according to this report, 34% of households across India will not be able to survive for more than a week without additional assisstance.&nbsp;I am ready to help and share our successful cash transfer programme lauded internationally for its reach and transparency with India."

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
Acc to this report, 34% of households across India will not be able to survive for more than a week without add assistance. I am ready to offer help &amp; share our successful cash transfer prog, lauded internationally for its reach &amp; transparency, with India.<a href="https://t.co/CcvUf6wERM">https://t.co/CcvUf6wERM</a>
— Imran Khan (@ImranKhanPTI) <a href="https://twitter.com/ImranKhanPTI/status/1270994073864863745?ref_src=twsrc%5Etfw">June 11, 2020</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

"A successful program" says Imran Khan. Not too sure about the Pakistani citizens, but it has proved successful for the Pakistan&nbsp;government.

Islamabad has successfully diverted money from its relief program to keep business going. It has successfully used 10 billion Pakistani rupees to loan interests on electricity bills.

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-can-imran-khan-really-help-india-305247/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

"A programme lauded internationally" says Imran Khan. Does he mean the laurels it has earned from the international monetary fund?

<a href="https://www.wionews.com/india-news/our-stimulus-package-is-as-large-as-gdp-of-pakistan-india-tells-imran-khan-after-he-offers-help-305154">Also read:&nbsp;Our stimulus package is as large as GDP of Pakistan: India tells Imran Khan after he offers 'help'</a>

The IMF had to step in and urge the Pakistan government&nbsp;to freeze all non-development expenditure -- expenditure for which money was being derived from coronavirus funds.

What makes Imran Khan think he is any position to help India?

The report he is relying on is a month old;&nbsp;it was published on May 11 -&nbsp;a day before the Indian Prime Minister announced the 20 lakh crore 'atmanirbhar package' to restart the economy.

Also, the direct cash transfer programme hailed by the Pakistan Prime Minister is running on a bailout handed by the IMF.

In April 2020, IMF&nbsp;approved the disbursement of 1.3 billion dollars to Pakistan. This aid was in addition to the 6 billion dollars loan provided by IMF to Pakistan in July 2019. What makes Imran Khan think he is in position to help India?

Anyway, New Delhi has come down heavily on his bizarre tweet. India has reminded Pakistan how its coronavirus stimulus package alone is bigger than Pakistan's entire GDP.

Listen to this,&nbsp;a story that Imran Khan won't tweet about:&nbsp;the Pakistan army has unofficially taken control of the Pakistan government.

Islamabad is ceding whatever little space its civilians had in the country's nation-building policy to military generals.

Reports say that a dozen former and current military officials are heading the state-owned carrier. They are heading the power regulator.

The army is also in control of the national institute of health,&nbsp;responsible for the country's coronavirus response.

If anybody needs help right now, it is Imran Khan.

A government surviving on China's alms thinks it can help India. A leader with a cash-strapped economy wants India to learn from him. We are talking about Pakistan and its Prime Minister, Imran Khan.

A government surviving on China's alms thinks it can help India. A leader with a cash-strapped economy wants India to learn from him. We are talking about Pakistan and its Prime Minister, Imran Khan. Not too long ago, Imran Khan was releasing videos that depicted how helpless he had become during this pandemic. He now thinks he can dispense aid. Also read: Pakistan's economy contracts for first time in 68 years by -0.38 pc He is offering to help India with his "successful cash transfer programme." He posted this earlier today, with a Pakistani media report that read, "according to this report, 34% of households across India will not be able to survive for more than a week without additional assisstance. I am ready to help and share our successful cash transfer programme lauded internationally for its reach and transparency with India." Acc to this report, 34% of households across India will not be able to survive for more than a week without add assistance. I am ready to offer help & share our successful cash transfer prog, lauded internationally for its reach & transparency, with India.https://t.co/CcvUf6wERM — Imran Khan (@ImranKhanPTI) June 11, 2020 × "A successful program" says Imran Khan. Not too sure about the Pakistani citizens, but it has proved successful for the Pakistan government. Islamabad has successfully diverted money from its relief program to keep business going. It has successfully used 10 billion Pakistani rupees to loan interests on electricity bills. "A programme lauded internationally" says Imran Khan. Does he mean the laurels it has earned from the international monetary fund? Also read: Our stimulus package is as large as GDP of Pakistan: India tells Imran Khan after he offers 'help' The IMF had to step in and urge the Pakistan government to freeze all non-development expenditure -- expenditure for which money was being derived from coronavirus funds. What makes Imran Khan think he is any position to help India? The report he is relying on is a month old; it was published on May 11 - a day before the Indian Prime Minister announced the 20 lakh crore 'atmanirbhar package' to restart the economy. Also, the direct cash transfer programme hailed by the Pakistan Prime Minister is running on a bailout handed by the IMF. In April 2020, IMF approved the disbursement of 1.3 billion dollars to Pakistan. This aid was in addition to the 6 billion dollars loan provided by IMF to Pakistan in July 2019. What makes Imran Khan think he is in position to help India? Anyway, New Delhi has come down heavily on his bizarre tweet. India has reminded Pakistan how its coronavirus stimulus package alone is bigger than Pakistan's entire GDP. Listen to this, a story that Imran Khan won't tweet about: the Pakistan army has unofficially taken control of the Pakistan government. Islamabad is ceding whatever little space its civilians had in the country's nation-building policy to military generals. Reports say that a dozen former and current military officials are heading the state-owned carrier. They are heading the power regulator. The army is also in control of the national institute of health, responsible for the country's coronavirus response. If anybody needs help right now, it is Imran Khan.

Imran Khan offers 'help'; India slams back with a reminder of Pak's own debt

India on Thursday reminded Pakistan&nbsp;the size of the economic relief package extended by New Delhi to its citizens during the pandemic -- which was as large as Pakistan’s GDP.

This official statement came from the Ministry of External Affairs (MEA) in a sharp reply to Pakistan PM Imran Khan’s offer to "help" with the cash transfer programme to support India's poor during the coronavirus pandemic.

<a href="https://www.wionews.com/south-asia/cash-strapped-pakistan-wants-to-help-india-imran-offers-to-share-the-cash-transfer-programme-305114">Also read: Cash-strapped Pakistan wants to 'help' India, Imran offers to 'share the cash transfer programme'</a> 
 
"Our stimulus package is as large as the GDP of Pakistan," MEA spokesman Anurag Srivastava said.

Asking Pakistan PM to get a "better set of advisors", MEA&nbsp;reminded Islamabad of its debt problems.

<a href="https://www.wionews.com/south-asia/who-urges-pakistan-to-return-to-lockdown-as-hospitals-grapple-with-covid-19-cases-304834">Also read: WHO urges Pakistan to return to lockdown as hospitals grapple with COVID-19 cases</a> 
&nbsp; 
Srivastava said, "Pakistan is better known for making cash transfers outside the country rather than giving money to its people. PM Imran Khan needs a better set of advisors and&nbsp;better information".

Elaborating Pakistan's serious debt problem, he said that, "Pakistan would do well to recall they have a debt problem, which covers 90% of its GDP and they are asking for debt restructuring."

<a href="https://www.wionews.com/south-asia/bizarre-pakistans-press-continues-to-embarrass-islamabad-304923">Also read: Bizarre! Pakistan's press continues to embarrass Islamabad</a>

In a tweet, Imran&nbsp;Khan, citing a report by experts at the University of Pennsylvania, the University of Chicago and the Mumbai-based Centre for Monitoring the Indian Economy (CMIE) said, "34% of households across India will not be able to survive for more than a week without add assistance".

"I am ready to offer help &amp; share our successful cash transfer prog, lauded internationally for its reach &amp; transparency, with India," he added.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
Acc to this report, 34% of households across India will not be able to survive for more than a week without add assistance. I am ready to offer help &amp; share our successful cash transfer prog, lauded internationally for its reach &amp; transparency, with India.<a href="https://t.co/CcvUf6wERM">https://t.co/CcvUf6wERM</a>
— Imran Khan (@ImranKhanPTI) <a href="https://twitter.com/ImranKhanPTI/status/1270994073864863745?ref_src=twsrc%5Etfw">June 11, 2020</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

Pakistan in the last 24 hours has seen the biggest spike in coronavirus cases --&nbsp;5834 with 101 deaths. The total number of COVID cases in the country now stands at 1,19,536.

