FM Sitharman news live: Before we end our coverage today; here's the break-up of five tranches with allocations

The break up of the first tranche of announcements is amounting to Rs 5,94,550 crores under the economic package.

The stimulus provided in the second tranche of the economic package has amounted to Rs 3,10,000 crore.

The stimulus of Rs 1,50,000 crores in the third tranche was provided of the total Rs 20 lakh crores in the economic package, announced Nirmala Sitharaman.

The stimulus provided in the fourth & fifths tranches of the economic package amounts to Rs 48,100 crores.

Here's a recap of major annoucements made today:

ECONOMIC PACKAGE TRANCHE-5

FM Announces Seven Steps As Part Of Last Set Of The Economic Package

Steps Announced Today Are Related To MGNREGA, Health & Education, Businesses & COVID

Steps Announced Today Are Related To Decriminalisation Of Cos Act, Ease Of Doing Biz

Steps Announced Today Are Related To Public Sector Enterprises & State Govt Resources

FOR MGNREGA

Will Allocate Addl Rs 40,000 Cr Under MGNREGA, Total Allocation At Rs 1 Lk Cr

Will Help Generate Nearly Rs 300 Cr Person Days In Total

HEALTH AND EDUCATION

Public Expenditure On Health Will Be Increased

All Districts Will Have Infectious Diseases Blocks

National Institute Platform For Health With Support Of ICMR

PM e-Vidya Platform & One-class-one-channel Will Be Launched

Top 100 Universities Will Be Allowed To Start Online Courses

‘Manodarpan’ Initiative For Psychological Support Of Students, Teachers And Families

EASE OF DOING BIZ & IBC

Companies Can List Their Securities Directly Overseas

Pvt Cos Which List NCDs On Exchanges Won’t Be Regarded As Listed Cos

Insolvenvy Law Not To Be Triggered Because Of Defaults Due To COVID-19

No Fresh Insolvency Proceeding Will Be Initiated For 1 Year

For MSMEs, A New Insolvency Framework Will Be Notified Via Ordinance

Minimum Threshold To Initiate IBC Process Raised To Rs 1 Cr From Rs 1 Lakh

DECRIMINALISATION OF COS ACT

Decriminalise Of Companies Act With Respect To Technical Defaults

7 Compoundable Offences Will Be Dropped, 5 Will Be Dealt With Under Other Sections

PUBLIC SECTOR ENTERPRISE POLICY

Private Sector Will Be Allowed To Participate In All Sectors

Will Categorise Strategic Sectors; PSE Presence In These Areas Will Be Notified

Will Announce Policy Categorising Strategic Sectors & Others

In Strategic Categories, At Least 1 PSU Will Be Present, Pvt Sectors Can Also Participate

Not More Than 4 PSEs Will Be There In A Notified Sector

Either PSEs Will Be Merged Or Consolidated To 4 Or Less

ON STATE GOVT RESOURCES

Support Already Extended To State Govts In The Recent Past

Recognise States Also Facing Sharp Decline In Revenues, Like The Centre

Rs 46,038 Cr Was Devolved In April To States, Based On Calculation In Budget Estimates

Revenue Deficit Grants Of Rs 12,390 Cr Was Given To States On Time

SDRF Of Rs 11,092cr (State Disaster Relief Fund) Released In First Week Of April

State Borrowing Limit Hiked From 3% To 5% Of GSDP For FY21

States So Far Borrowed Only 14% Of The Borrowing Limit

Additional Rs 4.28 Lk Cr Resources Will Be Available To States Now

First 0.5% Increase In States Borrowing To Be Unconditional

From 3.5-4.5%, 1% In 4 Tranches Of 0.25% With Each Tranche Linked To Reform Actions

Reform Linkage w.r.t One Nation one Ration Card, ease of Doing Biz, Pwr Distribution & Urban Local Body Rev

Last 0.5% (4.5-5%) If Milestones Are Achieved In 3 Of 4 Reform Areas

May 17, 2020 12:50 PM

FM Sitharaman news live: Reserve Bank of India hikes borrowing limit for states by 60%

Speaking on the support which has been extended to state governments, Nirmala Sitharaman on Sunday said, "Like the Centre, the state is also witnessing a sharp drop in revenues. Over Rs 46,038 crore were devolved as tax revenue to states. Over Rs 12,000 crore were also dispensed on time. The Health Ministry has also released over Rs 14,000 crore. The RBI in a very timely step has increased ways of advancing limits for states by 60 percent. The number of days a state can be in an overdraft situation in a quarter has been raised."

