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Wednesday, May 27, 2020

FM Nirmala Sitharaman Speech HIGHLIGHTS: ‘All sectors will be opened for private players’

FM Nirmala Sitharaman Speech HIGHLIGHTS: Sitharaman said, "Rs 16,394 crore has reached 8.19 crore farmers. Twenty crore women were benefited after Rs 10,025 crore were deposited in their accounts."

By: Express Web Desk | New Delhi | Updated: May 17, 2020 3:34:40 pm
Nirmala Sitharaman presser underway. (Photo: ANI)

FM Nirmala Sitharaman Speech HIGHLIGHTS: Listing out steps to provide relief to migrants and other sections, Finance Minister Nirmala Sitharaman Sunday said the central government has deposited cash in their accounts and distributed foodgrains and gas cylinders for free.

While announcing the final tranche of Covid economic package, Sitharaman said, “Rs 16,394 crore has reached 8.19 crore farmers. Twenty crore women were benefited after Rs 10,025 crore were deposited in their accounts. The building and construction workers also received their financial support due to Direct Benefit Transfer. We immediately responded to cash transfers and provided cooking gas to those in need.”

Here are the key highlights from Nirmala Sitharaman’s today’s announcements:

# Rs 16,394 crore has reached 8.19 crore farmers. Twenty crore women were benefited after Rs 10,025 crore were deposited in their accounts

# 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

# 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

# 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

# 12 lakh EPFO holders got online withdrawal of advance

# Govt has taken a number of health-related steps for COVID19 containment Rs 15,000 crore announced for states, essential items and testing labs and kits alongwith rolling out of teleconsultation services,launch of Arogya Setu app&protection to health care workers with adequate PPEs

# Swayam Prabha DTH channels launched to support and reach those who do not have access to the internet; now 12 channels to be added

# 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

# Additional Rs 40,000 crore will be allocated for MGNREGA

# Diksha: one nation one digital platform will be launched for e-education. Online content for students with disablities

# One class, one channel will also be launched. Radio content focused on education

# Top 100 universities can automatically start online courses

# Special insolvency framework for MSMEs will be announced. Threshold now Rs 1 crore

# Debts due to COVID-19 will not be included in the category of ‘default’

# Decriminalisation of Companies Act defaults; seven compoundable offences altogether dropped and five to be dealt with under alternative framework. The amendment will de-clog the criminal courts and NCLT

# Companies can list securities directly in foreign jurisdiction

# All sectors will be opened for private players

# In notified strategic sectors, no more than four public enterprises. If more, they will be merged to brought down the number to four or less. No more mushrooming PSUs in notified strategic sector. Private players will slowly come in

# States facing sharp decline in their revenue. Central government helping states consistently Rs 46,038 crore devolved to states based on the budgetary estimates

# Revenue deficit grant of Rs 12,390 crore given in time in April and May, despite Centre’s stressed resources

# State disaster relief fund of Rs 11,092 crore released in advance keeping in mind the Covid-19 pandemic. Rs 4,113 crores released by Health Ministry

# States have borrowed just 14 % of their authorised borrowing limit as of now. 86% remains unutilised

# Keeping in mind states’ request to increase the borrowing limit, additional Rs 4.28 lakh crore will be made available for the state to borrow. The limit hiked from 3% of GSDP to 5% of GSDP

# Hike in states borrowing limit not fully unconditional. 0.5% untied, next 1% in four tranches of 0.25% linked to one-nation one-ration, urban local revenues, power distribution, ease of doing biz reforms; last 0.5% to be released if three of four milestones reached

# The stimulus of Rs 1,92,800 crore was given even before the PM spoke of the new economic package

# Breakup of Covid economic package: The first tranche economic package is of Rs 5,94,550 crore. The stimulus provided in the second tranche of the economic package is Rs 3,10,000 crore. More Rs 1,50,000 crore provided in the third tranche. The stimulus provided in the fourth and fifth tranches of the economic package amounts to Rs 48,100 crore

# The overall stimulus package under the Atmanirbhar (self-reliant) Bharat amounts to Rs 20,97,053

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