LIVE UPDATES [17th May, 2020]:
- Focus: MNREGA, Health, education, Business, De-Criminalisation of Co. Act, Ease of Doing Business, State Governments, Public Sector Enterprises.
- MGNREGA: Additional 40,000 Crore for the scheme
- Ramping up the health infrastructure: Districts to have Infectious Diseases Blocks; More Testing Labs (Both Pvt. & Public)
- PM E-Vidya Program to be launched; One Nation One Digital Platform; One Class One Channel
- Debts related to pandemic, shall not be included in the category of default; No fresh Insolvency proceedings upto 1 Year; For MSMEs — A special insolvency framework will be notified under S. 240-A of IBC
- Decriminalised most of the Technical Defaults under Companies Act
- 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
- 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:
- All sectors allowed and opened for Private Companies
- 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 private sector to be allowed. In other sectors, PSEs to privatised
- Borrowing Limiting for States increased to 5%; 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.
- Overall stimulus package under the Atmanirbhar (self-reliant) Bharat amounts to Rs 20,97,053: Finance Minister Nirmala Sitharaman [ANI]
Breakup of the 20 Lakh Crore Package [PART WISE]
- Emergency W/C Facility for Businesses, incl MSMEs — 3,00,000 Cr
- Subordinate Debt for Stressed MSMEs — 20,000 Cr
- Fund of Funds for MSMEs — 50,000 Cr
- EPF Support for Business and Workers — 2800 Cr
- Reduction in EPF Rates — 6750 Cr
- Special Liquidity scheme for NBFC/HFC/MFIs — 30,000 Cr
- Partial credit guarantee Scheme 2.9 for Liabilities of NBFCs/MFIs — 30,000 Cr
- Liquidity Injection for DISCOMs — 90,000 Cr
- Reduction in TDS/TCS Rates — 50,000 Cr
TOTAL: 5,94,550 CRORE
- Free Food Grain supply to migrant workers for 2 months – 3500 Cr
- Interest Subvention for MUDRA Shishu Loans — 1500 Cr
- Special Credit Facility to Street Vendors — 5000 Cr
- Housing CLSS-MIG — 70,000 Cr
- Additional Emergency Working Capital through NABARD — 30,000 Cr
- Additional credit through KCC — 2,00,000 Cr
TOTAL: 3,10,000 CRORE
- Food Micro Enterprises — 10,000 Cr
- Pradhan Mantri Matsya Sampada Yojana — 20,000 Cr
- TOP to TOTAL: Operation Greens — 500 Cr
- Agri Infrastructure Fund — 1,00,000
- Animal Husbandry Infrastructure Development Fund — 15,000
- Promotion of Herbal Cultivation — 4,000 Cr
- Beekeeping Initiative — 500 Cr
TOTAL: 1,50,000 CRORE
- Viability Gap Funding — 8,100 Cr
- Additional MGNREGS allocation — 40,000 Cr
TOTAL: 48,100 CRORE
Read below the reliefs offered by the Finance Minister, with the focus being MSMEs:
LIVE UPDATES [14-05-2020]
- Focal point: Liquidity, Labour, Law and Land.
- 6 Major steps for MSMEs
- Collateral free Automatic Loans upto Rs 3 lakh Crores
- 100 % credit guarantee
- Additional Funds for MSME revival
- Loans to be given till October 31st
- Rupees 20 Crore for stressed MSMEs
- 50,000 Crore equity to be infused for viable and potential MSMEs
- New Definition of MSMEs — Investment can be upto 1 Cr and turnover upto 5 Crore
- Global tender to be allowed upto Rs 20 Crores
- Other interventions for MSMEs
- Rs 2500 crores EPF support for businesses and Workers for 3 months
- EPF contribution reduced for Business and Workers for 3 months — Rs 6750 Crores
- Rs 30,000 crores liquidity facility for NBFC/HCs/MFIs
- Rs 45,000 Crores Partial Credit Guarantee Scheme 2.0 for NBFC
- Rs 90,000 CR liquidity injection for DISCOMs
- Relief to contractors
- Extension of registration and completion date of real estate projects under RERA; No individual applications needed; Suo Moto be done; Registered projects expiring on or after 25th March
- Rs 50,000 crores Liquidity through TDS/TCS reductions till March 2021
- Tax filing due date extended to 30th November, 2020
- Pending refunds to charitable trusts and non-corporate businesses & professions including proprietorship, partnership, LLP and Co-operatives shall be issued immediately.
- Due date of all income tax return for FY2019-20 extended from 31st July, 2020 & 31st October, 2020 to 30th November, 2020 and Tax audit from 30th September, 2020 to 31st October, 2020.
- Date of Assessments getting barred on 30th September, 2020 extended to 31st December, 2020 and those getting barred on 31st March, 2021 will be extended to 30th September, 2021.
- Period of Vivad se Vishwas Scheme for making payment without additional amount will be extended to 31st December, 2020
LIVE UPDATES [15-05-2020]:
- FOCUS: Migrant Workers, Street vendors, Small Farmer, Self Employed, Traders, etc.
