LIVE UPDATES [16-05-2020]:
- Focal Point: Structural Reforms
- Reforms 8 Sectors: Coal, Minerals, Defence Production, Airspace Management, MRO, Distribution Companies in UTs, Space Sector, Atomic Energy
- Coal: Commercial Mining of Coal on a revenue sharing basis; Liberalised Entry for people, Incentives for those who produce before the deadline; 50,000 Crore for coal evacuation infrastructure
- Mining of Minerals: Seamless composite exploration cum mining cum production regime to be introduced; Removal of difference between captive and non captive mines; Mineral index; Rationalisation of stamp duty; 500 mining blocks would be offered through this transparent auction process
- Restriction on imports of certain weapons;Ordinance factory board to be corporatised; Foreign Direct Investment limit in defence manufacturing under automatic route is being raised from 49% to 74%
- Civil Aviation :Airspace Management rationalised; 6 more airports to be auctioned; additional investment in 12 airports for world-class facility; Rs 13,000 cr additional investment by private players in 12 airports; Airports Authority of India has awarded 3 airports out of 6 bid for operation & maintenance on Public-Private Partnership (PPP) basis
- Power Distribution Companies in UTs shall be Privatised in line with tariff reform scheme; A Tariff policy with reforms will be released, including consumer rights, promotion of industry and sustainability of sector
- Privatisation of distribution in Union Territories – sub-optimal performance of power distribution & supply, power departments/utilities in Union Territories will be privatised
- Rs 8,100 crore outlay for viability gap funding in social infrastructure, by increasing the quantum from 20% to 30%
- Liberal Geospatial Policy; Private Sector Participation to be increased; Private players can be allowed to use ISRO’s facilities; Indian private sector will be a co-traveller in India’s space sector journey. Will provide a level-playing field for private companies in satellites, launches & space-based services:
- Atomic Energy Reforms: Research Atomic Reactor in PPP Mode; Atomic Energy-related reforms; link India’s robust start-up ecosystem to the nuclear sector – Technology Development cum Incubation Centres will be set up for fostering synergy between research facilities and tech entrepreneurs
Read the last three days of live updates of the decoding of Economic Relief below:
Read below the reliefs offered by the Finance Minister, with the focus being MSMEs:
LIVE UPDATES [14-05-2020]
- Focal point: Liquidity, Labour, Law and Land.
- 6 Major steps for MSMEs
- Collateral free Automatic Loans upto Rs 3 lakh Crores
- 100 % credit guarantee
- Additional Funds for MSME revival
- Loans to be given till October 31st
- Rupees 20 Crore for stressed MSMEs
- 50,000 Crore equity to be infused for viable and potential MSMEs
- New Definition of MSMEs — Investment can be upto 1 Cr and turnover upto 5 Crore
- Global tender to be allowed upto Rs 20 Crores
- Other interventions for MSMEs
- Rs 2500 crores EPF support for businesses and Workers for 3 months
- EPF contribution reduced for Business and Workers for 3 months — Rs 6750 Crores
- Rs 30,000 crores liquidity facility for NBFC/HCs/MFIs
- Rs 45,000 Crores Partial Credit Guarantee Scheme 2.0 for NBFC
- Rs 90,000 CR liquidity injection for DISCOMs
- Relief to contractors
- Extension of registration and completion date of real estate projects under RERA; No individual applications needed; Suo Moto be done; Registered projects expiring on or after 25th March
- Rs 50,000 crores Liquidity through TDS/TCS reductions till March 2021
- Tax filing due date extended to 30th November, 2020
- Pending refunds to charitable trusts and non-corporate businesses & professions including proprietorship, partnership, LLP and Co-operatives shall be issued immediately.
- Due date of all income tax return for FY2019-20 extended from 31st July, 2020 & 31st October, 2020 to 30th November, 2020 and Tax audit from 30th September, 2020 to 31st October, 2020.
- Date of Assessments getting barred on 30th September, 2020 extended to 31st December, 2020 and those getting barred on 31st March, 2021 will be extended to 30th September, 2021.
- Period of Vivad se Vishwas Scheme for making payment without additional amount will be extended to 31st December, 2020
LIVE UPDATES [15-05-2020]:
- FOCUS: Migrant Workers, Street vendors, Small Farmer, Self Employed, Traders, etc.
- 9 Steps will be announced.
- 14.62 crore person-days of work generated till 13th May 2020
- 10,000 crore actual expenditure till date
- National Floor Wage to be introduced
- Re-skilling of workers
- Universal minimum wages
Reliefs
- Free food grain supply to all migrants for next 2 months [For non-card holders: 5 kgs of wheat or rice or 1 kg of chana]; State Governments to implement, Centre to borne costs
- One Nation One Ration card to be implemented within 3 months
- Affordable rented accommodation for migrants; Rental Housing Scheme;Migrant Workers / Urban Poor to have Affordable Rental Housing Complexes (ARHC): Government will launch a scheme under
- Mudra Shishu Loans: Government of India will provide Interest subvention of 2% for prompt MUDRA– Shishu Loans payees for a period of 12 months; Relief of Rs 1500 cr to MUDRA-Shishu loanees
- Special Credit facility for Street Vendors: Easy access to credit; Rs 5000 cr Special Credit Facility
- Middle Income Group with upto 6 to 18 lakh income group: Credit link subsidy scheme for housing to be extended till March 2021; 2.5 lakhs middle income families to benefit during 2020-21
- To create job opportunities for Tribals /Adivasis-Plans worth Rs 6000 crores to be approved shortly under Compensatory Afforestation Management & Planning Authority (CAMPA) Funds
- Rs 30,000 Crore additional emergency working capital fund through NABARD
- Kisan Credit Card: 2 lakh Crore concessional credit for farmers; 2 lakh crore Concessional credit boost to 2.5 crore farmers through KisanCreditCards; Fishermen and Animal Husbandry farmers will also be included in this drive
Live Updates [16-05-2020]
- Focal Point: Agriculture
- One lakh Crore for — Strengthening Farming Infrastructure; Cold Storage, Grain Storage, etc.; Funding Agriculture Infrastructure Projects at farm-gate & aggregate points.
- Rs 10, 000 Crore for boosting local products for Global sale;Vocal for Local with Global outreach; Formalisation of Micro Food Enterprises
- Rs 20,000 crores for Fishermen through Pradhan Mantri Sampada Yojana
- 100% vaccination of livestock;National Animal Disease Control Programme launched
- Animal Husbandry infrastructure fund — Rs, 15,000 Crores
- Rs 4000 Crores to promote herbal cultivation in India that aims to cover 10 lakh hectare under herbal cultivation in 2 years; Corridor of medical plants to come up across banks of Ganga
- Rs 500 Crores for Beekeeping initiatives
- 500 crore for improving supply chain of fruits, vegetables, etc.;Govt. extends Operation Greens from Tomatoes, Onion and Potatoes to all fruits and vegetables
- Amendment to Essential Commodities Act
- Farmers & Farmers getting adequate choice to sell their produce at attractive price: Central Law to be introduced;
- Law to implement agriculture marketing reforms to provide marketing choices to farmers; law will provide adequate choices to farmer to sell produce attractive price.