India on Thursday reminded Pakistan the size of the economic relief package extended by New Delhi to its citizens during the pandemic -- which was as large as Pakistan’s GDP.

India on Thursday reminded Pakistan the size of the economic relief package extended by New Delhi to its citizens during the pandemic -- which was as large as Pakistan’s GDP. This official statement came from the Ministry of External Affairs (MEA) in a sharp reply to Pakistan PM Imran Khan’s offer to "help" with the cash transfer programme to support India's poor during the coronavirus pandemic. Also read: Cash-strapped Pakistan wants to 'help' India, Imran offers to 'share the cash transfer programme' "Our stimulus package is as large as the GDP of Pakistan," MEA spokesman Anurag Srivastava said. Asking Pakistan PM to get a "better set of advisors", MEA reminded Islamabad of its debt problems. Also read: WHO urges Pakistan to return to lockdown as hospitals grapple with COVID-19 cases Srivastava said, "Pakistan is better known for making cash transfers outside the country rather than giving money to its people. PM Imran Khan needs a better set of advisors and better information". Elaborating Pakistan's serious debt problem, he said that, "Pakistan would do well to recall they have a debt problem, which covers 90% of its GDP and they are asking for debt restructuring." Also read: Bizarre! Pakistan's press continues to embarrass Islamabad In a tweet, Imran Khan, citing a report by experts at the University of Pennsylvania, the University of Chicago and the Mumbai-based Centre for Monitoring the Indian Economy (CMIE) said, "34% of households across India will not be able to survive for more than a week without add assistance". "I am ready to offer help & share our successful cash transfer prog, lauded internationally for its reach & transparency, with India," he added. Acc to this report, 34% of households across India will not be able to survive for more than a week without add assistance. I am ready to offer help & share our successful cash transfer prog, lauded internationally for its reach & transparency, with India.https://t.co/CcvUf6wERM — Imran Khan (@ImranKhanPTI) June 11, 2020 × Pakistan in the last 24 hours has seen the biggest spike in coronavirus cases -- 5834 with 101 deaths. The total number of COVID cases in the country now stands at 1,19,536.

Our stimulus package is as large as GDP of Pakistan: India tells Imran Khan after he offers 'help'

A press briefing by Australian Prime Minister Scott Morrison conducted to announce a new stimulus package turned comical for a few minutes on Thursday when he and reporters were told by a homeowner to get off a newly reseeded lawn.

No kidding here!

Morrison travelled to a housing construction site in Googong, 28 km (17 miles) south of Canberra to announce his government would spend nearly A$700 million ($480 million) to support an Australian construction sector hit hard by the coronavirus pandemic.

But as he spoke about the package supporting the "Australian dream" of home ownership, he was interrupted by a local resident.

"Can everyone get off the grass please," an unnamed local shouted at Morrison and the travelling press contingent. "Come on, I've just reseeded that."

Morrison quickly obliged, giving the man a thumbs up and an "all good".

It's still unclear though if the local resident actually knew "who" he was commanding to move on.

But guess, there's nothing wrong in having a little pride in a newly reseeded lawn.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
Nothing wrong with having pride in your lawn... <a href="https://twitter.com/9NewsAUS?ref_src=twsrc%5Etfw">@9NewsAUS</a> <a href="https://twitter.com/hashtag/auspol?src=hash&amp;ref_src=twsrc%5Etfw">#auspol</a> <a href="https://t.co/mQ5eqBmnvC">pic.twitter.com/mQ5eqBmnvC</a>
— Jonathan Kearsley (@jekearsley) <a href="https://twitter.com/jekearsley/status/1268354482057834496?ref_src=twsrc%5Etfw">June 4, 2020</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

Talking of coronavirus, Australia has suffered far fewer coronavirus cases than most other nations but its economy is facing its first recession in almost three decades despite billions of dollars in government support.

Morrison’s handling of the pandemic has helped his popularity soar, according to a Newspoll survey conducted for The Australian newspaper released last month.

A press briefing by Australian Prime Minister Scott Morrison conducted to announce a new stimulus package turned comical for a few minutes on Thursday when he and reporters were told by a homeowner to get off a newly reseeded lawn.

A press briefing by Australian Prime Minister Scott Morrison conducted to announce a new stimulus package turned comical for a few minutes on Thursday when he and reporters were told by a homeowner to get off a newly reseeded lawn. No kidding here! Morrison travelled to a housing construction site in Googong, 28 km (17 miles) south of Canberra to announce his government would spend nearly A$700 million ($480 million) to support an Australian construction sector hit hard by the coronavirus pandemic. But as he spoke about the package supporting the "Australian dream" of home ownership, he was interrupted by a local resident. "Can everyone get off the grass please," an unnamed local shouted at Morrison and the travelling press contingent. "Come on, I've just reseeded that." Morrison quickly obliged, giving the man a thumbs up and an "all good". It's still unclear though if the local resident actually knew "who" he was commanding to move on. But guess, there's nothing wrong in having a little pride in a newly reseeded lawn. Nothing wrong with having pride in your lawn... @9NewsAUS #auspol pic.twitter.com/mQ5eqBmnvC — Jonathan Kearsley (@jekearsley) June 4, 2020 × Talking of coronavirus, Australia has suffered far fewer coronavirus cases than most other nations but its economy is facing its first recession in almost three decades despite billions of dollars in government support. Morrison’s handling of the pandemic has helped his popularity soar, according to a Newspoll survey conducted for The Australian newspaper released last month.

'Get off the grass!': Australian PM's press announcement briefly turns comical

The European Commission will unveil a mega stimulus plan on Wednesday that help EU's economy after being hit by the coronavirus pandemic. The plan will include a mix of grants, loans and guarantees exceeding 1 trillion euros that raised controversy even before it was announced.&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/world/nations-begin-to-loosen-restrictions-amid-coronavirus-pandemic-301199" hreflang="en">Nations begin to loosen restrictions amid coronavirus pandemic</a>

This stimulus package aims to help countries and sectors that have been worst hit by coronavirus to recover as soon as possible. This is to protect the European Union's single market which consists of 450 million people from being fragmented by divergent economic growth and wealth levels as the 27-nation bloc emerges from its deepest-ever recession expected this year.

Also read:&nbsp;<a href="https://www.wionews.com/world/chinas-health-scores-for-citizens-here-to-stay-301192" hreflang="en">China's 'health scores' for citizens here to stay?</a>

The package is for countries like Italy, Greece, France, Portugal or Spain are burdened with high debt, they are dependant on the tourism sector. &nbsp;This sector has faced maximum losses due to the pandemic.&nbsp;

The controversy of the plan is that the Commission will borrow cheaply on the market against the security of the EU budget and then give some of the borrowed money, rather than lend it on, to those who need it most.

The stimulus package will also grant loans, repaid by governments who take them, and guarantees that could draw in many times more in private cash by reducing the risk of various investments.

But for countries like Netherlands, Sweden, Austria or Denmark, such grants are a concern as these loans will be financed by joint borrowing. Which means higher national contributions to the EU budget in the future or new taxes assigned to the EU.

The European Commission will propose new taxes as a follow up on its 2018 proposal. In 2018, the Commission asked EU governments to give it EU revenues from a tax on plastics and some money from the CO2 emissions trading scheme and national corporate taxes. It also proposed to phase out all the rebates various countries enjoy on their national contributions to the EU budget, halve the number of customs duties governments keep and to get a bigger share of the Value Added Tax paid to the EU.

The Commission did not get any support for the proposal two years ago.&nbsp;

The recovery money is to be used by the governments to transform to an economy that is climate neutral - emitting no more CO2 than it absorbs - by 2050 and more adapted to the digital age which are both EU priorities.

The European Commission will unveil a mega stimulus plan on Wednesday that help EU's economy after being hit by the coronavirus pandemic. The plan will include a mix of grants, loans and guarantees exceeding 1 trillion euros that raised controversy even before it was announced.

