43 Key Highlights of FM Mrs. Nirmala Sitharaman press conference dated 26.03.2020
Government will
contribute 12% from the employer side and 12% from the employee side to PF
accounts. This for those firms where there are less than 100 employees, 90% of
who draw less than 15,000 per month in wages.
2.
EPFO schemes regulation will be amended to allow
the non-refundable advance of 75% of the standing amount
Due to Covid-19
pandemic, EPFO schemes regulation will be amended to allow the non-refundable
advance of 75% of the standing amount or three month wages, whicever is
lower. This will benefit 4.8 crore workers.
3.
Government will pay the EPF contribution
The government will
pay the EPF contribution, both of the employer and employee, ie. 24% for the
next three months. This is for all those establishments which have upto 100 employees,
out of which 90% employees draw less than Rs 15,000 per month
4.
Ujjwala Yojna beneficiaries to get gas cylinders
free for next three months
In the PM Garib
Kalyan Yojna the Finance Minister announced that Ujjwala beneficiaries will get
fre gas cylinders for thee months.
5.
FM doubles collateral-free loans to Rs 20 lakh for
Self Help Group women
Collateral free loans
doubled to Rs 20 lakhs for Self Help Group women, to help 7 crore women.
6.
No one will remain hungry'; government brings in
food, cash relief amid coronavirus
Finance Minister
Nirmala Sitharaman has come up with a Rs 1,70,000 crore relief package for the
daily wage earners, women workers and migrant workers as the country remains in
a 21-day lockdown period due to coronavirus outbreak.
7.
8.3 crore BPL family will get free LPG cylinders
To provide an
adequate supply of cooking gas, for the next three months 8.3 crore BPL family
will get free cylinders.
8.
Woman Jan Dhan account holders will get an
ex-gratia amount of Rs 500 per month
20 crore woman Jan
Dhan account holders will get an ex-gratia amount of Rs 500 per month for the
next three months, to fight coronavirus.
9.
Senior citizens, widows, and Divyangs to get
one-time additional payment of Rs 1000
Senior citizens,
widows, and Divyangs to get one-time additional payment of Rs 1000 in two
installments for the next three months. This is expected to benefit 3 crore
such people under Direct Benefit Transfer.
10. FM Sitharaman's
package to help directly affected, migrants workers, urban and rural poor.
"We have come
with a package that will immediately help those affected directly, those
migrants workers, urban and rural poor. We are looking both at cash transfers
as well as food security measures," Sitharaman said.
11. FM announces
immediate transfer of Rs 2000 to farmers
FM announces
immediate release of Rs 2000 to directly benefit 8.69 crore farmers.
12. 5 kg rice, wheat free
for 80 crore people for three months
Under Pradhanmantri
Garib Kalyan Yojana, 5 kg rice or wheat will be given for free for the next
three months. Besides, 1 kg pulse available regionally will also be given for
free to 80 crore people.
13. 5 KG additional rice
or wheat per household to be given by the Government
For the next three
months an addition 5KG of rice or wheat will be given free by the government ot
the poor.
14. Rs 50 lakh per person insurance for medical workers
We are fighting this
emergecy on a war footing, said MoS Finance, Anurag Thakur while he uinveiled a
Rs 50 lakh per person insurance for medical personnel.
15. Govt announces
medical insurance cover of Rs 50 lakh
FM Sitharaman has
announced Rs 50 lakh medical cover per person for the government's sanitation
workers, ASHA workers, doctors, paramedics, others, if they need it. The scheme
is to benefit 20 lakh such workers.
16. Govt's economic
package includes relief for daily wage workers
We do not want people
to stay hungry or without money in their hand, said FM Sitharaman
17. FM press conference
starts
FM Sitharaman starts
press conference
18. Centre can issue
advisories to states to disburse funds from their respective labour welfare
boards
In the case of
construction workers, the centre can issue advisories to states to disburse
funds from their respective labour welfare boards for those in the unorganised
sector, like beedi, mine, cine workers.
19. Cash transfers
through direct benefit transfer are being considered
Cash transfers
through direct benefit transfer are being considered for registered unorganised
workers and a minimum sustenance level transfer to those who are out of the
social security net.