- 9 Steps will be announced.
- 14.62 crore person-days of work generated till 13th May 2020
- 10,000 crore actual expenditure till date
- National Floor Wage to be introduced
- Re-skilling of workers
- Universal minimum wages
Reliefs
- Free food grain supply to all migrants for next 2 months [For non-card holders: 5 kgs of wheat or rice or 1 kg of chana]; State Governments to implement, Centre to borne costs
- One Nation One Ration card to be implemented within 3 months
- Affordable rented accommodation for migrants; Rental Housing Scheme;Migrant Workers / Urban Poor to have Affordable Rental Housing Complexes (ARHC): Government will launch a scheme under
- Mudra Shishu Loans: Government of India will provide Interest subvention of 2% for prompt MUDRA– Shishu Loans payees for a period of 12 months; Relief of Rs 1500 cr to MUDRA-Shishu loanees
- Special Credit facility for Street Vendors: Easy access to credit; Rs 5000 cr Special Credit Facility
- Middle Income Group with upto 6 to 18 lakh income group: Credit link subsidy scheme for housing to be extended till March 2021; 2.5 lakhs middle income families to benefit during 2020-21
- To create job opportunities for Tribals /Adivasis-Plans worth Rs 6000 crores to be approved shortly under Compensatory Afforestation Management & Planning Authority (CAMPA) Funds
- Rs 30,000 Crore additional emergency working capital fund through NABARD
- Kisan Credit Card: 2 lakh Crore concessional credit for farmers; 2 lakh crore Concessional credit boost to 2.5 crore farmers through KisanCreditCards; Fishermen and Animal Husbandry farmers will also be included in this drive
Live Updates [16-05-2020]
- Focal Point: Agriculture
- One lakh Crore for — Strengthening Farming Infrastructure; Cold Storage, Grain Storage, etc.; Funding Agriculture Infrastructure Projects at farm-gate & aggregate points.
- Rs 10, 000 Crore for boosting local products for Global sale;Vocal for Local with Global outreach; Formalisation of Micro Food Enterprises
- Rs 20,000 crores for Fishermen through Pradhan Mantri Sampada Yojana
- 100% vaccination of livestock;National Animal Disease Control Programme launched
- Animal Husbandry infrastructure fund — Rs, 15,000 Crores
- Rs 4000 Crores to promote herbal cultivation in India that aims to cover 10 lakh hectare under herbal cultivation in 2 years; Corridor of medical plants to come up across banks of Ganga
- Rs 500 Crores for Beekeeping initiatives
- 500 crore for improving supply chain of fruits, vegetables, etc.;Govt. extends Operation Greens from Tomatoes, Onion and Potatoes to all fruits and vegetables
- Amendment to Essential Commodities Act
- Farmers & Farmers getting adequate choice to sell their produce at attractive price: Central Law to be introduced;
- Law to implement agriculture marketing reforms to provide marketing choices to farmers; law will provide adequate choices to farmer to sell produce attractive price.
LIVE UPDATES [16-05-2020]:
- Focal Point: Structural Reforms
- Reforms 8 Sectors: Coal, Minerals, Defence Production, Airspace Management, MRO, Distribution Companies in UTs, Space Sector, Atomic Energy
- Coal: Commercial Mining of Coal on a revenue sharing basis; Liberalised Entry for people, Incentives for those who produce before the deadline; 50,000 Crore for coal evacuation infrastructure
- Mining of Minerals: Seamless composite exploration cum mining cum production regime to be introduced; Removal of difference between captive and non captive mines; Mineral index; Rationalisation of stamp duty; 500 mining blocks would be offered through this transparent auction process
- Restriction on imports of certain weapons;Ordinance factory board to be corporatised; Foreign Direct Investment limit in defence manufacturing under automatic route is being raised from 49% to 74%
- Civil Aviation :Airspace Management rationalised; 6 more airports to be auctioned; additional investment in 12 airports for world-class facility; Rs 13,000 cr additional investment by private players in 12 airports; Airports Authority of India has awarded 3 airports out of 6 bid for operation & maintenance on Public-Private Partnership (PPP) basis
- Power Distribution Companies in UTs shall be Privatised in line with tariff reform scheme; A Tariff policy with reforms will be released, including consumer rights, promotion of industry and sustainability of sector
- Privatisation of distribution in Union Territories – sub-optimal performance of power distribution & supply, power departments/utilities in Union Territories will be privatised
- Rs 8,100 crore outlay for viability gap funding in social infrastructure, by increasing the quantum from 20% to 30%
- Liberal Geospatial Policy; Private Sector Participation to be increased; Private players can be allowed to use ISRO’s facilities; Indian private sector will be a co-traveller in India’s space sector journey. Will provide a level-playing field for private companies in satellites, launches & space-based services:
- Atomic Energy Reforms: Research Atomic Reactor in PPP Mode; Atomic Energy-related reforms; link India’s robust start-up ecosystem to the nuclear sector – Technology Development cum Incubation Centres will be set up for fostering synergy between research facilities and tech entrepreneurs