The European Commission will unveil a mega stimulus plan on Wednesday that help EU's economy after being hit by the coronavirus pandemic. The plan will include a mix of grants, loans and guarantees exceeding 1 trillion euros that raised controversy even before it was announced. Also read: Nations begin to loosen restrictions amid coronavirus pandemic This stimulus package aims to help countries and sectors that have been worst hit by coronavirus to recover as soon as possible. This is to protect the European Union's single market which consists of 450 million people from being fragmented by divergent economic growth and wealth levels as the 27-nation bloc emerges from its deepest-ever recession expected this year. Also read: China's 'health scores' for citizens here to stay? The package is for countries like Italy, Greece, France, Portugal or Spain are burdened with high debt, they are dependant on the tourism sector. This sector has faced maximum losses due to the pandemic. The controversy of the plan is that the Commission will borrow cheaply on the market against the security of the EU budget and then give some of the borrowed money, rather than lend it on, to those who need it most. The stimulus package will also grant loans, repaid by governments who take them, and guarantees that could draw in many times more in private cash by reducing the risk of various investments. But for countries like Netherlands, Sweden, Austria or Denmark, such grants are a concern as these loans will be financed by joint borrowing. Which means higher national contributions to the EU budget in the future or new taxes assigned to the EU. The European Commission will propose new taxes as a follow up on its 2018 proposal. In 2018, the Commission asked EU governments to give it EU revenues from a tax on plastics and some money from the CO2 emissions trading scheme and national corporate taxes. It also proposed to phase out all the rebates various countries enjoy on their national contributions to the EU budget, halve the number of customs duties governments keep and to get a bigger share of the Value Added Tax paid to the EU. The Commission did not get any support for the proposal two years ago. The recovery money is to be used by the governments to transform to an economy that is climate neutral - emitting no more CO2 than it absorbs - by 2050 and more adapted to the digital age which are both EU priorities.

European Union to unveil a mega stimulus package to recover economy

Structural reforms were the focus of the fourth tranche of the Rs 20 lakh-crore economic stimulus package -- to help the country become self-reliant -- that Union finance minister Nirmala Sitharaman announced in a press briefing on Saturday. The package was first announced by Prime Minister Narendra Modi on May 11 in a televised address to the nation.

Sitharaman&nbsp;gave a massive reform boost to mining, defence, civil aviation and power distribution sectors under the government's Rs 20 lakh-crore economic stimulus package.

The finance minister said the government would introduce competition, transparency and private sector participation in coal sector through a revenue sharing mechanism instead of regime of fixed rupee/tonne.&nbsp;

"PM Modi had said that we should prepare for tough competition. When we speak of AatmaNirbhar Bharat, we are not looking inwards; it is not isolationist policy. It simply means we are making India rely on its strengths, and are ready to face global challenges," Sitharaman said, adding today’s announcements will focus on structural reforms in new sectors, where growth is possible and employment is generated.

"We are going to focus on eight sectors today -- coal, minerals, defence production, airspace management, MROs, power distribution companies, space sectors, atomic energy," she said, adding, "once we decongest sectors, we can boost the sector, for growth and jobs."

A viability gap funding was provided for the creation of social infrastructure like hospitals, while a PPP model was proposed for the country's space programme.

The government also decided to establish research atomic reactor in PPP mode for the production of medical isotopes to provide affordable treatment for cancer and other diseases.

COAL AND MINING

Sitharaman said, "There is a need to reduce import of substitutable coal and increase self-reliance in coal production. Therefore, the government will introduce competition, transparency and private sector participation in coal sector through a revenue sharing mechanism instead of regime of fixed rupee/tonne. This means, now, any party can bid for a coal block and sell in the open market."

For this, entry norms will be liberalised.&nbsp;

The Centre will offer nearly 50 blocks immediately with no eligibility conditions, but only upfront payment with a ceiling.

"The sectoral reform for mining of minerals will boost growth, employment and bring state-of-the-art technology especially in exploration," Sitharaman said,&nbsp;adding, "the government will introduce a seamless composite exploration-cum-mining-production regime. As many as 500 mining blocks will be offered through an open and transparent auction process. The government will also introduce a joint auction of bauxite and coal mineral blocks to enhance aluminum industry's competitiveness. This will help the industry reduce electricity costs."

- Rationalisation of stamp duty payable at the time of award of mining leases will also be done

SELF RELIANCE IN DEFENCE PRODUCTION

India will ease limits on foreign direct investment in defence manufacturing,&nbsp;in a bid to bring more production into the country.

Under the plan, foreign investors would be able to own up to a 74% stake in defence manufacturing ventures, up from the current 49% limit. India would also expand the list of weapons that can not be imported,

"We will notify a list of weapons/platforms for ban on import with year wise timelines. There will be indigenisation of imported spares."

- Separate budget provisioning for domestic capital procurement

- Faster decision making in defence procurement

- Government to corporatise Ordnance Factory Board

AIRCRAFT MAINTENANCE, REPAIR AND OVERHAUL

- "India will become a global hub for Aircraft Maintenance, Repair and Overhaul (MRO). The tax regime for the MRO ecosystem has been rationalised. Aircraft component repairs and airframe maintenance to increase from Rs 800 crores to Rs 2000 crores in three years."&nbsp;

- "Airports Authority of India has awarded three airports out of six bid for operation and maintenance on Public-Private Partnership (PPP) basis. Additional investment by private players in 12 airports in first and second rounds expected around Rs 13,000 crore."

- "Restrictions on the utilisation of Indian Air Space will be eased so that civilian flying becomes more efficient. This will bring a total benefit of Rs 1,000 crore per year for the aviation sector."

- "Foreign Direct Investment limit in defence manufacturing under automatic route is being raised from 49 per cent to 74 per cent."

-&nbsp;Six more airports for auction under a PPE model. Annual revenue from this in the first round can amout to Rs 1,000 crore/year with an additional downpayment of Rs 2,300 crore for the Airports Authority of India. Additional investment by private players in 12 airports in the first and second rounds are expected to bring in around 13,000 crore. Another six airports will be put out for the third round of bidding

-&nbsp;Restrictions on utilisation of the Indian air space to be eased for increasing efficiency of passenger aircraft, to cut fuel usage and time&nbsp;

SOCIAL INFRASTRUCTURE PROJECTS

The government would boost private sector investments in social-infrastructure projects, like hospitals, by revamping the Viability Gap Funding Scheme. The total outlay for this has been pegged at Rs 8,100 crore.

- The government will also enhance the quantum of viability gap funding up to 30 per cent each of total project cost as VGF by Centre and State/Statutory bodies

TARIFF POLICY REFORMS AND POWER DISTRIBUTION

"A tariff policy with reforms will be released, including consumer rights, promotion of industry and sustainability of sector."

- Privatisation of Discoms in Union Territories

PRIVATE PARTICIPATION IN SPACE ACTIVITIES

"Indian private sector will be a co-traveller in the space sector journey. This will provide a level-playing field for private companies in satellites, launches and space-based services."&nbsp;

- Private sector will be allowed to use ISRO facilities and other relevant assets to improve their capacities

ATOMIC-ENERGY RELATED REFORMS

India's robust start-up ecosystem to the nuclear sector -- "Technology Development cum Incubation Centres will be set up for fostering synergy between research facilities and tech entrepreneurs."

'Will boost job opportunities: PM'

The economic measures would create many business opportunities and contribute to economic transformation, Prime Minister Narendra Modi said.

Taking to Twitter, the prime minister said important sectors such as coal, minerals, defence, aviation, space and atomic energy have been covered in the announcements made by Finance Minister Nirmala Sitharaman on Saturday.

"The measures and reforms announced will create many business opportunities and contribute to economic transformation," he said.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
Important sectors such as coal, minerals, defence, aviation, space and atomic energy have been covered in the announcements by the FM today. The measures and reforms announced will create many business opportunities and contribute to economic transformation.
— Narendra Modi (@narendramodi) <a href="https://twitter.com/narendramodi/status/1261664756701655041?ref_src=twsrc%5Etfw">May 16, 2020</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

PREVIOUS ANNOUNCEMENTS

In her third conference, Sitharaman had announced 11 measures for the agriculture sector as part of the third tranche of the government’s relief package. She announced a Rs 10,000 crore scheme for the formalisation of micro food enterprises, and the creation of a Rs 1 lakh-crore agriculture infrastructure fund for farm-gate infrastructure.&nbsp;

Earlier announcements had focussed on the poorer segments of society, including migrant labour, small and marginal farmers and urban poor, seems skewed more towards the long-term.

