Union Finance Minister Nirmala Sitharaman on Sunday announced 5th and last tranche of the special economy package under Aatmanirbhar Bharat.
FM said, “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.”
“To prepare India for any future pandemics Government will increase Public Expenditure on Health and invest in grass-root health institutions. Government has committed Rs. 15,000 crore for health-related measures so far for containment of COVID19 which includes Rs 50 lakh insurance per person for health professionals under PMGKY,” FM added.
FM further said. “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. Government has also 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.”
To promote State-level reforms, “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. Part of the borrowing will be linked to specific reforms like increasing job creation through investment and promoting urban development, health and sanitation,” FM said.
FM said, “A new AatmanirbharBharat will stand on a new Public Sector Enterprise Policy In strategic sectors, at least one enterprise will remain in the public sector but the private sector will also be allowed In other sectors, PSEs will be privatized.”
The government also moves to decriminalise Companies Act defaults; 7 compoundable offences altogether dropped and 5 to be dealt with under alternative framework.
With an eye on further enhancement of Ease of Doing Business Government announces suspension of fresh initiation of insolvency proceedings up to one year; decides to exclude COVID 19 related debt from the definition of “default” under IBC.
Corporate Law measures for ease of doing business have included timely action during COVID–19 to reduce compliance burden under various provisions of the Companies Act.