FM Nirmala Sitharaman on Sunday unveiled the fifth and last tranche of the special economic package as part of the Self-reliant India Mission. The special package was announced by PM Modi to revive the economy hit by the COVID-19 outbreak.
Here are the key takeaways:
- Additional ₹ 40,000 crore to be allocated to the National Rural Employment Guarantee Act (MGNREGA) in order to generate nearly 300 crore person-days in total.
To provide a fillip to employment, Government will now allocate an additional Rs 40,000 crore under MGNREGS; move will help generate nearly 300 crore person days in total #AatmaNirbharApnaBharat pic.twitter.com/W8boBVZaBy
— PIB India (@PIB_India) May 17, 2020
- PM eVidya programme to be launched immediately, which includes DIKSHA digital platform, one earmarked TV channel for each class. This is a multi-mode digital online learning education platform.
- Also, there will be extensive use of radio, community radio and podcasts and special e-content for visually and hearing-impaired children.
India is changing and so is our way of education
PM eVIDYA – a 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#AatmaNirbharApnaBharat pic.twitter.com/Xm1oFNTG5f
— PIB India (@PIB_India) May 17, 2020
Government has ensured Education of students does not suffer; SWAYAM PRABHA DTH channels have reached those who do not have access to the internet; DIKSHA platform has had 61 crore hits from 24th March#AatmaNirbharApnaBharat pic.twitter.com/NYoVtK59Oe
— PIB India (@PIB_India) May 17, 2020
- Special insolvency framework for MSMEs to be brought in.
- Centre has decided to increase the borrowing limits of states from 3% to 5% of GSDP (Gross State Domestic Product) for 2020-21.
Centre has decided to accede to the request by States for special increase in borrowing; borrowing limits of States is being raised from 3% to 5%, for 2020-21 only#AatmaNirbharApnaBharat pic.twitter.com/JLov5tnTiy
— PIB India (@PIB_India) May 17, 2020
- Government will increase expenditure on health to combat future pandemics.
- The government will suspend fresh initiation of insolvency proceedings up to one year. Also, the centre would increase the minimum threshold to initiate such proceedings to Rs 1 crore.
- The move will enhance ease of doing business.
Further key reforms for Ease of Doing Business are in the pipeline including direct listing of securities by Indian public companies in permissible foreign jurisdictions#AatmaNirbharApnaBharat pic.twitter.com/aXm86XFNrP
— PIB India (@PIB_India) May 17, 2020
- Decriminalization of Companies Act defaults to de-clog the criminal courts and NCLT.
Government moves to decriminalise Companies Act defaults; 7 compoundable offences altogether dropped and 5 to be dealt with under alternative framework#AatmaNirbharApnaBharat pic.twitter.com/AmVtsKM8O9
— PIB India (@PIB_India) May 17, 2020
- Moreover, debt related to COVID-19 will be exempted from IBC proceedings for up to 1 year.
- A new Public Sector Enterprise Policy to be brought in soon.
- In strategic sectors, at least one enterprise will remain in the public sector but the private sector will also be allowed. While in other sectors, PSEs will be privatized.
- Investments in grassroots health institutions.
- Wellness centres in rural and urban areas to be increased.
To prepare #India for any future pandemics Government will increase Public Expenditure on Health and invest in grass root health institutions#AatmaNirbharApnaBharat pic.twitter.com/3DQuq8Gfsp
— PIB India (@PIB_India) May 17, 2020
- Also, all districts are going to have infectious diseases blocks. Public health labs to be set up in every block.