The ‘One Nation One Ration card’ scheme under which migrants will be enabled to access Public Distribution System from any Fair Price Shop in the country by March 2021 was a part of the prime minister's technology-driven system reforms.

Structural reforms were the focus of the fourth tranche of the Rs 20 lakh-crore economic stimulus package -- to help the country become self-reliant -- that Union finance minister Nirmala Sitharaman announced in a press briefing on Saturday.

Structural reforms were the focus of the fourth tranche of the Rs 20 lakh-crore economic stimulus package -- to help the country become self-reliant -- that Union finance minister Nirmala Sitharaman announced in a press briefing on Saturday. The package was first announced by Prime Minister Narendra Modi on May 11 in a televised address to the nation. Sitharaman gave a massive reform boost to mining, defence, civil aviation and power distribution sectors under the government's Rs 20 lakh-crore economic stimulus package. The finance minister said the government would introduce competition, transparency and private sector participation in coal sector through a revenue sharing mechanism instead of regime of fixed rupee/tonne. "PM Modi had said that we should prepare for tough competition. When we speak of AatmaNirbhar Bharat, we are not looking inwards; it is not isolationist policy. It simply means we are making India rely on its strengths, and are ready to face global challenges," Sitharaman said, adding today’s announcements will focus on structural reforms in new sectors, where growth is possible and employment is generated. "We are going to focus on eight sectors today -- coal, minerals, defence production, airspace management, MROs, power distribution companies, space sectors, atomic energy," she said, adding, "once we decongest sectors, we can boost the sector, for growth and jobs." A viability gap funding was provided for the creation of social infrastructure like hospitals, while a PPP model was proposed for the country's space programme. The government also decided to establish research atomic reactor in PPP mode for the production of medical isotopes to provide affordable treatment for cancer and other diseases. COAL AND MINING Sitharaman said, "There is a need to reduce import of substitutable coal and increase self-reliance in coal production. Therefore, the government will introduce competition, transparency and private sector participation in coal sector through a revenue sharing mechanism instead of regime of fixed rupee/tonne. This means, now, any party can bid for a coal block and sell in the open market." For this, entry norms will be liberalised. The Centre will offer nearly 50 blocks immediately with no eligibility conditions, but only upfront payment with a ceiling. "The sectoral reform for mining of minerals will boost growth, employment and bring state-of-the-art technology especially in exploration," Sitharaman said, adding, "the government will introduce a seamless composite exploration-cum-mining-production regime. As many as 500 mining blocks will be offered through an open and transparent auction process. The government will also introduce a joint auction of bauxite and coal mineral blocks to enhance aluminum industry's competitiveness. This will help the industry reduce electricity costs." - Rationalisation of stamp duty payable at the time of award of mining leases will also be done SELF RELIANCE IN DEFENCE PRODUCTION India will ease limits on foreign direct investment in defence manufacturing, in a bid to bring more production into the country. Under the plan, foreign investors would be able to own up to a 74% stake in defence manufacturing ventures, up from the current 49% limit. India would also expand the list of weapons that can not be imported, "We will notify a list of weapons/platforms for ban on import with year wise timelines. There will be indigenisation of imported spares." - Separate budget provisioning for domestic capital procurement - Faster decision making in defence procurement - Government to corporatise Ordnance Factory Board AIRCRAFT MAINTENANCE, REPAIR AND OVERHAUL - "India will become a global hub for Aircraft Maintenance, Repair and Overhaul (MRO). The tax regime for the MRO ecosystem has been rationalised. Aircraft component repairs and airframe maintenance to increase from Rs 800 crores to Rs 2000 crores in three years." - "Airports Authority of India has awarded three airports out of six bid for operation and maintenance on Public-Private Partnership (PPP) basis. Additional investment by private players in 12 airports in first and second rounds expected around Rs 13,000 crore." - "Restrictions on the utilisation of Indian Air Space will be eased so that civilian flying becomes more efficient. This will bring a total benefit of Rs 1,000 crore per year for the aviation sector." - "Foreign Direct Investment limit in defence manufacturing under automatic route is being raised from 49 per cent to 74 per cent." - Six more airports for auction under a PPE model. Annual revenue from this in the first round can amout to Rs 1,000 crore/year with an additional downpayment of Rs 2,300 crore for the Airports Authority of India. Additional investment by private players in 12 airports in the first and second rounds are expected to bring in around 13,000 crore. Another six airports will be put out for the third round of bidding - Restrictions on utilisation of the Indian air space to be eased for increasing efficiency of passenger aircraft, to cut fuel usage and time SOCIAL INFRASTRUCTURE PROJECTS The government would boost private sector investments in social-infrastructure projects, like hospitals, by revamping the Viability Gap Funding Scheme. The total outlay for this has been pegged at Rs 8,100 crore. - The government will also enhance the quantum of viability gap funding up to 30 per cent each of total project cost as VGF by Centre and State/Statutory bodies TARIFF POLICY REFORMS AND POWER DISTRIBUTION "A tariff policy with reforms will be released, including consumer rights, promotion of industry and sustainability of sector." - Privatisation of Discoms in Union Territories PRIVATE PARTICIPATION IN SPACE ACTIVITIES "Indian private sector will be a co-traveller in the space sector journey. This will provide a level-playing field for private companies in satellites, launches and space-based services." - Private sector will be allowed to use ISRO facilities and other relevant assets to improve their capacities ATOMIC-ENERGY RELATED REFORMS India's robust start-up ecosystem to the nuclear sector -- "Technology Development cum Incubation Centres will be set up for fostering synergy between research facilities and tech entrepreneurs." 'Will boost job opportunities: PM' The economic measures would create many business opportunities and contribute to economic transformation, Prime Minister Narendra Modi said. Taking to Twitter, the prime minister said important sectors such as coal, minerals, defence, aviation, space and atomic energy have been covered in the announcements made by Finance Minister Nirmala Sitharaman on Saturday. "The measures and reforms announced will create many business opportunities and contribute to economic transformation," he said. Important sectors such as coal, minerals, defence, aviation, space and atomic energy have been covered in the announcements by the FM today. The measures and reforms announced will create many business opportunities and contribute to economic transformation. — Narendra Modi (@narendramodi) May 16, 2020 × PREVIOUS ANNOUNCEMENTS In her third conference, Sitharaman had announced 11 measures for the agriculture sector as part of the third tranche of the government’s relief package. She announced a Rs 10,000 crore scheme for the formalisation of micro food enterprises, and the creation of a Rs 1 lakh-crore agriculture infrastructure fund for farm-gate infrastructure. Earlier announcements had focussed on the poorer segments of society, including migrant labour, small and marginal farmers and urban poor, seems skewed more towards the long-term. The ‘One Nation One Ration card’ scheme under which migrants will be enabled to access Public Distribution System from any Fair Price Shop in the country by March 2021 was a part of the prime minister's technology-driven system reforms.

Sitharaman gives reform boost to defence, civil aviation; commercial coal mining allowed

India's finance minister Nirmala Sitharaman on Friday unveiled the third tranche of<a href="https://www.wionews.com/india-news/vande-bharat-for-all-says-mea-after-bengal-accuses-centre-of-discriminating-between-states-298835"> economic </a>package related to strengthening infrastructure, capacities and building better logistics targeting&nbsp;governance and administrative reforms.

<a href="https://www.wionews.com/business-economy/second-tranche-of-economic-stimulus-will-benefit-migrant-workers-small-farmers-nirmala-sitharaman-298657">Also Read: Second tranche will benefit migrant workers &amp; small farmers, says&nbsp;Sitharaman</a>

"All coronavirus related deadline extensions relating to fisheries activities, many of them involving overseas contracts, have been honoured," the finance minister said, adding, "during COVID-19 lockdown period, the demand for milk reduced by 20-25 per cent."

Major announcements:

-Government introduces Rs 10,000 crores scheme for the formalisation of Micro Food Enterprises (MFE)&nbsp;promoting the government's "vocal for local with global outreach".

