Union Finance Minister Nirmala Sitharaman announced the last tranche of the Rs 20 lakh crore worth economic package to support the economy and tacke the coronavirus crisis in the country on Sunday.
On Sunday, Sitharaman giving out details of the last tranche of the economic package, said that today 7 measures will be announced. This includes MNREGA scheme, rural and urban health and education, business and COVID-19, decriminalization of Companies Act, ease of doing businesses, public sector enterprise-related and state government and resources for state government.
Here is the entire press conference and what Sitharaman said summed up in just few sentences;
1. To provide a fillip to employment, the government will now allocate an additional Rs 40,000 crore under MGNREGA which will help generate nearly 300 crore person-days in total.
2. PM eVIDYA - a programme for multi-mode access to digital/online education to be launched immediately and Top 100 universities will be permitted to automatically start online courses by 30th May.
3. To prepare India for any future pandemics, government will now increase Public Expenditure on Health and invest in grass root health institutions especially in rural areas.
4. In order to enhance Ease of Doing Business, government announces suspension of fresh initiation of insolvency proceedings up to one year and decides to exclude COVID 19 related debt from the definition of “default” under IBC.
5. Now, Indian public companies can list their securities directly in foreign jurisdictions.
6. Government moves to decriminalise Companies Act defaults in addition to 7 compoundable offences altogether being dropped and 5 to be dealt with under an alternative framework.
7. All private sectors will be allowed in all sectors in the country and in the sectors, where there are more than four public sector enterprises (PSEs), she stated, there will be a merger.
8. Centre has decided to accede to the request by States for special increase in borrowing and the borrowing limits of States is being raised from 3% to 5%, for 2020-21 only.
