22nd May 2022

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Final Press Conference on Economic Package

With a combination of various reforms, fiscal and liquidity measures, Finance Minister Nirmala Sitharaman today completed the announcement of the final stage of Rs. The 20 lakh crore economic package previously announced by Prime Minister Narendra Modi. To improve the livelihoods of the poor, the Modi government has today increased the MGNREGA budget increased by additional Rs. Rs 40 billion. Sitharaman also announced that public sector companies or PSUs will leave non-strategic areas and that private companies will be able to enter all sectors.The Minister of Finance also detailed the distribution of rupees. Package of 20 lakh crore including liquidity measures of Rs. 8 lakh crore announced earlier the RBI, as well as Prime Minister Gareeb Kalyan Yojana.

Highlights

  • Centre has decided to accede to the request and increased borrowing limits of states from 3% to 5% for 2020-21.
  • States have so far borrowed only 14% of the limit authorised but 86% of the authorised borrowing remains unutilised.
  • Revenue deficit grants to states worth Rs. 12,390 crore given on time in April and May, despite Centre’s stressed resources.
  • Devolution of taxes worth Rs. 46,038 crore in April was given fully as if Budget estimates were valid, even though actual revenue shows unprecedented decline from Budget estimates.
  • New policy to broadly categorise strategic sectors Public sector enterprise policy.
  • All sectors will be open to private sectors also while PSUs will play an important role in defined areas.
  • Lower penalties for all defaults for small companies, one-person companies, producer companies and start-ups.
  • Companies listing only NCDs on stock exchange will not be regarded as listed companies.
  • Direct listing of securities in foreign jurisdictions permitted.
  • The amendments in Companies Act will de-clog criminal courts and NCLT.
  • Decriminalisation of Companies Act violations involving minor technical and procedural defaults, majority of compoundable offences sections to be shifted to internal adjudication mechanism.
  • Minimum threshold to initiate insolvency proceedings raised to Rs. 1 crore from Rs. 1 lakh. This will largely insulate MSMEs.
  • No fresh insolvency proceedings upto 1 year, Debts related to Covid shall be excluded from IBC.
  • Top 100 universities will be permitted to automatically start online courses by May 30 this year.
  • Extensive use of radio, community radio and podcasts One TV channel will be earmarked for every class from 1 to 12.
  • Online education during Covid; Provision for live telecast of interactive channels with experts through Skype.
  • Health and wellness centres in urban and rural areas will be increased, Public health expenditure will be increased, The central govt has already announced Rs. 15,000 crore healthcare funds to fight Covid-19.
  • Govt to allocate additional Rs.  40,000 crore for MGNREGA to provide employment boost. It will help generate 300 crore person days in total.
  • 12 lakh EPFO subscribers withdrew Rs. 6,060 crore under the Covid pandemic withdrawal.
  • Jan Dhan account: 20 crore women got more than Rs. 10,000 crores.
  • PM Gareeb Kalyan Package Yojana: Direct benefit transfer has reached 8.9 crore farmers. Amount disbursed Rs. 16,394 crores.
  • The definition of “covid-related debt” will be announced soon in a notification,
  • RBI measures of Rs. 801,603 included in Rs. 20 lakh crore economic package.
  • Total stimulus package is worth Rs. 20,97,053 crore, Fourth and fifth tranche is worth Rs. 48,100 crore,
  • Stimulus measures announced in third part worth Rs. 1.5 lakh crore Second tranche was worth Rs. 310,000 crore,
  • Economic package tranche 1 was worth Rs. 594,500 crore Stimulus measures from earlier announcements was worth Rs. 192,800 crore,
  • Revenue loss due to tax concession is Rs. 7,800 crore This will give states extra resources of Rs. 4.28 lakh crore.

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