Economic Tranche 5: 'Centre raises borrowing limits of states from 3% to 5%,' says FM | As it happened
New Delhi | Jagran Business Desk: Finance Minister Nirmala Sitharaman is addressing media to announce the fifth and final tranche of the Rs 20 lakh crore economic stimulus package today.
Sitharaman yesterday had announced the fourth tranche of the economic package. In her fourth address, Sitharaman said that the central government will introduce competition, transparency and private sector participation in the coal sector and will do infrastructure development of Rs 50,000 crore.
Prime Minister Narendra Modi earlier this week had announced about the Rs 20 lakh crore economic package in order to revive the economy that has taken a hit because of the coronavirus lockdown.
Here are the highlights from Nirmala Sitharaman's press conference:
12:23 pm: States have so far borrowed only 14 per cent of the limit which is authorised to them. 86 per cent of the limit remains unutilised. Centre has decided to increase borrowing limits of states from 3 per cent to 5 per cent of Gross State Domestic Product (GSDP) for 2020-21: FM
12:20 pm: Centre increases borrowing limits of states from 3% to 5%: FM
12:19 pm: The states have seen a sharp decline in the revenue, we have consistently extended help to the states. Revenue Deficit Grants to states of Rs 12,390 crores was given on time in April & May despite Centre's stressed resources; devolution of taxes of Rs 46,038 in April given fully: FM
12:07 pm: Govt to announce a new public sector policy - a list of strategic sectors requiring presence of PSEs in public interest will be notified. In strategic sectors, at least 1 enterprise to remain in public sector but pvt sector to be allowed. In other sectors, PSEs to privatised: FM
12:03 pm: Now, Indian public companies can list their securities directly in foreign jurisdictions. Private companies which list Non Convertible Debentures on stock exchanges will not be regarded as listed companies: Finance Minister Nirmala Sitharaman
12:00 pm: Decriminalisation of Companies Act defaults; 7 compoundable offences altogether dropped and 5 to be dealt with under alternative framework. The amendment will de-clog the criminal courts and NCLT: FM Sitharaman
11:54 am: Debts due to COVID19 will not be included in the category of 'default': Finance Minister
11:53 am: Timely action was taken during COVID19 to reduce compliance burden under various provisions of Companies Act. Board meetings were allowed to be online, rights issues can be done digitally, major reform in corporate governance: Finance Minister Nirmala Sitharaman
11:50 am: 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: FM
11:49 am: Health expenditure will be increased & investment at grassroots level will be ramped up for health & wellness centres, with particular focus on aspirational districts. All districts will have infectious diseases block in hospitals. Public health labs will be set up at block levels: FM
11:48 am: 44% recovery achieved since the inception of Insolvency and Bankruptcy Code: FM
11:40 am: Govt to allocate additional Rs 40,000 crore under MNREGA to provide employment boost: FM
11:36 am: 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
11:34 am: Govt has taken a number of health-related steps for COVID19 containment - Rs 15,000 crore announced for states, essential items & testing labs & kits alongwith rolling out of teleconsultation services, launch of Arogya Setu app & protection to health care workers with adequate PPEs: FM
11:29 am: 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: FM Nirmala Sitharaman
11:27 am: 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 and12 lakh EPFO holders got online withdrawal of advance: FM Sitharaman
11:25 am: 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: Finance Minister Nirmala Sitharaman
11:25 am: 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: FM Sitharaman
11:21 am: Today's focus is on seven sector:
- Health and Education
- Businesses and Covid
- Decriminalisation of Company’s Act
- Ease of doing business
- Public Sector Enterprises and related matters
- State governments and resources related to state governments
11:20 am: Pulses were given 3 months in advance. I appreciate concerted efforts of Food Corporation of India, National Agricultural Cooperative Marketing Federation of India and states, giving pulses and grains in huge quantities, despite logistical challenges: Finance Minister Nirmala Sitharaman
11:15 am: We are turning this crisis into opportunity: FM
11:14 am: Need to now build an Aatma Nirbhar Bharat: FM
11:10 am: Today marks the announcement of last tranche of economic package: FM
11:09 am: Land, labour and liquidty, all have been addressed in the package: FM
11:07 am: Finance Minister Nirmala Sitharaman addresses media
10:58 am: PM Modi had announced the economic package in order to revive the economy that has taken a hit because of the lockdown.
10:55 am: In today's announcements, Sitharaman will likely focus on the tourism sector that has taken a hit because of the coronavirus pandemic.
10:52 am: This will be the fifth and final tranche of the Rs 20 lakh crore economic stimulus package.
10:49 am: Finance Minister Nirmala Sitharaman will address the media shortly.
Posted By: Aalok Sensharma