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Nirmala Sitharaman Presser Highlights: FM completes announcements on economic stimulus worth Rs 20,97,053 crore

Sitharaman Speech Live Updates on Economic Package: With an eye on further enhancement of Ease of Doing Business Government announces suspension of fresh initiation of insolvency proceedings up to one year

twitter-logo BusinessToday.In   New Delhi     Last Updated: May 17, 2020  | 13:13 IST
Nirmala Sitharaman Presser Highlights: FM completes announcements on economic stimulus worth Rs 20,97,053 crore
Union Minister Nirmala Sitharman

Union Minister Nirmala Sitharman is addressing a press conference on the 5th and last tranche of announcements under Aatma Nirbhar Bharat. Today's announcements are about 7 steps taken by the Centre -- MGNREGA, health and education related steps, business and COVID-19, decriminalisation of the Companies Act, ease of doing business, public sector enterprises, and state govt resources. The Finance Minister's tranche four announcements on Saturday include steps structural reform steps in mining of coal, defence and civil aviation. There could also be some announcement on lockdown measures today.

Check out all the latest updates on the Nirmala Sitharman presser on BusinessToday.In Live blog.

Also read: Lockdown 4.0: Home Ministry likely to announce guidelines today; what to expect

12.20 PM: FM talks about support extended to states during COVID crisis

12.12 PM: FM announces new Public Sector Enterprise Policy

In strategic sectors, at least one enterprise will remain in the public sector but private sector will also be allowed: FM

12.04 AM: More reforms for Ease of Doing Business on the anvil: FM

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: FM.

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12.00 AM: FM elaborates on Companies Act reforms

Government moves to decriminalise Companies Act defaults; 7 compoundable offences altogether dropped and 5 to be dealt with under alternative framework: FM

11.57 AM: The FM announces enhancement of Ease of Doing business through IBC related measures

The Center enhances minimum threshold to initiate insolvency proceedings raised to Rs 1 crore from Rs 1 lakh, which largely insulates MSMEs.

11.53 AM: India is changing and so is our way of education: FM

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.

11.52 AM: FM on health reforms

To prepare India for any future pandemics government will increase public expenditure on health and invest in grass root health institutions.

11.50 AM: Rs 40,000 crore under MGNREGS

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: FM

11.47 AM: Online education facilities during COVID-19

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.

11.46 AM: Recent corporate law measures

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.

11.45 AM: Rs 15,000 crore for health workers

Government has committed Rs 15,000 crore for health related measures so far for containment of COVID-19, which includes Rs 50 lakh insurance per person for health professionals under the PMGKY.

11.43 AM: The Centre is working on a mission mode on the next phase of 'ease of doing business' reforms: FM.

11.42 AM: What are today's announces all about?

Today's announcements will be about 7 steps taken by the Centre -- MGNREGA, health and education related steps, business and COVID-19, decriminalisation of the Companies Act, ease of doing business, public sector enterprises, and state govt resources, says Finance Minister Nirmala Sitharaman.

11.39 AM: FM elaborates on steps taken for heath workers

The government has taken a number of health-related steps for COVID-19 containment. The announced Rs 15,000 crore for states, essential items and testing labs and kits along with rolling out of teleconsultation services, launch of Arogya Setu app and protection to health care workers with adequate PPEs, says the FM.

11.36 AM: FM elaborates on initiatives taken during COVID crisis

  • 20 cr Jan Dhan account holding women got Rs 10,025 crore
  • 2.2 crore construction workers got Rs 3,950 crore
  • 6.81 crore people got free LPG cylinders
  • 12 lakh EPFO holders got online withdrawal of advance 

11.33 AM: Initiatives taken during COVID crisis

  • One-time transfer of Rs 2,000 reached 8.19 crore farmers; total amount Rs 16,394 crore
  • NSAP beneficiaries got Rs 1,405 crore in first installment & Rs 1,402 crore in second instalment

11.25 AM: Who all are present at the FM's presser today

  • Devashish Panda, Secretary, Dept of Financial Services
  • Tuhin Kant Pandey, Secretary, Disinvestment (DIPAM)
  • Injeti Srinivas, Secretary, MCA
  • Ajay Bhushan Pandey, Finance Secretary & Revenue Secy
  • TV Somnathan, Secretary, Expenditure
  • Tarun Bajaj, Secretary, DEA

11.20 AM: FM talks about previous announcements

  • The government acted quickly with PM garib Kalyan Package
  • 85% cost of migrants' travel by trains borne by Centre
  • FCI, NAFED, states provided enough promised grains to migrants

11.16 AM: "I want to appreciate FCI, NAFED and state governments for providing grains to migrants," says the FM.

11.15 AM: Pradhan Mantri Garib Kalyan package used technology to do direct benefit transfer to people. We could do what we did because of the initiatives taken during the last few years, says FM.

11.12 AM: Reforms to be focus of 5th and final tranche of eco stimulus package, says Finance Minister Nirmala Sitharaman

11.05 PM: "We are turning this crisis into opportunity. Today marks the announcement of last tranche of economic package," says Sitharaman

10.50 AM: Press briefing is about to start shortly

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