Nirmala Sitharaman said, "Part of the borrowing by states will be linked to specific reforms. From 3-3.5 percent, the 0.5 percent will be an unconditional increase. Next 1 percent to be released in 4 tranches of 0.25 percent, with each tranche linked to clearly specified, measurable, and feasible reform actions. Further 0.5 percent will be given if milestones are achieved in at least three out of the four reform areas."

May 17, 2020 12:34 PM

Govt to privatise non-strategic PSUs: FM

Finance Minister Nirmala Sitharaman on Sunday said a new "coherent" public sector enterprises policy will be formulated that will define strategic sectors which will have not more than four PSUs.

List of strategic sectors requiring presence of public sector undertakings (PSUs) in public interest will be notified, she said while announcing her fifth and final economic stimulus package.

In strategic sectors, at least one enterprise will remain in the public sector but private sector will also be allowed.

In other sectors, PSUs will be privatised.

"To minise wasteful administrative costs, number of enterprises in strategic sectors will ordinarily be only one to four; others will be privatised/merged/brought under holding companies," she said.

May 17, 2020 12:26 PM

May 17, 2020 12:24 PM

FM Sitharaman news live: Public sector policy announced

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

May 17, 2020 12:23 PM

FM announces decriminalization of Companies Act Defaults, drops 7 compoundable offenses

FM Nirmala Sitharman on Sunday announced the decriminalization of companies act defaults involving minor technical and procedural violations. She said a majority of the compoundable offenses sections to be shifted to internal adjudication mechanism and powers of RD for compounding enhanced. The amendments will de-clog the criminal courts and NCLT. The seven compoundable offenses altogether dropped and 5 to be dealt with under alternative framework, she said.

May 17, 2020 12:19 PM

FM announces measures for ease of doing business for corporate

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

May 17, 2020 12:17 PM

Top 100 universities to soon start online courses, says FM

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, the FM said.

May 17, 2020 12:15 PM

May 17, 2020 12:12 PM

COVID-19 related debts shall be excluded from IBC; no default proceedings for 1 year, says FM Sitharaman

Attempting to address the insolvency under IBC related matters, Nirmala Sitharaman said that debts related to COVID-19 shall be excluded from defaults.

"No fresh insolvency proceeding will be initiated up to 1 year. At the moment MCA has extended this by 6 months, we intend to extend this by another 6 months. For MSMEs a special insolvency framework will be notified under section 240-A of IBC. The minimum threshold to initiate insolvency proceedings raised to Rs 1 crore from the earlier Rs 1 lakh, which largely insulates MSMEs."

May 17, 2020 12:01 PM

FM Sitharaman news live: Govt to increase public expenditure on health

To prepare India for any future pandemics, the government will increase Public Expenditure on Health and invest in grass-root health institutions, says the FM.

May 17, 2020 11:59 AM

Additional Rs 40,0000 crore for MGNREGA scheme, announces FM

FM Nirmala Sitharam said that a budget estimate for MNREGS is currently at Rs 61,000 crore.

"Government will now allocate an additional Rs 40,000 crore under the scheme. This will generate Rs 300 crore more person-days of work and will address the need for work for returning migrants." she said.

May 17, 2020 11:56 AM

FM Nirmala Sitharaman news live: Online education provision made

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, the FM said.

May 17, 2020 11:51 AM

Finance Minister Nirmala Sitharaman raises allocation for MNREGA, the rural development work scheme

FM Sitharaman raised the allocation for MNREGA by Rs 40,000 crore, increasing it from the earlier budget estimate of Rs 61,000 crore.

May 17, 2020 11:49 AM

FM Nirmala Sitharaman news live: Centre borne 85% cost of Shramik trains

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, the FM said.

May 17, 2020 11:45 AM

Load more