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Nirmala Sitharaman Announces Last Set Of Economic Measures: Highlights

Nirmala Sitharaman Announces Last Set Of Economic Measures: Highlights

Finance Minister Nirmala Sitharaman announces fifth tranche of economic package

Finance Minister Nirmala Sitharaman is addressing the media to provide details of the government's "Atma Nirbhar Bharat". This is the fifth instalments of measures under the government's economic package to help the economy fight the damage caused by the coronavirus (COVID-19) pandemic. The announcements are part of the fiscal and monetary package worth Rs 20 lakh crore announced by Prime Minister Narendra Modi on Tuesday to support the economy, which has been battered by the ongoing lockdown to curb the spread of the deadly COVID-19 disease. The government has already raised its borrowing plan for the current financial year to Rs 12 lakh crore from the previously budgeted Rs 7.8 lakh crore to set off the fall in revenue and fund extra spending. 

Here are highlights of the Finance Minister Nirmala Sitharaman's fourth set of measures under the "Atma Nirbhar Bharat" economic package:

  • Seven steps to be announced today; last set of measures under "Atma Nirbhar Bharat" package
    • 1) MNREGA
    • 2) Health - rural and urban, including education
    • 3) businesses and coronavirus
    • 4) Decriminalization of Companies Act
    • 5) Ease Of Doing Business
    • 6) Public Sector Enterprises
    • 7) State governments and related resources
  • Soon after announcing lockdown, government launched "Garib Kalyan" package to address demand for food grain for next 3 months
  • 12 lakh EPFO members have benefited from non-refundable advance
  • As of May 16, 8.91 crore farmers have received benefit of PM KISAN scheme
    • 6.81 crore free cooking gas cylinders given under PM Ujjwala scheme
  • In last two months: 
    • Rs 15,000 crore support released to states for healthcare
    • Rs 15 lakh per person insurance cover rolled out
    • Online education has been taken up in big way, schools now using technology; another 12 channels to be added
  • Timely action already taken to reduce compliance burden for corporates under Companies Act
  • Various steps taken to enhance ease of doing business
  • MGREGA: Government to allocate additional Rs 40,000 crore for MGNREGS, over and above Budget Estimate of Rs 60,000 crore
  • Move to benefit migrant workers returning home
  • Government to increase public expenditure on health