-The scheme to help 2 lakh MFEs by adopting cluster-based approach, for example, mango in Uttar Pradesh, kesar in Jammu &amp; Kashmir, bamboo shoots in the North-East, chilli in Andhra Pradesh and&nbsp;tapioca in Tamil Nadu.

-Government to immediately create a Rs 1 lakh crore agri-infrastructure fund for farm gate infrastructure for farmers.

-The fund to be used for setting up cold chains and post-harvest management infrastructure.

-A new scheme to provide interest subvention at 2 per cent per annum to dairy cooperatives for &nbsp;2020-21. The scheme will unlock Rs 5000 crore additional liquidity and benefit to two crore farmers.

India's finance minister Nirmala Sitharaman on Friday unveiled the third tranche of economic package related to strengthening infrastructure, capacities and building better logistics targeting governance and administrative reforms.

India's finance minister Nirmala Sitharaman on Friday unveiled the third tranche of economic package related to strengthening infrastructure, capacities and building better logistics targeting governance and administrative reforms. Also Read: Second tranche will benefit migrant workers & small farmers, says Sitharaman "All coronavirus related deadline extensions relating to fisheries activities, many of them involving overseas contracts, have been honoured," the finance minister said, adding, "during COVID-19 lockdown period, the demand for milk reduced by 20-25 per cent." Major announcements: -Government introduces Rs 10,000 crores scheme for the formalisation of Micro Food Enterprises (MFE) promoting the government's "vocal for local with global outreach". -The scheme to help 2 lakh MFEs by adopting cluster-based approach, for example, mango in Uttar Pradesh, kesar in Jammu & Kashmir, bamboo shoots in the North-East, chilli in Andhra Pradesh and tapioca in Tamil Nadu. -Government to immediately create a Rs 1 lakh crore agri-infrastructure fund for farm gate infrastructure for farmers. -The fund to be used for setting up cold chains and post-harvest management infrastructure. -A new scheme to provide interest subvention at 2 per cent per annum to dairy cooperatives for 2020-21. The scheme will unlock Rs 5000 crore additional liquidity and benefit to two crore farmers.

Sitharaman unveils third tranche of economic package targeting infrastructure & administrative reform

Senior Congress leader P Chidambaram on Wednesday mocked the prime minister's announcement of a Rs 20 lakh crore financial package as a "headline and blank page", and said he was looking forward to the finance minister filling the blank page.

Prime Minister Narendra Modi on Tuesday announced massive new financial incentives on top of the previously announced packages for a combined stimulus of Rs 20 lakh crore.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
Yesterday, PM gave us a headline and a blank page. Naturally, my reaction was a blank! 
 
Today, we look forward to the FM filling the blank page. We will carefully count every ADDITIONAL rupee that the government will actually infuse into the economy.
— P. Chidambaram (@PChidambaram_IN) <a href="https://twitter.com/PChidambaram_IN/status/1260403518042750979?ref_src=twsrc%5Etfw">May 13, 2020</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

Chidambaram said he would count every additional rupee the government infuses into the economy and examine what the poor, hungry and devastated migrant workers get after walking hundreds of kilometres to their home states.

"Yesterday, PM gave us a headline and a blank page. Naturally, my reaction was a blank!

"Today, we look forward to the FM filling the blank page. We will carefully count every ADDITIONAL rupee that the government will actually infuse into the economy," he said on Twitter.

The former finance minister said "We will also carefully examine who gets what?".

"And the first thing we will look for is what the poor, hungry and devastated migrant workers can expect after they have walked hundreds of kilometres to their home states.

"We will also examine what the bottom half of the population (13 crore families) will get in terms of REAL MONEY," he said in a series of tweets.

&nbsp;

Senior Congress leader P Chidambaram on Wednesday mocked the prime minister's announcement of a Rs 20 lakh crore financial package as a "headline and blank page", and said he was looking forward to the finance minister filling the blank page.

Senior Congress leader P Chidambaram on Wednesday mocked the prime minister's announcement of a Rs 20 lakh crore financial package as a "headline and blank page", and said he was looking forward to the finance minister filling the blank page. Prime Minister Narendra Modi on Tuesday announced massive new financial incentives on top of the previously announced packages for a combined stimulus of Rs 20 lakh crore. Yesterday, PM gave us a headline and a blank page. Naturally, my reaction was a blank! Today, we look forward to the FM filling the blank page. We will carefully count every ADDITIONAL rupee that the government will actually infuse into the economy. — P. Chidambaram (@PChidambaram_IN) May 13, 2020 × Chidambaram said he would count every additional rupee the government infuses into the economy and examine what the poor, hungry and devastated migrant workers get after walking hundreds of kilometres to their home states. "Yesterday, PM gave us a headline and a blank page. Naturally, my reaction was a blank! "Today, we look forward to the FM filling the blank page. We will carefully count every ADDITIONAL rupee that the government will actually infuse into the economy," he said on Twitter. The former finance minister said "We will also carefully examine who gets what?". "And the first thing we will look for is what the poor, hungry and devastated migrant workers can expect after they have walked hundreds of kilometres to their home states. "We will also examine what the bottom half of the population (13 crore families) will get in terms of REAL MONEY," he said in a series of tweets.

PM gave headline, blank page: Chidambaram on Modi's financial package

Indian shares soared on Wednesday after Prime Minister Narendra Modi outlined Rs 20 lakh crore stimulus package aimed at supporting an economy battered by a weeks-long lockdown to combat the novel coronavirus.

Indian shares soared on Wednesday after Prime Minister Narendra Modi outlined Rs 20 lakh crore stimulus package aimed at supporting an economy battered by a weeks-long lockdown to combat the novel coronavirus. The NSE Nifty 50 index rose 2.68% to 9,441.55 by 0350 GMT, while the S&P BSE Sensex was 2.80% higher at 32,254.16. The stimulus package would be equivalent to 10% of India's gross domestic product and includes both fiscal and monetary measures, some of which have already been announced, economists said. India's coronavirus infections have been rising steadily, and on Wednesday they surged past 74,000, with more than 2,400 deaths. Maruti Suzuki Ltd, India's largest automaker, and lender Kotak Mahindra Bank are expected to report March-quarter earnings later on Wednesday. (With inputs from Reuters)

Sensex, Nifty surge after PM Modi's Rs 20 lakh crore stimulus boost

Finance minister Nirmala Sitharaman announced today that MSME definition has been changed to allow units with investment up to Rs 1 crore to be called micro-units in place of Rs 25 lakh now.

<a href="https://www.wionews.com/business-economy/government-extends-deadline-to-file-income-tax-returns-till-november-30-298473">Also Read:&nbsp;Government extends deadline to file income tax returns till November 30</a>

Also, units with turnover of up to Rs 5 crore would be called "micro-units", she said, adding a turnover based criteria is being introduced to define small businesses.

The investment and turnover limits for small businesses has&nbsp;been raised to Rs 10 crore and Rs 50 crore respectively.

<a href="https://www.wionews.com/india-news/governments-financial-package-big-relief-for-msmes-indian-taxpayers-298416">Also Read:&nbsp;Government's financial package: Big relief for MSMEs, Indian taxpayers</a>

The finance minister said units with an investment of up to Rs 20 crore and turnover of up to Rs 100 crore will qualify as medium-size enterprise.

"The steps announced will boost liquidity, empower the entrepreneurs and strengthen their competitive spirit," India's Prime Minister Modi said.

Sitharaman announced Rs 3 lakh crore collateral-free automatic loan for businesses, including MSMEs.

"It will benefit 45 lakh small businesses," the finance minister said.

