Thread by @someshjha7

FM @nsitharaman begins her press conference on the final tranche of the #EconomicPackage. #Covid_19india #COVID2019india #COVID19.

I would like to start by quoting some words of the PM's words today. My announcement today is pegged to that aspect of the speech. "As a nation today we stand at a very crucial juncture. Such a big disaster has brought a message and an opportunity.": FM

In last four days of announcements, we have had several reforms addressing the land, labour, liquidity and laws. We will be continuing that series: FM

The FM now spelling out the number of people who benefitted from the PM-Gareeb Kalyan Yojana.

Seven steps to be announced by the FM today:

1. MGNREG scheme
2. Health and education
3. Businesses & COVID19
4. Decriminalisation of the Companies Act
5. Ease of doing business and related-matters
6. Public sector enterprises-related
7. State govts and related resources

Before I make specific announcements, I would like to show you what we have done in the last 2 months as regards to containment of COVID19: FM

We have already announced Rs 15,000 crore to be spent related to #COVID19

Rs 4133 cr released to states
Rs 3750 cr went towards to essential items
Rs 550 cr was spent on testing labs and kits

Insurance cover of Rs 50 lakh a person for health professionals

FM says the Central government has supplied:

*51 lakh PPEs
*87 lakh N95 lakh
*11 crore HCQ tablets

The FM talks about the recent corporate law measures taken by the government.

The FM now lists technological measures for the education sector during #COVID19Lockdown.

Finally, the announcements.

Just in: Government will now allocate an additional Rs 40,000 crore under MGNREGS

It will help generate nearly 300 crore person days in total. Will address need for more work including returning migrant workers in the monsoon season as well: Government

Without giving any specific outlay, the FM says:

Public expenditure on health will certainly be increased

Investment in grass-root health institutions to be made

All districts will have infectious diseases hospital blocks. Public health labs will be set up at the block levels: FM

Government PPT says it will encourage research in health and implment a National Digital Health blueprint.

PM e-Vidya programme for multi-mode access to digital or online education to be launched immediately

One earmarked TV channel for class 1-12
Extensive use of radio, community radio and podcasts
Spl e-content for visually and hearing impaired: FM

Top 100 universities to be automatically permitted to start online courses by May 30, 2020.

An initiative for psycho-social support of students, teachers and families for mental health and emotional well-being to be launched immediately, known as Manodarpan: FM

Now, IBC-related matters.

Important:

Debts related to COVID shall be excluded from default under IBC. Any debt incurred for companies because of coronavirus they shall not be included in the category of default.

No fresh insolvency proceedings to be initiated for ONE YEAR

For MSMEs, a special insolvency framework to be notified under the IBC. Minimum threshold to initiate insolvency now raised to Rs 1 crore from Rs 1 lakh, which will largely insulate the MSMEs. We will go for an Ordinance for this: FM

De-criminalise most of the sections in the Companies Act for violation technical and procedural in nature. Compoundable offences to be tried under internal adjudication mechanism rather than go to courts. This will help in de-clogging of the courts: FM

Altogether 7 compoundable offences under the Companies Act to be dropped altogether and 5 to be dealt with under an alternative framework: FM

Companies will be able to directly list securities in foreign jurisdictions. Listing of non-convertible debentures on stock exchange will not be regarded as listed companies: FM

We would like to announce a public sector enterprise policy: FM

All sectors will be opened to private sectors also. Public sector enterprises will continue to play imp role in defined areas.

We are coming up with a coherent policy wherein

Private sector will be allowed to participate in all sectors: FM

Government says:

List of strategic sectors requiring presence of PSEs in public interest to be notified

In strategic sectors, at least 1 enterprise will remain in the public sector but private sector will also be allowed

In other sectors, PSEs will be privatised

Number of enterprises in the notified strategic sectors will ordinarily be only one to four, others will be privatised or merged: FM

Centre has decided to accede to the request and increase borrowing limits of States from 3% to 5% for 2020-21 only. This will give States extra resources of Rs 4.28 lakh crore: FM

https://twitter.com/someshjha7/status/1261909336927776771?s=19

QnA now.

Q. Will we expect more bank mergers and privatisation going ahead?

FM: No, I have not announced mergers.

Q. When can we expect GST dues to be given to the States?

FM: We are periodically talking about it. GST dues are clearly explained in the GST Council. All states' GST dues are due which we recognise for Dec, Jan, Feb, March. It has not been paid.

Q. What about the fiscal deficit?

FM: We are only in May. We have not even completed two full months of the fiscal year. We will talk a bit later about the fiscal deficit.

Q. Thousands of migrant workers are still on the road. What about them? How will they benefit? And why no permission to Congress for buses?

A. PM first told everyone to remain where they are. We have been giving all assistance as far as possible...

We had also arranged for food and shelter in states.

Then came a time when the Centre and States spoke to each other. We will provide trains for the migrants. States are trying to cooperate. We are transporting migrants in train systematically to their village.

...Dont waste their time by sitting with them. Why can't Congress-led govt ask for more trains? Is it not dramebazi to sit with migrants on the road?: FM

I am folding my hands and requesting to the Congress President Sonia Gandhi - let's deal with the migrants responsibly: FM

Q. Why not take the Opposition along on the issues of migrants?

FM: We are taking the Opposition parties along. That's why we have arranged for trains and foodgrains.

FM: We have done enough to cover all the sectors (in the economic package).

Qn in Hindi: Today, the pocket and stomach is empty but the announcements made by you are for the long-term. How many will be executed shortly?

Also, your previous two announcements have been criticised by BMS, etc. who said it will lead to joblessness...

FM: Thik hain ji (Ok).

- Press conference ends -