The Finance Ministry is outlining India's efforts to reboot its economy that has been hit hard due to the coronavirus pandemic.
Finance Minister Nirmala Sitharaman announces the last tranche of Rs 20 lakh crore stimulus package shortly. The Finance Minister on Saturday 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.
On Thursday, the Finance Minister announced the 'One Nation One Ration Card', free food grain supply to migrants and creation of affordable rental housing complexes (ARHC) in urban areas for migrant workers and poor under the COVID-19 stimulus package.
Read All The Live Updates Here:
12:37 PM: The Finance Minister says that Rs 20 lakh crore economic stimulus includes Rs 8.01 lakh crore of liquidity measures by RBI and Rs 1.92 lakh crore package in March.
12:21 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," says FM.
12:17 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 and May despite Centre's stressed resources; devolution of taxes of Rs 46,038 in April was given fully," says the FM.
12:08 PM: Private companies which list non-convertible debentures on stock exchanges not to be regarded as listed firms, says 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 private sector to be allowed. In other sectors, PSEs to privatised," says FM.
12:05 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," says Finance Minister Nirmala Sitharaman.
12:02 PM: All sectors have been opened up for private companies, announces FM Nirmala Sitharaman.
12:01 PM: "Decriminalisation of Companies Act defaults; seven compoundable offences altogether dropped and 5 to be dealt with under alternative framework. The amendment will de-clog the criminal courts and NCLT," says FM Sitharaman.
11:54 AM: The threshold for insolvency has been raised to Rs 1 crore, says FM.
11:52 AM: The debt due to Coronavirus has been excluded from the category of default, says FM Nirmala Sitharaman.
11:51 AM: "Technology-driven education to be the focus- PM E-VIDYA 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," says FM.
11:47 AM: Nirmala Sitharaman announces to launch PM E-Vidya program for digital learning.
11:44 AM: "Ramping up the health infrastructure to prepare for the future. Expenditure on public healthcare will be increased, in rural as well as urban areas. All districts will have an infectious diseases centres, public health labs will be set up on all block levels," says Nirmala Sitharaman
11:43 AM: The public expenditure on healthcare has been increases, says FM Nirmala Sitharaman.
11:41 AM: Additional Rs 40,000 Crore will be allocated to MGNREGA so that the migrant workers get employment opportunities, says Nirmala Sitharaman.
11:39 AM: The Government is working on a mission mode on the next phase of 'ease of doing business' reforms, says Finance Minister Nirmala Sitharaman
11:38 AM: "Health-related steps that have been undertaken, including Rs 15,000 crore released by the PM, insurance cover of Rs 50 lakhs per person for health professionals was announced, made sure telemedicine comes into play, capacity building exercises have been taken up, for protection of health care workers, amendment of Epidemic Diseases Act was required which was undertaken,” Nirmala Sitharaman said.
11:36 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 said during the press conference.
11:30 AM: Rs 4100 crore has been released to the states for the healtcare in last two months, says FM.
11:29 AM: The final tranche of economic package will focus on MGNREGA, education and healthcare, says FM.
11:25 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 and 12 lakh EPFO holders got online withdrawal of advance," says FM Sitharaman.
11:21 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," says Finance Minister Nirmala Sitharaman.
11:23 AM: "One-time transfer of Rs 2,000 has reached 8.19 crore farmers. That is a total amount Rs 16,394 crore. NSAP beneficiaries got Rs 1,405 crore in first installment and Rs 1,402 crore in second installment. The target of Rs 3,000 crore was nearly achieved," says Finance Minister Nirmala Sitharaman.
11:19 AM: Reforms to be focus of 5th and final tranche of economic stimulus package, says Finance Minister Nirmala Sitharaman.
11:15 AM: PM Garib Kalyan used the technology available to do direct cash transfer to the beneficiaries, says FM Nirmala Sitharaman.
11:13 AM: It is our duty and responsibility to feed the hungry and poor, says FM.
11:12 AM: We are turning the crisis caused due to the Coronavirus pandemic into an opportinuty, says FM Nirmala Sitharaman.
11:07 AM: The Finance Minister begins her address to the media to to outline the last tranche of economic package.
10:45 AM: FInance Minister Nirmala Sitharaman will address the media shortly to announce the last tranche of Rs 20 lakh economic package.
10:35 AM: The Finance Ministry has proposed amendments to the Essential Commodities Act to enable better price realisation for farmers and said no stock limit should apply to processors or value chain participants.
10:30 AM: On Friday, Nirmala Sitharaman announced Rs 1 lakh crore Agri Infrastructure Fund for farm gate infrastructure for farmers and Rs 10,000 crore scheme for the formalisation of Micro Food Enterprises (MFEs).