"Today's announcements by FM Sitharaman will go a long way in addressing issues faced by businesses, especially MSMEs," PM Modi added.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
Today’s announcements by FM <a href="https://twitter.com/nsitharaman?ref_src=twsrc%5Etfw">@nsitharaman</a> will go a long way in addressing issues faced by businesses, especially MSMEs. The steps announced will boost liquidity, empower the entrepreneurs and strengthen their competitive spirit. <a href="https://twitter.com/hashtag/AatmaNirbharBharatAbhiyan?src=hash&amp;ref_src=twsrc%5Etfw">#AatmaNirbharBharatAbhiyan</a>
— Narendra Modi (@narendramodi) <a href="https://twitter.com/narendramodi/status/1260559627982442497?ref_src=twsrc%5Etfw">May 13, 2020</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

Union Home Minister Amit Shah said the Narendra Modi government is committed to reviving the economy, help small businesses and boost employment.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
I thank PM <a href="https://twitter.com/narendramodi?ref_src=twsrc%5Etfw">@narendramodi</a>’s government for infusing liquidity of Rs 90,000 crore in DISCOMs, providing Rs 45,000 crore Partial Credit Guarantee Scheme 2.0 for NBFCs and Rs 50,000 crore liquidity through TDS/TCS rate reduction. <a href="https://twitter.com/hashtag/AatmaNirbharBharatAbhiyan?src=hash&amp;ref_src=twsrc%5Etfw">#AatmaNirbharBharatAbhiyan</a>
— Amit Shah (@AmitShah) <a href="https://twitter.com/AmitShah/status/1260557561859674112?ref_src=twsrc%5Etfw">May 13, 2020</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

"I thank PM @narendramodi and FM @nsitharaman for these unprecedented steps, targeted at assisting MSMEs, cope with challenges of COVID-19," India's home minister said, adding, "it reflects PM Modi's commitment to revive our economy, help small businesses and boost employment," he tweeted.

(With PTI inputs)

Finance minister Nirmala Sitharaman announced today that MSME definition has been changed to allow units with investment up to Rs 1 crore to be called micro-units in place of Rs 25 lakh now.

Finance minister Nirmala Sitharaman announced today that MSME definition has been changed to allow units with investment up to Rs 1 crore to be called micro-units in place of Rs 25 lakh now. Also Read: Government extends deadline to file income tax returns till November 30 Also, units with turnover of up to Rs 5 crore would be called "micro-units", she said, adding a turnover based criteria is being introduced to define small businesses. The investment and turnover limits for small businesses has been raised to Rs 10 crore and Rs 50 crore respectively. Also Read: Government's financial package: Big relief for MSMEs, Indian taxpayers The finance minister said units with an investment of up to Rs 20 crore and turnover of up to Rs 100 crore will qualify as medium-size enterprise. "The steps announced will boost liquidity, empower the entrepreneurs and strengthen their competitive spirit," India's Prime Minister Modi said. Sitharaman announced Rs 3 lakh crore collateral-free automatic loan for businesses, including MSMEs. "It will benefit 45 lakh small businesses," the finance minister said. "Today's announcements by FM Sitharaman will go a long way in addressing issues faced by businesses, especially MSMEs," PM Modi added. Today’s announcements by FM @nsitharaman will go a long way in addressing issues faced by businesses, especially MSMEs. The steps announced will boost liquidity, empower the entrepreneurs and strengthen their competitive spirit. #AatmaNirbharBharatAbhiyan — Narendra Modi (@narendramodi) May 13, 2020 × Union Home Minister Amit Shah said the Narendra Modi government is committed to reviving the economy, help small businesses and boost employment. I thank PM @narendramodi’s government for infusing liquidity of Rs 90,000 crore in DISCOMs, providing Rs 45,000 crore Partial Credit Guarantee Scheme 2.0 for NBFCs and Rs 50,000 crore liquidity through TDS/TCS rate reduction. #AatmaNirbharBharatAbhiyan — Amit Shah (@AmitShah) May 13, 2020 × "I thank PM @narendramodi and FM @nsitharaman for these unprecedented steps, targeted at assisting MSMEs, cope with challenges of COVID-19," India's home minister said, adding, "it reflects PM Modi's commitment to revive our economy, help small businesses and boost employment," he tweeted. (With PTI inputs)

Government changes definition of MSMEs; PM Modi says will 'empower entrepreneurs'

Prime Minister Narendra Modi on Tuesday announced a special stimulus package and gave a clarion call for 'Aatmanirbhar Bharat' in the wake of the coronavirus crisis that ravaged the Indian economy.

PM Modi, in a nationally televised&nbsp;address, noted that this package, taken together with earlier announcements by the government during the crisis and decisions taken by RBI, amounts to Rs 20 lakh crore -- equivalent to almost 10 per cent of India’s GDP.

The prime minister added that several bold reforms were needed to make the country self-reliant.

<a href="https://www.wionews.com/india-news/pm-modi-announces-rs-20-lakh-crore-economic-package-lockdown-40-guidelines-to-be-out-soon-298288">Also read | PM Modi announces Rs 20 lakh crore economic package; lockdown 4.0 guidelines to be out soon</a>

Here are the highlights/top quotes from his address --

- Scientists say that coronavirus will be a part of our lives for a very long time. But we can't let our lives remain confined around it. We will wear masks and maintain social distancing but we will not let it affect us. So lockdown 4.0 will be in a new form with new rules -- which will be given to you before May 18

- Every Indian must be vocal for local

- Special economic package will have emphasis on land, labour, liquidity and laws

- Medicines supplied by India have infused new hopes in the world which is fighting battle of life and death. With these steps, when India is being praised everywhere in the world

- Making India self-reliant is only way to make 21st century belong to India

- We had never seen or heard about such a crisis ever before. This is definitely unimaginable for mankind. This was unprecedented. But humanity will not accept defeat from this virus. We have to not only protect ourselves but also move further

- Before the outbreak, not a single PPE or N95 masks were made in India, but now we are making at least 2 lakh of PPE and 2 lakh N95 daily

- India’s self-reliance will be based on five pillars -&nbsp;economy, infrastructure, technology-driven system, vibrant demography and demand

- Time has taught us that we must make 'local' the mantra of our lives. Global brands that are there today were once local too but when people there started supporting them they became global

India imposed a nationwide lockdown on March 25 to combat the spread of the deadly virus. The government is now starting to pull back from one of the world's tightest lockdowns of 1.3 billion people that has left millions out of work and stranded in cities far from home while infections keep rising.

India's coronavirus infections have risen to 70,756, including 2,293 deaths.

Prime Minister Narendra Modi on Tuesday announced a special stimulus package and gave a clarion call for 'Aatmanirbhar Bharat' in the wake of the coronavirus crisis that ravaged the Indian economy.

Prime Minister Narendra Modi on Tuesday announced a special stimulus package and gave a clarion call for 'Aatmanirbhar Bharat' in the wake of the coronavirus crisis that ravaged the Indian economy. PM Modi, in a nationally televised address, noted that this package, taken together with earlier announcements by the government during the crisis and decisions taken by RBI, amounts to Rs 20 lakh crore -- equivalent to almost 10 per cent of India’s GDP. The prime minister added that several bold reforms were needed to make the country self-reliant. Also read | PM Modi announces Rs 20 lakh crore economic package; lockdown 4.0 guidelines to be out soon Here are the highlights/top quotes from his address -- - Scientists say that coronavirus will be a part of our lives for a very long time. But we can't let our lives remain confined around it. We will wear masks and maintain social distancing but we will not let it affect us. So lockdown 4.0 will be in a new form with new rules -- which will be given to you before May 18 - Every Indian must be vocal for local - Special economic package will have emphasis on land, labour, liquidity and laws - Medicines supplied by India have infused new hopes in the world which is fighting battle of life and death. With these steps, when India is being praised everywhere in the world - Making India self-reliant is only way to make 21st century belong to India - We had never seen or heard about such a crisis ever before. This is definitely unimaginable for mankind. This was unprecedented. But humanity will not accept defeat from this virus. We have to not only protect ourselves but also move further - Before the outbreak, not a single PPE or N95 masks were made in India, but now we are making at least 2 lakh of PPE and 2 lakh N95 daily - India’s self-reliance will be based on five pillars - economy, infrastructure, technology-driven system, vibrant demography and demand - Time has taught us that we must make 'local' the mantra of our lives. Global brands that are there today were once local too but when people there started supporting them they became global India imposed a nationwide lockdown on March 25 to combat the spread of the deadly virus. The government is now starting to pull back from one of the world's tightest lockdowns of 1.3 billion people that has left millions out of work and stranded in cities far from home while infections keep rising. India's coronavirus infections have risen to 70,756, including 2,293 deaths.

Key highlights of PM Modi's address to nation

United States President Donald Trump has insisted that Harvard, the world's wealthiest university, pay back millions it received under a massive government stimulus package meant to cushion the economy from the coronavirus pandemic.

