Union Finance Minister Nirmala Sitharaman and MoS Finance Anurag Thakur on Sunday addressed a press conference on the 5th and last tranche of announcements under Aatmanirbhar Bharat Abhiyan. FM has addressed 5 press conferences in the past 5 days to give details of the massive Rs 20 lakh crore new financial incentives announced by Prime Minister Narendra Modi in his address to the nation on Tuesday. Here are TOP THINGS TO KNOW from the 5th and last tranche of announcements:-

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

- The stimulus of Rs 1,92,800 crores was given even before the PM spoke of the new economic package: FM

- States have so far borrowed only 14 per cent of the limit which is authorised to them. 86 per cent of the limit remains unutilised. Centre has decided to increase borrowing limits of states from 3 per cent to 5 per cent of Gross State Domestic Product (GSDP) for 2020-21: FM

- The states have seen a sharp decline in the revenue, we have consistently extended help to the states. Revenue Deficit Grants to states of Rs 12,390 crores was given on time in April&May despite Centre's stressed resources; devolution of taxes of Rs 46,038 in April given fully: FM

- Govt to announce a new public sector policy- a list of strategic sectors requiring presence of PSEs in public interest will be notified. In strategic sectors,at least 1 enterprise to remain in public sector but pvt sector to be allowed. In other sectors,PSEs to privatised: FM

- Now, Indian public companies can list their securities directly in foreign jurisdictions. Private companies which list Non Convertible Debentures on stock exchanges will not be regarded as listed companies: Finance Minister Nirmala Sitharaman

- Decriminalisation of Companies Act defaults;7 compoundable offences altogether dropped and 5 to be dealt with under alternative framework. The amendment will de-clog the criminal courts and NCLT: FM Sitharaman

- Debts due to COVID19 will not be included in the category of 'default': Finance Minister Nirmala Sitharaman

-Timely action was taken during COVID19 to reduce compliance burden under various provisions of Companies Act. Board meetings were allowed to be online, rights issues can be done digitally, major reform in corporate governance: Finance Minister Nirmala Sitharaman

- Technology-driven education to be the focus- PM eVIDYa programme for multi-mode access to digital/online education to be launched immediately. Top 100 universities will be permitted to automatically start online courses by 30th May 2020: FM

-Health expenditure will be increased&investment at grassroots level will be ramped up for health and wellness centres, with particular focus on aspirational districts. All districts will have infectious diseases block in hospitals. Public health labs will be set up at block levels:FM

- 44% recovery achieved since the inception of Insolvency and Bankruptcy Code: FM Nirmala Sitharaman

 - The government will now allocate an additional Rs 40,000 crores to MGNREGS to provide employment boost: Finance Minister Nirmala Sitharaman

- More than Rs 4,113 crores have been released to states. Insurance cover of Rs 50 lakhs per person has been announced for healthcare workers and Epidemic Diseases Act was amended for protection of healthcare workers: Finance Minister Nirmala Sitharaman

- The Government is working on a mission mode on the next phase of 'ease of doing business' reforms: Finance Minister Nirmala Sitharaman

- Today, announcements will be made about 7 steps taken by the govt - MGNREGA, health & education related steps, business & COVID, decriminalization of Companies Act, ease of doing business, public sector enterprises, state govt resources: Finance Minister Nirmala Sitharaman

- Online education during COVID19: Swayam Prabha DTH channels launched to support and reach those who do not have access to the internet; now 12 channels to be added: FM Nirmala Sitharaman

- Govt has taken a number of health-related steps for COVID19 containment- Rs 15000 crore announced for states, essential items and testing labs and kits alongwith rolling out of teleconsultation services, launch of Arogya Setu app and protection to health care workers with adequate PPEs: FM

- Shramik special trains were started when it was possible for workers to move, states were requested to bring workers to stations, 85% cost was borne by the Central government: FM Nirmala Sitharaman

- 20 crore Jan Dhan account holding women got Rs 10,025 crores. 2.2 crore building and construction workers got Rs 3,950 crores. 6.81 crore people got free LPG cylinders and12 lakh EPFO holders got online withdrawal of advance: FM Sitharaman

- One-time transfer of Rs 2,000 has reached 8.19 crore farmers, total amount Rs 16,394 crore. NSAP beneficiaries got Rs 1,405 crore in first installment & Rs 1,402 crore in second instalment, target of Rs 3,000 crore nearly achieved: Finance Minister Nirmala Sitharaman

- Pradhan Mantri Garib Kalyan package used technology to do direct benefit transfer to people. We could do what we did because of the initiatives taken during the last few years: FM Sitharaman

- Pulses were given 3 months in advance. I appreciate concerted efforts of Food Corporation of India, National Agricultural Cooperative Marketing Federation of India an states, giving pulses and grains in huge quantities, despite logistical challenges: Finance Minister Nirmala Sitharaman

 - Reforms to be focus of 5th and final tranche of eco stimulus package, says Finance Minister Nirmala Sitharaman

- Union Finance Minister Nirmala Sitharaman begins her press conference on the 5th and last tranche of announcements under Aatmanirbhar Bharat Abhiyan. 

WATCH ZEE BUSINESS LIVE TV

On Saturday, in a mega push to boost mining, defence, civil aviation and power distribution sectors, Finance Minister Nirmala Sitharaman, here on Saturday, announced deep structural reforms under the Rs 20 lakh crore economic package for the 'self-reliant India' programme, announced by Prime Minister Narendra Modi recently. The Minister detailed makeover initiatives for eight key sectors, to be supported and promoted via structural reforms.

The biggest reform measure, ending one the last great central monopolies, announced was for the coal sector, where mining has been deregulated. The Minister said nearly 50 blocks would be offered for auction immediately, and in a departure from the tradition, there will no eligibility conditions, only upfront payment with a ceiling.

The Rs 50,000 crore infrastructure development will be instituted for evacuation of coal to help Coal India's (CIL) achieve the 1 billion tonnes output target by 2023-24, plus the coal produced from private blocks. The coal-based methane gas reserves will also be auctioned and incentives be provided for conversion of coal into gas. A new regime for seamless composite exploration-cum-mining-cum-production will be introduced, and joint auction of bauxite and coal blocks for the aluminium industry will be conducted.

Similarly, a major set of reforms has been announced for the defence manufacturing sector. The foreign direct investment (FDI) limit for the industry will be raised from 49 per cent to 74 per cent under the automatic route. Sitharaman assured of time-bound defence procurement process and faster decision-making under the new policy. The Centre will also set up a project management unit to support contract management.

It has also been decided to notify certain weapons and platform that would not be imported and efforts would be made for local production of spares. The Centre will also go for corporatisation of the Ordnance Factory Board to improve autonomy, accountability and efficiency in ordnance supplies.

Six more airports have been identified for the second round of bidding for operation and maintenance on the public-private partnership (PPP) basis. The air space availability will also be eased to allow airlines save cost and passengers, flying time.

For the power distribution business, the Minister said discoms in the Union Territories would be privatised. A Rs 8,100 crore revamped-up viability gap funding scheme was also announced for social infrastructure projects. The government will encourage the private sector's participation in the space sector through collaboration with the Indian Space Research Organization (ISRO) and a liberal geo-spatial data policy. A medical isotope producing research reactor will be set up under the PPP mode.