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Here is a thread on the 5th Day's Play. As it begins banish all thought of a stimulus via a fiscal deficit or public spending. Remember what Amit Shah said: ”Reform, Transform and Perform." #Aatmanirbhar means “India, fend for yourself.”
Funda about land, labour, liquidity and law to be leveraged for #AatmanirbharBharat repeated. Only a Sangh could have conjured such a bizarre package of these these four elements. "Pulses were also given” asserts the FinMin. That's a lie. In most places they have been given 1 kg
FinMin says workers in camps were given food. Pray, for how many workers? Does that match your allocation? Watching FinMin is like watching a Dean Elgar innings. After 5 days of batting she seems to be ready to settle down by Tea time!
Now FinMin is addressing the migrant worker migration tragedy. Elaborates on the magnanimity of food being provided on trains. No details about how many trains. How many people?
Today is going to be saat phera day, says FinMin - 7 steps to be taken by Govt.
Starts with health sector. FinMin says about Rs. 4000 cr has been given - out of 15000 cr. The 4000 includes ALL states, which FinMin conveniently does not emphasise. Remember, this is part of 3-year spending programme, announced earlier by FinMin.
FinMin focuses on how India is #Aatmnirbhar in PPE production. Output in lakhs without any reference to requirements. How convenient!
Now she moves to education. FinMin speaks on online education in schools, even in rural areas. Students and teachers can watch and learn, magically! I’m almost getting the feeling that #COVID is the best thing that could have happened to India!Bring it on, she seems to be saying!
Compliance burden on industry has been reduced, says FinMin. Maybe that's explains why the #VizagGasTragedy happened.
MGNREGA - additional allocation of Rs. 40000 crores — grossly inadequate. Barely enough to compensate the freeze/cut in last few yrs. In the #COVID context, it is a joke.
Now FinMin flits to health care facilities, which are to be expanded. But the catch is that there is not a single number mentioned, in financial or physical terms. Nor is this there any indication that states are even being considered in this grand string of promises.
How could e-learning not figure in the "Covid is an opportunity" mantra? So the tune begins. Top 100 universities will be allowed to start online learning. Has FinMin found out from students/teachers what this entails? Access and availability key issues, but those don't matter.
Bankruptcy Code not to be applied for a year. But that's already on for 6 months - extended by 6 more months. Insolvency code for MSMEs coming, says FinMin. But that's no guarantee that banks dont prevent access to fresh credit in meantime. But these are trivialities for FinMin.
Extension of compliance deadlines. This was already done. Decriminalisation of compliance related offences. Already planned. But what's this got to do with Covid or a stimulus? Basically, just padding the marathon innings! Its like staying at the crease to buy time.
Indian companies will be able to list shares abroad with much less fuss. Exactly what Indian companies need in these desperate Covid times.
New policy to classify "strategic" sectors where at least one PSUs will exist. Not more than 4 PSUs to remain in such notified sectors. Space in these sectors will be vacated for Pvt companies. So, emasculated BSNL can coexist with Jio. Or IOCL with Reliance in petroleum.
Now FinMin turns to State Govts. Support extended consistently, she claims deadpan. Rev deficit transfers were by Centre made in time, she asserts. About Rs. 30,000 crores transferred to ALL States, apart from RBI's WMA enhanced.
States are borrowing only 14 % of their borrowing limit. Why? That is not for the FinMin to answer. But FinMin raises this limit to States borrowing limit from 3% of GSDP to 5%.
No question of grants or letting states borrow at repo-linked rates, which is available even to Pvt companies. The high bond markets mean that states’ borrowing costs are going to shoot up. But who cares.
Hey, here comes the catch to the increased borrowing limit: states must implement reforms and increase to be eligible. In effect, conditions apply. What the hell is this? GoI is the new IMF! Reforms: ease of doing business at district level, PDS-related, APMC, power sector, etc.
Hey, but what about GST shortfall? I can't believe this. That is like Dean Elgar ducking away from a Malcolm Marshall bouncer! Climax of the Covid Test approaching as FinMin adds all the tranche-wise numbers. Total will add magically to 20 lakh crores - just as promised.
So, fixed match comes to a close. FinMin overshot the Rs 20 lakh crore target by Rs. 97053. Who has the cheek to say there's no stimulus? Covid Test comes to an end after 5 days suffering amid Covid. Oh God, was it for this the 50 days (and counting) of suffering?
The questions are unfortunately the most insufferable part of the FinMin. But what takes the cake is the arrogance of those in power. As someone said on Twitter: Atma-nirbhar actually means Aadmi-nirvanam in the Sangh lexicon. (Thread ends)
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