"Harvard, you pay that money back. I want Harvard to pay the money back, okay? And if they don't do that, then we'll do something else," Trump said at his daily briefing on the pandemic on Tuesday.

"I don't like it at all. This is meant for workers. This isn't meant for one of the richest institutions ... In the world," the president continued.

The Cambridge, Massachusetts-based university, to this end, tweeted it was allocated USD 8.6 million as part of the historic USD 2.2 trillion package passed last month to stimulate the collapsing US economy.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
(1/5) Harvard did not apply for, nor has it received any funds through the U.S. Small Business Administration’s Paycheck Protection Program (PPP) for small businesses. Reports saying otherwise are inaccurate.
— Harvard University (@Harvard) <a href="https://twitter.com/Harvard/status/1252737743567888387?ref_src=twsrc%5Etfw">April 21, 2020</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

&nbsp;

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
(3/5) Like most colleges and universities, Harvard has been allocated funds as part of the CARES Act Higher Education Emergency Relief Fund.
— Harvard University (@Harvard) <a href="https://twitter.com/Harvard/status/1252737745606369281?ref_src=twsrc%5Etfw">April 21, 2020</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

&nbsp;

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
(5/5) This financial assistance will be on top of the support the University has already provided to students – including assistance with travel, providing direct aid for living expenses to those with need, and supporting students’ transition to online education.
— Harvard University (@Harvard) <a href="https://twitter.com/Harvard/status/1252737747414106118?ref_src=twsrc%5Etfw">April 21, 2020</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

&nbsp;

It said 100 per cent of the funds would be given to students "facing urgent financial needs due to the COVID-19 pandemic", and stressed that the money did not fall under the Paycheck Protection Programme for small business relief.

The Department of Education was to receive USD 30.8 billion to support schools and universities, which are closed across the country, under the stimulus package.

The Harvard Crimson reported on Tuesday that the university's endowment, the largest of any in the world, was last valued in 2019 at USD 40.9 billion -- though it cited administrators as saying that may have declined to the "mid 30-billion range" as a result of the coronavirus pandemic.&nbsp; 
&nbsp;

United States President Donald Trump has insisted that Harvard, the world's wealthiest university, pay back millions it received under a massive government stimulus package meant to cushion the economy from the coronavirus pandemic.

United States President Donald Trump has insisted that Harvard, the world's wealthiest university, pay back millions it received under a massive government stimulus package meant to cushion the economy from the coronavirus pandemic. "Harvard, you pay that money back. I want Harvard to pay the money back, okay? And if they don't do that, then we'll do something else," Trump said at his daily briefing on the pandemic on Tuesday. "I don't like it at all. This is meant for workers. This isn't meant for one of the richest institutions ... In the world," the president continued. The Cambridge, Massachusetts-based university, to this end, tweeted it was allocated USD 8.6 million as part of the historic USD 2.2 trillion package passed last month to stimulate the collapsing US economy. (1/5) Harvard did not apply for, nor has it received any funds through the U.S. Small Business Administration’s Paycheck Protection Program (PPP) for small businesses. Reports saying otherwise are inaccurate. — Harvard University (@Harvard) April 21, 2020 × (3/5) Like most colleges and universities, Harvard has been allocated funds as part of the CARES Act Higher Education Emergency Relief Fund. — Harvard University (@Harvard) April 21, 2020 × (5/5) This financial assistance will be on top of the support the University has already provided to students – including assistance with travel, providing direct aid for living expenses to those with need, and supporting students’ transition to online education. — Harvard University (@Harvard) April 21, 2020 × It said 100 per cent of the funds would be given to students "facing urgent financial needs due to the COVID-19 pandemic", and stressed that the money did not fall under the Paycheck Protection Programme for small business relief. The Department of Education was to receive USD 30.8 billion to support schools and universities, which are closed across the country, under the stimulus package. The Harvard Crimson reported on Tuesday that the university's endowment, the largest of any in the world, was last valued in 2019 at USD 40.9 billion -- though it cited administrators as saying that may have declined to the "mid 30-billion range" as a result of the coronavirus pandemic.

Trump not happy over Harvard receiving millions in coronavirus aid, wants it back

Equity benchmark Sensex was trading over 1,000 points higher in afternoon session on Thursday after Finance Minister Nirmala Sitharaman announced a stimulus package worth Rs 1.70 lakh crore to cushion the impact of the lockdown in wake of COVID-19 pandemic.

Paring early gains, the 30-share BSE barometer was up 1,055.11 points or 3.70 per cent at 29,590.89. It rallied over 1,500 points in morning session.

Similarly, the NSE Nifty stood 284.20 points, or 3.42 per cent, higher at 8,602.05 at 1430 hours.

&nbsp;IndusInd Bank was the top gainer in the Sensex pack, rallying up to 34 per cent, followed by Axis Bank, Bharti Airtel, L&amp;T, Bajaj Finance and HDFC.&nbsp;

On the other hand, Maruti, Reliance Industries, NTPC and Sun Pharma were among the top laggards.

&nbsp;To cushion the economic blow of the 21-day lockdown to contain the Covid-19 pandemic, Finance Minister Sitharaman announced a slew of measures to help the citizens survive the crisis. 
&nbsp;&nbsp; &nbsp; 
The Rs 1.70 lakh crore economic package will be implemented with immediate effect. 
&nbsp; 
The Pradhan Mantri Gareeb Kalyan scheme includes distribution of 5 kg of wheat or rice and one kg of preferred pulses free-of-cost every month over the next three months to 80 crore poor across the country and Rs 500 per month for next three months to as many of 20.5 crore women Jan Dhan Account holders. 
&nbsp; 
The government will front-load Rs 2,000 paid to farmers in first week of April under existing PM Kisan Yojana to benefit 8.69 crore farmers. 
&nbsp; 
The Finance Minister also said a Rs 50 lakh insurance cover will be given to healthcare workers who are at the forefront of dealing with the pandemic. 
&nbsp; 
The Indian rupee appreciated further by 84 paise to 75.10 against the US dollar in intra-day trade after the announcement.&nbsp; 
&nbsp; 
The number of COVID-19 cases climbed to 649 in India and the death toll rose to 13, with one death reported each from Gujarat, Tamil Nadu and Madhya Pradesh, according to the Health Ministry.

Equity benchmark Sensex was trading over 1,000 points higher in afternoon session on Thursday after Finance Minister Nirmala Sitharaman announced a stimulus package worth Rs 1.

Equity benchmark Sensex was trading over 1,000 points higher in afternoon session on Thursday after Finance Minister Nirmala Sitharaman announced a stimulus package worth Rs 1.70 lakh crore to cushion the impact of the lockdown in wake of COVID-19 pandemic. Paring early gains, the 30-share BSE barometer was up 1,055.11 points or 3.70 per cent at 29,590.89. It rallied over 1,500 points in morning session. Similarly, the NSE Nifty stood 284.20 points, or 3.42 per cent, higher at 8,602.05 at 1430 hours. IndusInd Bank was the top gainer in the Sensex pack, rallying up to 34 per cent, followed by Axis Bank, Bharti Airtel, L&T, Bajaj Finance and HDFC. On the other hand, Maruti, Reliance Industries, NTPC and Sun Pharma were among the top laggards. To cushion the economic blow of the 21-day lockdown to contain the Covid-19 pandemic, Finance Minister Sitharaman announced a slew of measures to help the citizens survive the crisis. The Rs 1.70 lakh crore economic package will be implemented with immediate effect. The Pradhan Mantri Gareeb Kalyan scheme includes distribution of 5 kg of wheat or rice and one kg of preferred pulses free-of-cost every month over the next three months to 80 crore poor across the country and Rs 500 per month for next three months to as many of 20.5 crore women Jan Dhan Account holders. The government will front-load Rs 2,000 paid to farmers in first week of April under existing PM Kisan Yojana to benefit 8.69 crore farmers. The Finance Minister also said a Rs 50 lakh insurance cover will be given to healthcare workers who are at the forefront of dealing with the pandemic. The Indian rupee appreciated further by 84 paise to 75.10 against the US dollar in intra-day trade after the announcement. The number of COVID-19 cases climbed to 649 in India and the death toll rose to 13, with one death reported each from Gujarat, Tamil Nadu and Madhya Pradesh, according to the Health Ministry.

