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It took a Covid for the govt to realize that Companies Act should not have criminal provisions. This has been removed now, apparently.
NCDs will not be considered listed. This is decent in terms of founder compensation etc. But I think disclosure norms are the same
PSU will continue but new policy - strategic sectors vs others. Strategic will be notified, at least one PSU will be there. This is perhaps for Air India.
Not more than 4 PSUs in a strategic sector. Like in Banks I guess. Merge out the rest.
Note: Can we not call this "stimulus". This is a set of business-as-usual announcements so far.
State govts can borrow 4.28 lakh crore more. Basically, let states borrow and provide local stimulus.
But there is all sort of nonsense around central control (like centre will put milestones).

Yes, states have behaved badly in the past. So has the center. THis is not the time to do milestone based increases in debt. THis is not stimulus - just more red tape.
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Deepak Shenoy
@deepakshenoy
I haven't tweeted much about yesterday's awesome stimulus beyond the speech. Because I got the presentation and then I was like okay this is where I need to speak to a VC - who are better than me at understanding: Lots of big numbers, very little actual cash.
I'm sure the VC community will have a deeper take but what I should have realized is: It's stimulus over four days. Of course they won't give you much on day 1.

There is perhaps too much analysis and disappointment, but there's more data to come.
Much of what was said yesterday was:
- Pay govt less (TDS) now, just pay later
- 300K cr. loans to MSMEs if they already have a loan, which they get 20% more guaranteed by govt
- 20K cr. loans to defaulted MSME and their promoters(?)
Read 6 tweets
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Deepak Shenoy
@deepakshenoy
90,000 cr. to be given to all DISCOMs against their receivables - so that they can pay for the power they have purchased. I like this. Had huge downstream impact.
This money will be guaranteed by respective state.
Needs DISCOMs to reduce their prices to customers accordingly.
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Deepak Shenoy
@deepakshenoy
Let's go local: The RBI owns 35 lakh crore worth of US govt bonds. They own just 10 lakh cr. of Indian govt bonds. Our own central bank won't go local?
Let's go local: Our RBI's gold isn't even located in India, mostly. Even Germany and Russia have repatriated their gold over years. Why can't we go local with our central bank's gold?
Let's go local: We barely buy any defense equipment from Indian manufacturers. Give them subsidies to build more here, create jobs and ensure security.
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