Finance minister pegs the cumulative value of stimulus measures announced in five days at Rs 11,02,650 crores, while the measures under the PM Garib Kalyan package have been pegged at Rs 1,92,800 crores.
In addition to these two announcements, the Government has pegged the value of Rs 8,01,603 crores.
According the calculation given by the Union government, the total value of these measures has been pegged at Rs 20,97,053 crores (Rs 21 lakh crores).
In last tranche, Finance Minister focuses on health, education & industry
Nirmala Sitharaman announced the final tranche of mega economic package
12:51 May 17
schedule of Rs 20 lakh crores package
12:48 May 17
schedule of Rs 20 lakh crores package
DETAILS OF MEGA PACKAGE:
On the last day of her five day announcement schedule of Rs 20 lakh crores package, finance minister Nirmala Sitharaman today pegged the value of total package, including earlier measures, at Rs 21 lakh crores.
In her presentation, finance minister pegged the value of earlier stimulus measures at Rs 1,92,800 crores before the announcement of five rounds of stimulus announced from Wednesday to Sunday.
Nirmala Sitharaman gives the break of first round of stimulus of Rs 5,94,500 crores.
She also pegs the value of second round of stimulus at Rs 3.1 lakh crores, while part three of stimulus package has been pegged at Rs 1.5 lakh crores and fourth and fifth rounds have been pegged at Rs 48,100 crores.
12:46 May 17
E-LEARNING:
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.
12:43 May 17
Big boost to digital/on-line education
special e-content will be developed for visually and hearing impaired channels
Manodarpan - to give psycholoigial support for students, teachers and families for mental health and emotional wellbeing to launched immediately
Manodarpan - an initiative under PM e-VIDYA
12:42 May 17
Ease of Doing Business Initiatives–
Indian Companies can list securities in permissible foreign jurisdictions directly
Under the ease of doing business initiatives, the government will allow private Indian companies to get listed in foreign jurisdiction.
Private companies who have non-convertible debentures will not be counted as listed companies.
12:41 May 17
In a major policy change, all the sectors of economy will be opened for private sector. The government will allow a comprehensive public sector enterprise policy.
12:33 May 17
Decriminalisation of Companies Act
Special insolvency framework for MSMEs to be brought out
Decriminalisation of Companies Act defaults violations involving minor and procedural defaults.
This will help in ease of doing business in this crisis time.
Ease of Doing Business Initiatives –
Indian Companies can list securities in permissible foreign jurisdictions directly
Under the ease of doing business initiatives, the government will allow private Indian companies to get listed in foreign jurisdiction.
Private companies who have non-convertible debentures will not be counted as listed companies.
12:30 May 17
Centre will increase borrowing limit of States from 3% to 5% of GDP
Centre will increase borrowing limit of States from 3% to 5% of GDP
Finance minister says States have a cumulative borrowing ceiling of Rs 6.41 lakh crore, as 3% of SGDP (state GDP), which the Centre will now increase to 5% of state GDP. It will increase their borrowing limit by additional Rs 4.28 lakh crores.
The Centre authorised them in April to borrow 75% of the total borrowing, despite that the state governments have only utilised only 14% of the authorised limit.
The Centre also accepted the demand of states to increase the ceiling limit from 3% to 5% of the GDP. But the increased limit will only be available for FY 2020-21.
12:10 May 17
Government will discourage mushrooming of PSUs.
POLICY CHANGE IN PSU:
In a major policy change, all the sectors of economy will be opened for private sector. The government will allow a comprehensive public sector enterprise policy.
List of strategic sectors requiring the presence of public sector will be notified and the government will ensure that at least one PSU will be there in the sector.
In other sectors, public sector enterprises will be present but the government will either privatise PSUs, merge them or consolidate them in not more than 4 PSUs, or they will be brought under the control of holding companies.
Government will discourage mushrooming of PSUs.
12:00 May 17
Finance minister says that states have registered a sharp decline and the government has transferred Rs 46,038 crores in April under the devolution of taxes to States, it was as per the pre-Covid plan of devolution.
Revenue Deficit Grants of Rs 12,390 crores during April-May despite stressed finances of the Union government.
The Centre has also released Rs 11,092 crore under the State Disaster Relief Fund (SDRF) in the first week of April.
Union health ministry also released Rs 4,113 crores to fund anti-Covid activities at state level.
RBI also increased ways and means advance (WMA) limits of states by 60%, the Central Bank also increased the number of days from 14 days to 21 days when a state can continuously be on overdraft and the total number of days when a state can be on overdraft in a quarter (3 months period) from *32 to 50 days*.
11:59 May 17
Decriminalisation of Companies Act
Decriminalisation of Companies Act
Decriminalisation of Companies Act defaults violations involving minor and procedural defaults.
This will help in ease of doing business in this crisis time.
11:58 May 17
Big boost to digital/on-line education
Big boost to digital/on-line education
special e-content will be developed for visually and hearing impaired channels
Manodarpan - to give psycholoigial support for students, teachers and families for mental health and emotional wellbeing to launched immediately
Manodarpan - an initiative under PM e-VIDYA
PM e-VIDYA - Objective - Multi-mode access to digital/online education
11:54 May 17
Online education during COVID19
E-LEARNING:
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.