20. Centre may borrow
more to fund the relief package
While the government
may use money available with certain labour welfare funds, a limited fiscal
space would be its biggest constraint. The Centre may borrow more to fund the
relief package, which is expected to be announced, said senior officials.
21. Stimulus plan could
be as large as 2.3 trillion rupees
One of the sources, a
senior government official, said the stimulus plan could be as large as 2.3
trillion rupees, but final numbers were still in discussion, Reuters reported.
22. Cash transfers for
unorganised workers, 7 kg subsidised grain per person
The Government is
finalising an economic package, the broad contours of which are likely to
include targeted monetary transfers to unorganised sector workers, especially
daily wage workers, sops for small and medium enterprises and relaxations in
banking sector prudential norms to help companies tide over the countrywide
lockdown that is causing significant disruption across the economy.
23. Why is corona package
taking so long to clear?
There are, as experts
have pointed out, real dangers with opening the spigots too much since, with
very high levels of the real fiscal deficit, this will lead to a rise in bond
yields which will defeat the purpose of the exercise. At the same time, there
is little doubt millions of poor and lower middle-class people desperately need
money to compensate for job losses; a direct cash transfer, possibly on a
weekly basis, to them immediately is called for and it helps that thanks to the
ration-shop DBT and the JanDhan accounts, the government already has their
details and can transfer money quite quickly.
24. Modi govt’s Rs 1.5
lakh crore warchest to defeat coronavirus economic slowdown
India is likely to
agree an economic stimulus package of more than 1.5 trillion rupees ($19.6
billion) to fight a downturn in the country that is currently locked down to
stem the spread of coronavirus, two sources familiar with the matter told
Reuters.
25. Extension in timeline
for reference under IBC should have been announced without waiting further
"Extension in
the timeline for reference under IBC could also have been announced without
waiting till 30th April. Now everybody is looking for the Economic Task Force
to complete its exercise and announcement of the economic package,” Hari Hara
Mishra, Director, UV ARC, told Financial Express Online.
26. No shortage of food
products, essential goods
The government
assured that there will be no shortage of food products and essential goods
during the lockdown. Immediately after the announcement of 21 days lockdown,
grocery stores in the country saw a burst of buyers rushing to gather enough
grocery items to keep their household running in the lockdown. On delivery
businesses, the cabinet minister has said that it is unfortunate that delivery
agents are harassed at some places, but such cases are very few in number.
27. Modi govt announces
largest ration subsidy scheme for 80 Cr Indians
The government has
approved the world’s largest food security scheme to benefit 80 crore people
across the country. Out of them, every person will get 7 kg ration per month
for the next three months, including wheat at a cost of Rs 2 per kg, instead of
Rs 27 per kg; and rice at cost of Rs 3 per kg, instead of Rs 37 per kg, Cabinet
Minister Prakash Javadekar said in a press conference yesterday.
28. PFC extends support
to fight COVID-19 in Rajasthan
Power Finance
Corporation Ltd (PFC), a leading NBFC in the power sector has agreed to provide
a financial assistance of Rs Fifty lakh to the Indian Red Cross Society, to
fight coronavirus in Rajasthan.
29. Census 2021, NPR
postponed till further notice
Keeping in view the
impact of coronavirus, the first phase of Census 2021 and the updation of NPR,
which was to begin on various dates decided by the State/UT governments
beginning 1st April 2020 and various related field activities, are postponed
until further orders
30. Don’t worry about
deficit now, time for govt to spend to combat the virus, says C Rangarajan,
former governor, RBI
With Covid-19
disrupting economic activities and people being confined to homes, the Centre
and the Reserve Bank of India must come out with fiscal and regulatory measures
to deal with the extraordinary situation without bothering too much about the
fiscal deficit, former Reserve Bank of India governor C Rangarajan said.
31. Govt classifies media as essential service;
urges to work even harder
Stressing that media
and communication is an essential service in this time of crisis due to
coronavirus, the government has advised officers of I&B Ministry to be
available around the clock & work even harder than usual to bring correct
and authentic information to the masses.