Sensex trades 1,000 points higher after Finance Minister announces Rs 1.70 lakh cr-stimulus package

In the backdrop of coronavirus pandemic, Pakistan government on Wednesday announced Rs 1.25 trillion package to keep the economy afloat. 
 
The package will grant relief to SMEs and daily wage workers. "The federal and provincial governments are working together," Special Assistant to Prime Minister Hafeez Sheikh said, as reported by DAWN.On Tuesday, Leader of the Opposition in the National Assembly and PML-N President Shehbaz Sharif on Tuesday urged Prime Minister Imran Khan to call a meeting of the Council of Common Interests (CCI) to address the current coronavirus outbreak.

Also read:&nbsp;<a href="https://www.wionews.com/south-asia/amid-coronavirus-outbreak-pakistan-fears-religious-congregations-288478" hreflang="en">Amid coronavirus outbreak, Pakistan fears religious congregations</a> 
 
He also offered the government various solutions for combating the economic fallout of the novel coronavirus in the country. 
 
He proposed slashing the interest rate by three to four per cent. He further proposed to double the salaries of medical staff. 
 
He also asked to take the media on board and launching an awareness campaign. 
 
Prime Minister Imran Khan on Tuesday announced that petrol and diesel prices will be reduced by Rs 15."Petrol, diesel, kerosene and light diesel will all be reduced by Rs15 per litre," he said.

Also read:&nbsp;<a href="https://www.wionews.com/south-asia/coronavirus-in-pakistan-number-of-case-cross-1000-7-dead-288434" hreflang="en">Coronavirus in Pakistan: Number of case cross 1000, 7 dead</a> 
 
Pakistan`s tally of confirmed cases has also crossed 1,000 on Wednesday with 1,016 cases and seven deaths. 
 
The Province of Sindh remains worst affected with 413 cases followed by Punjab with 312 cases, 115 cases in Balochistan, 82 in Gilgit Baltistan and Pakistan Occupied Kashmir (PoK), 78 in Khyber Pakhtunkhwa and 16 in national-capital Islamabad.

In the backdrop of coronavirus pandemic, Pakistan government on Wednesday announced Rs 1.25 trillion package to keep the economy afloat. The package will grant relief to SMEs and daily wage workers.

In the backdrop of coronavirus pandemic, Pakistan government on Wednesday announced Rs 1.25 trillion package to keep the economy afloat. The package will grant relief to SMEs and daily wage workers. "The federal and provincial governments are working together," Special Assistant to Prime Minister Hafeez Sheikh said, as reported by DAWN.On Tuesday, Leader of the Opposition in the National Assembly and PML-N President Shehbaz Sharif on Tuesday urged Prime Minister Imran Khan to call a meeting of the Council of Common Interests (CCI) to address the current coronavirus outbreak. Also read: Amid coronavirus outbreak, Pakistan fears religious congregations He also offered the government various solutions for combating the economic fallout of the novel coronavirus in the country. He proposed slashing the interest rate by three to four per cent. He further proposed to double the salaries of medical staff. He also asked to take the media on board and launching an awareness campaign. Prime Minister Imran Khan on Tuesday announced that petrol and diesel prices will be reduced by Rs 15."Petrol, diesel, kerosene and light diesel will all be reduced by Rs15 per litre," he said. Also read: Coronavirus in Pakistan: Number of case cross 1000, 7 dead Pakistan`s tally of confirmed cases has also crossed 1,000 on Wednesday with 1,016 cases and seven deaths. The Province of Sindh remains worst affected with 413 cases followed by Punjab with 312 cases, 115 cases in Balochistan, 82 in Gilgit Baltistan and Pakistan Occupied Kashmir (PoK), 78 in Khyber Pakhtunkhwa and 16 in national-capital Islamabad.

Coronavirus: Pakistan announces ₹1.25 trillion package

Japanese Prime Minister Shinzo Abe unveiled <a href="https://www.wionews.com/business-economy/japan-preparing-120-billion-stimulus-package-as-recession-risks-grow-265859">$120 billion in stimulus measures</a> on Thursday, to help the world's third-largest economy overcome the aftermath of the nation's recent natural disasters.

The package is also aimed at helping the nation alleviate the impact of last month's tax hike and survive a potential economic slowdown after an Olympic boom.

"We will introduce a daring fiscal policy worth 13 trillion yen ($120 billion)," Abe told ministers and party leaders at the prime minister's office.

"We have crafted a powerful policy package," Abe added.

The package, expected to be endorsed at a cabinet meeting later in the day, totals some 26 trillion yen if spending by the private sector is counted, according to public broadcaster NHK and other local media.

Under the plan, the government will spend some six trillion yen on a public investment after a series of natural disasters,&nbsp;including killer Typhoon Hagibis,&nbsp;caused huge damage to the country's infrastructure, local media said.

Japan's economy has so far expanded this year, partially because of strong demand related to preparations for the Olympics, which will start in July next year. Some analysts warned the country may suffer a post-Olympic slump.

The package is also aimed at easing the impact of the consumption tax increase to 10 per cent from eight per cent on October 1 and helping Japanese firms prepare for a global economic slowdown due to the US-China trade dispute.

The Tokyo market welcomed the package.

"In particular, stimulus-related shares such as construction companies benefited from the announcement," Toshikazu Horiuchi, a broker at IwaiCosmo Securities, told AFP.

But Yusuke Shimoda, an economist at Japan Research Institute, warned the impact of the package could be "limited."

"The package is likely to boost infrastructure-related businesses, but is unlikely to help reform the nation's slow-growth economy fundamentally," Shimoda said.

The package will also include government measures to help expand exports of farm products as a bilateral trade accord between Tokyo and Washington is set to take effect next year, Kyodo News said.

Among other steps, the government will help people in their 30s and 40s, who have been struggling to find work due to past economic slowdowns, to land new jobs, it said.

Japanese Prime Minister Shinzo Abe unveiled $120 billion in stimulus measures on Thursday, to help the world's third-largest economy overcome the aftermath of the nation's recent natural disasters.

Japanese Prime Minister Shinzo Abe unveiled $120 billion in stimulus measures on Thursday, to help the world's third-largest economy overcome the aftermath of the nation's recent natural disasters. The package is also aimed at helping the nation alleviate the impact of last month's tax hike and survive a potential economic slowdown after an Olympic boom. "We will introduce a daring fiscal policy worth 13 trillion yen ($120 billion)," Abe told ministers and party leaders at the prime minister's office. "We have crafted a powerful policy package," Abe added. The package, expected to be endorsed at a cabinet meeting later in the day, totals some 26 trillion yen if spending by the private sector is counted, according to public broadcaster NHK and other local media. Under the plan, the government will spend some six trillion yen on a public investment after a series of natural disasters, including killer Typhoon Hagibis, caused huge damage to the country's infrastructure, local media said. Japan's economy has so far expanded this year, partially because of strong demand related to preparations for the Olympics, which will start in July next year. Some analysts warned the country may suffer a post-Olympic slump. The package is also aimed at easing the impact of the consumption tax increase to 10 per cent from eight per cent on October 1 and helping Japanese firms prepare for a global economic slowdown due to the US-China trade dispute. The Tokyo market welcomed the package. "In particular, stimulus-related shares such as construction companies benefited from the announcement," Toshikazu Horiuchi, a broker at IwaiCosmo Securities, told AFP. But Yusuke Shimoda, an economist at Japan Research Institute, warned the impact of the package could be "limited." "The package is likely to boost infrastructure-related businesses, but is unlikely to help reform the nation's slow-growth economy fundamentally," Shimoda said. The package will also include government measures to help expand exports of farm products as a bilateral trade accord between Tokyo and Washington is set to take effect next year, Kyodo News said. Among other steps, the government will help people in their 30s and 40s, who have been struggling to find work due to past economic slowdowns, to land new jobs, it said.

Japan unveils $120 billion stimulus package

stimulus-package

Stimulus Package, News on Stimulus Package, stories on Stimulus Package, articles on Stimulus Package, Stimulus Package stories at Wion, Stimulus Package news, Stimulus Package latest news