11:52 May 17
HEALTH SECTOR REFORMS:
In all districts - Infectious Disease Blocks - will be set up - in district level hospitals
Public Expenditure in Health Sector will be increased
The focus will be on - grass root health institutions. Integrated Public Health Labs - will be set up in district and blocks - to manage pandemics in future
11:43 May 17
MNREGA WORKERS:
Finance minister says Rs 16,394 crore to 8.19 crore farmers have been transferred under the front-loading of PM Kisan Samman Nidhi.
We have also transferred Rs 1405 crore and Rs 1402 crores in two trances, against the total target of Rs 3,000 crores to be transferred to poor widows, senior citizens and disabled persons.
Finance minister says that over Rs 10,025 crores have also been transferred to over 20 crore women PM Jan Dhan account beneficiaries.
She also informed that cash relief has also been given to 2.02 crore building and construction workers while 6.81 crore cylinders have also been provided to Ujjwala Yojana beneficiaries.
While giving the details of online withdrawal facility of EPFO funds during the Covid-19 period, the finance minister informed that over 12 lakh workers have withdrawn Rs 6360 crores under the scheme.
Government will now allocate additional Rs 40,000 crore for Mahatma Gandhi Rural Employment Guarantee scheme over and above the budget estimate of Rs 60,000 crores. Today’s announcement will take the total allocation to MGNREA scheme to over Rs 1 lakh crore.
11:43 May 17
E-LEARNING:
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.
200 new text books added to e-Paathshala
Govt tied up with Airtel & Tata Sky to air educational video content. In addition to the existing 3 channels, 12 new Swayam Prabha DTH Channels to be added. PM e-VIDYA programme will be launched immediately. one channel for one class will launched under this programme
11:42 May 17
Main areas of focus announced
MAIN AREAS OF FOCUS:
Main areas of focus announced today were MNREGA, health - rural & urban.. education, business & covid, decraminalistio of companies act, ease of doing business and related matters, PSUs, state governments and resources related..
11:41 May 17
Health
HEALTH SECTOR REFORMS:
In all districts - Infectious Disease Blocks - will be set up - in district level hospitals
Public Expenditure in Health Sector will be increased
The focus will be on - grass root health institutions. Integrated Public Health Labs - will be set up in district and blocks - to manage pandemics in future
Health related steps taken so far
• Already announced – Rs 15,000 crore
• Roll out of e-sanjeevani tele-consultation services
• From zero (in pre-covid days) to more than 300 domestic manufacturers of PPEs
Out of the Rs 15,000 crore - Rs 4113 crores released to states, Rs 3750 crores for essential items and Rs 550 crore for testing labs. In addition to this, the government also offered a Rs 50 lakh insurance cover package for central government doctors, nurses, health workers including paramedics.
11:40 May 17
PM Kisan beneficiaries
PM Kisan beneficiaries–
one time transfer of Rs 2,000 each for 8.5 crore farmers over 12 lakh EPFO subscribers were benefitted as the government relaxes withdrawal rules. Shramik Rail Services - 85% of cost of travel - by central government..15% - by state government; during the travel and in the train - food by the central government
11:39 May 17
Relief to corporate sector:
Finance minister lists out earlier measures for giving relief to corporate sector, these include permission to hold virtual annual general meetings (AGMs), permission to send balance sheet, auditor’s report through email and extension of compliance deadline.
11:39 May 17
Focus on health sector:
Finance minister says Rs 15,000 crore package already announced for health sector. The government has already announced a package of Rs 15,000 crore for the health sector, Rs 4113 crores released to states, Rs 3750 crores for essential items and Rs 550 crore for testing labs. In addition to this, the government also offered a Rs 50 lakh insurance cover package for central government doctors, nurses, health workers including paramedics.
11:27 May 17
Nirmala Sitharaman
MAIN AREAS OF FOCUS:
Main areas of focus announced today were MNREGA, health - rural & urban.. education, business & covid, decraminalistio of companies act, ease of doing business and related matters, PSUs, state governments and resources related..
10:37 May 17
Key takeaways: Emphasis on land, labour, liquidity and law
Nirmala Sitharaman
Finance minister Nirmala Sitharmana says in the last four days of announcement, the government has announced several reform measures, particularly in the last two days. Immediately after the announcement of lockdown, we announced the PM Garib Kalyan scheme to ensure food to poor people as it was our duty. All the stakeholders, Food Corporation of India, Nafed, state governments, all worked very well.
Nirmala Sitharmana says Land, labour liquidity and law, all have been emphasised in this package.
“These measures are aimed at building an India that is strong enough to meet the global challenge,” added the finance minister.
She said that over 1600 crore transfers to farmers have been done and Rs 10,025 cash transfers to Jan Dhan account have been completed. Atleast Rs 6.81 crore free gass cylinders were provided.
Free grains and dal were given for free for two months to workers. It is important to provide every support after Covid and once business resumes after lockdown. FM appreciates efforts of FCI, NAFED & State agencies for the logistics support for transporting food grains in this crises time without DBT the money/benefits transfer wouldn't have been possible. PM Kisan beneficiaries – one time transfer of Rs 2,000 each for 8.5 crore farmers over 12 lakh EPFO subscribers were benefitted as the government relaxes withdrawal rules. Shramik Rail Services - 85% of cost of travel - by central government..15% - by state government; during the travel and in the train - food by the central government
Reforms to be focus of 5th and final tranche of eco stimulus package, says Finance Minister Nirmala Sitharaman.
Last Updated : May 17, 2020, 1:32 PM IST