32. Cabinet has approved
the continuation of Rebate of State and Central Taxes and Levies on textiles
Cabinet has approved
the continuation of Rebate of State and Central Taxes and Levies (RoSCTL) from
1 April 2020 onward until such time that the scheme is merged with Remission of
Duties and Taxes on Exported Products (RoDTEP). RoSCTL scheme for apparel and
made-ups will be continued with effect from 1 April 2020 without any change in
scheme guidelines and rates as notified by the Ministry of Textiles till such
time that the RoSCTL is merged with RoDTEP
33. Textiles Ministry
sets up emergency control room to monitor production and supply of medical
textiles
The Ministry of
Textiles has set up an Emergency Control Room to monitor production and supply
of medical textiles (N-95 mask, Body Coveralls and meltblown fabric) which are
required in connection with Covid-19.
34. PM to participate in
G20 virtual summit tomorrow
Prime Minister
Narendra Modi will participate in the G20 virtual summit tomorrow to discuss on
the issues related to Coronavirus. The G20 has an important global role to play
in addressing the COVID 19 pandemic. I look forward to productive discussions
tomorrow at the G20 virtual summit, being coordinated by the Saudi G20
Presidency, PM said in a tweet.
35. Renewable Energy
projects under implementation will be given an extension of time
All Renewable Energy
projects under implementation will be given an extension of time considering
the period of lockdown and time required for remobilisation of workforce,
said a statement by the Ministry of New and Renewable Energy.
36. Control room for
real-time monitoring of the status of transportation and delivery of goods
Department for
Promotion of Industry and Internal Trade (DPIIT), under the Ministry of
Commerce and Industry, has set up a control room for real-time monitoring of
the status of transportation and delivery of goods, manufacturing, delivery of
essential commodities to the common man and the difficulties being faced by
various stakeholders during the lockdown.
37. Approval for
recapitalisation of Regional Rural Banks
The Cabinet Committee
on Economic Affairs has given its approval for continuation of the process of
recapitalisation of Regional Rural Banks (RRBs) by providing minimum regulatory
capital to RRBs for another year beyond 2019-20, that is, up to 2020-21 for
those RRBs which are unable to maintain minimum Capital to Risk-weighted Assets
Ratio (CRAR) of 9%, as per the regulatory norms prescribed by the Reserve Bank
of India.
38. Relief packages for
MSMEs, daily wage workers on cards?
While the daily wage
workers are left without jobs and stuck mid-way, FM Sitharaman may announce a
relief package for the daily wage workers. Besides, announcements can also be
regarding injecting liquidity in the market. The government has been in
consultation with the Reserve bank of India, capital market regulator
Securities and Exchange Board of India.
39. Control room for
real-time monitoring of the status of transportation and delivery of goods
Department for
Promotion of Industry and Internal Trade (DPIIT), under the Ministry of
Commerce and Industry, has set up a control room for real-time monitoring of
the status of transportation and delivery of goods, manufacturing, delivery of
essential commodities to the common man and the difficulties being faced by
various stakeholders during the lockdown.
40. Approval for
recapitalisation of Regional Rural Banks
The Cabinet Committee
on Economic Affairs has given its approval for continuation of the process of
recapitalisation of Regional Rural Banks (RRBs) by providing minimum regulatory
capital to RRBs for another year beyond 2019-20, that is, up to 2020-21 for
those RRBs which are unable to maintain minimum Capital to Risk-weighted Assets
Ratio (CRAR) of 9%, as per the regulatory norms prescribed by the Reserve Bank
of India.
41. Relief packages for
MSMEs, daily wage workers on cards?
While the daily wage
workers are left without jobs and stuck mid-way, FM Sitharaman may announce a
relief package for the daily wage workers. Besides, announcements can also be
regarding injecting liquidity in the market. The government has been in
consultation with the Reserve bank of India, capital market regulator
Securities and Exchange Board of India.
42. Govt monitoring
availability of essential commodities in market, says Ram Vilas Paswan
Union Food Minister
Ram Vilas Paswan on Wednesday said the government is monitoring the
availability of essential commodities in the market amid nationwide lockdown
for next 21 days to check the spread of coronavirus outbreak.
43. PSU banks come to
rescue before govt’s economic package; SBI, Indian Bank, others offer quick
credit
The businesses
suffering from a slump in demand and zero footfall in the market can now look
up to many PSU banks to get emergency credit to carry on their endeavors. State
Bank of India, Indian Bank, Uco Bank, Bank of India (BOI), and Union Bank of
India (UBI), have announced emergency credit lines for quick loans.
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