Nirmala Sitharaman press conference Live: In FM's final tranche, privatising PSUs, relief for struggling firms
Where did the Rs 20 lakh crore go? FM answers
- Earlier measures: Rs 1,92,000 crore
- Tranche 1: Rs 5,94,550 crore
- Tranche 2: Rs 3,10,000 crore
- Tranche 3: Rs 1,50,000 crore
- Tranche 4+5: Rs 48,100 crore
- RBI measures: Rs 8,01,603 crore
- Total: 20,97,053 crore
Breaking up Rs 20 lakh crore
Breaking up Rs 20 lakh crore
Breaking up Rs 20 lakh crore
Breaking up Rs 20 lakh crore
Breaking up Rs 20 lakh crore
State support
A specific scheme will be notified by the Department of Expenditures
- Unconditional increase of 0.50%
- 1% in 4 tranches of 0.25% with each tranche linked to clearly specified, measurable and feasible reform actions
- 0.5% of milestones are achieved in at least three out of four reform areas
Part of the borrowing will be linked to specific reforms
Reform linkage will be in four areas
- One Nation One Ration Card
- Ease of Doing Business
- Power distribution
- Urban local body revenues
Centre has decided to increase borowing limit of states from 3% to 5% for FY21. This will give extra resources of Rs 4.28 lakh crore to states
New Public Sector Enterprise Policy introduced
All sectors to be now open for private players
- List of strategic sectors requiring the presence of PSEs in public interest will be notified
- In strategic sectors, at-least one enterprises will remain in the public sector but the private sector will also be allowed
- In other sectors, PSEs will be privatised
- To minimize wasteful administrative costs, the number of enterprises in strategic sectors will be between one to four, others will be privatised or merged or brought under holding companies.
Ease of Doing Business for Corporates
This will help companies to directly list their securities in foreign jurisdiction
Private companies which list non-convertible debentures on stock exchange not to be regarded as listed companies
Private companies which list non-convertible debentures on stock exchange not to be regarded as listed companies
Reforms in the pipeline
Government moves to decriminalise Companies Act defaults
7 compoundable offences altogether dropped and 5 to be dealt with under alternative framework
Big boost for struggling businesses
- Debts related to Covid will be excluded from default under IBC
- No fresh insolvency case will be initiated for up to a year
- For MSMEs, a special insolvency framework will be notified
- Minimum threshold for insolvency raised from Rs 1 lakh to Rs 1 crore
Tech-driven education for all
- PM e-Vidya programme fr multi-mode access
- One nation one digital facility under DIKSHA for school education
- One year-marked TV channel for every class
- Extensive use of radio
- Special e-content for Divyang children
- Top 100 universities will automatically be allowed to start online courses by May 30, 2020
Getting ready for future health emergencies
- Ramping up the health infrastructure
- All districts to have infectious diseases block
- Public health labs to be set up in all districts at the block level
Job security for farmers during monsoon
- Budget estimate was Rs 61,000 crores
- Additional Rs 40,000 crores allotted
Health-related steps that have been undertaken
- Rs 15,000 crore was released
- Insurance cover of Rs 50 lakhs per person for health professionals
- Made sure telemedicine comes into play
- Capacity building exercises have been taken up
- Epidemic Diseases Act was amended for protection of health care workers
India will emerge stronger from the crisis
- Finance minister
Seven steps in FM's final tranche
- MNREGA
- Healthcare & education
- Business during Covid
- Decrimilisation of Companies Act
- Ease of doing business
- PSUs and policies
- State govt and resources
Direct benefit transfer of Rs 2,000 each has been done to 8.19 crore PM KISAN beneficiaries during lockdown period
PM Garib Kalyan package has been used to provide food for the poor, despite logistical challenges
- Sitharaman
In the last instalment
What the market wants is the near-term booster shots from the government. Today’s announcements will take time to reflect in the economy.
- Sanjeev Hota, Vice-President and Head of Research, Sharekhan
Infra and PSU reforms likely in FM's final tranche?
A lot of these measures announced so far need not have waited for Covid-19
- Dhiraj Relli, MD & CEO, HDFC Securities
FM's fourth tranche had something for Elon Musk
- Pvt sector gets co-pilot seat in space sector
- Regulatory ease to be extended to firms
- Pvt firms can use Isro facilities
- Space exploration opened for pvt players
- Liberal geo-spatial policy
This move may reduce your flying cost
Convergence of defence and civil MROs to be established to save money on maintenance
When we talk of self-reliant Bharat, we should prepare ourselves also for tough competition
- Nirmala Sitharaman
Fourth tranche recap
- Govt lets go of Coal, allows private players
- Make in India push for defence
- New wings for Aviation
- Rationalising air space to reduce flying time, save fuel
- Air space curbs to be removed
- Tariff policy reform for power
- Pvt sector gets co-pilot seat in space sector
- Atomic energy reforms
India's Covid numbers today
5,000 new cases take India's tally to 90,927; 2,872 casualties reported so far
A boost for farmers
- A Rs 1 lakh crore agriculture infrastructure fund
- Rs 10,000 crore scheme for micro food enterprises.
- Rs 20,000 crore allocation for fisheries
- Rs 15,000 crore for animal husbandry infrastructure
- Amendment to the Essential Commodities Act
What came first
Sitharaman's offers under the first tranche included funding — as well as loan guarantees — small businesses, non-bank lenders, discoms and salaried workers.
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