New Delhi, May 17: Union Finance Minister Nirmala Sitharaman announced the fifth and final tranche of the economic stimulus package at 11 am on Sunday. In her address today, Sitharaman focused on areas including MGNREGA, Heath and education, decriminalisation of Companies Act and ease of doing business and related matters. She said the overall stimulus package under the Atmanirbhar (self-reliant) Bharat amounts to Rs 20,97,053 of which the stimulus provided in the fourth & fifths tranches of the economic package amounts to Rs 48,100 crores.

In a bid to provide a fillip to employment, the Finance Minister said that the government will now allocate an additional Rs 40,000 crores to MGNREGS to provide employment boost. This move will help generate nearly 300 crore person days in total in the country. In her address, Sitharaman announced a new public sector policy. She said a list of strategic sectors requiring presence of PSEs in public interest will be notified. In strategic sectors, at least 1 enterprise to remain in public sector but pvt sector to be allowed. In other sectors,PSEs to privatised. 4th Tranche: Commercial Mining, FDI Hike in Defence, Space Exploration for Private Sector: What Nirmala Sitharaman Announced.

Here are Key Takeaways from Nirmala Sitharaman's Adddress

5th Tranche Focused on 7 Areas

Finance Minister Nirmala Sitharaman said that in the last tranche,  announcements will be made about 7 steps taken by the govt - MGNREGA, health & education related steps, business & COVID, decriminalization of Companies Act, ease of doing business, public sector enterprises, state govt resources.

Reforms for Ease of Doing Business in India 

The Finance Minister said further key reforms for Ease of Doing Business are in the pipeline including direct listing of securities by Indian public companies in permissible foreign jurisdictions

Decriminalisation of Companies Act Defaults

The government decided to decriminalise Companies Act defaults. With this, 7 compoundable offences altogether dropped and 5 to be dealt with under alternative framework. Sitharaman said the amendment will de-clog the criminal courts and NCLT.

No Fresh Insolvency to be Initiated for 1 Year

The Finance Minister said with an eye on further enhancement of Ease of Doing Business Government announces suspension of fresh initiation of insolvency proceedings up to one year; decides to exclude COVID 19 related debt from the definition of “default” under IBC. Sitharaman said minimum threshold to initiate insolvency proceedings raised to Rs 1 crore from Rs 1 lakh to benefit MSMEs.

Top 100 Universities to Start Online Courses by May 30 Under PM eVIDYa Programme

The Finance Minister said the government will immediately launch a digital education programme. She said technology-driven education to be the focus- PM eVIDYa programme for multi-mode access to digital/online education which will be launched immediately. Top 100 universities will be permitted to automatically start online courses by May 30, 2020. DIKSHA for school education; online content and QR-coded textbooks to be the focus.

Public Health Labs to be Set Up at Block Levels 

In her address, Sitharaman said health expenditure will be increased & investment at grassroots level will be ramped up for health and wellness centres, with particular focus on aspirational districts. All districts will have infectious diseases block in hospitals. Public health labs will be set up at block levels.

Companies Allowed to Directly List Securities in Permissible Foreign Jurisdictions

FM Nirmala Sitharaman announced that Indian public companies can now list their securities directly in foreign jurisdictions. Private companies which list Non Convertible Debentures on stock exchanges will not be regarded as listed companies.

Additional Rs 40,000 Cr Allocated to MGNREGS

In a mega boost, Finance Minister Nirmala Sitharaman on Sunday announced that the government will now allocate an additional Rs 40,000 crores to MGNREGS to provide employment boost.

20 Cr Jan Dhan Account Holding Women Get Rs 10,025 cr

The Finance Minister said 20 crore Jan Dhan account holding women got Rs 10,025 crores. 2.2 crore building and construction workers got Rs 3,950 crores. 6.81 crore people got free LPG cylinders and12 lakh EPFO holders got online withdrawal of advance

Measures Taken by Govt During COVID-19 Pandemic

Sitharaman said the government has taken a number of health-related steps for COVID19 containment- Rs 15000 crore announced for states, essential items&testing labs and kits along with rolling out of teleconsultation services,launch of Arogya Setu app&protection to health care workers with adequate PPEs.

Insurance Cover of Rs 50 lakh Per Person Announced for Healthcare Workers

Finance Minister Nirmala Sitharaman said more than Rs 4,113 crores have been released to states. Insurance cover of Rs 50 lakhs per person has been announced for healthcare workers & Epidemic Diseases Act was amended for protection of healthcare workers.

One-Time Transfer of Rs 2,000 Reaches 8.19 cr Farmers

Finance Minister Nirmala Sitharaman said one-time transfer of Rs 2,000 has reached 8.19 crore farmers, total amount Rs 16,394 crore. NSAP beneficiaries got Rs 1,405 crore in first installment & Rs 1,402 crore in second instalment, target of Rs 3,000 crore nearly achieved.

Overall Stimulus Package Amounts to Rs 20,97,053

The overall stimulus package under the Atmanirbhar (self-reliant) Bharat amounts to Rs 20,97,053. The break up of the first tranche of announcements amount to Rs 5,94,550 crores under the economic package under the Atmanirbhar Package. Reforms of Rs 3,10,000 crores was announced in the second tranche, Rs 1,50,000 crores in the third tranche. Stimulus provided in the fourth and fifths tranches of the economic package amounts to Rs 48,100 crores. 

The measures have been announced as part of the Aatmanirbhar Bharat Package announced by Prime Minister Narendra Modi earlier this month to help the economy hit by the coronavirus lockdown. The  announcements are part of the Rs 20 lakh crore economic package announced by the Prime Minister amount to 10 per cent of the gross domestic product (GDP).

The fourth press briefing by the finance minister on Saturday focused on structural reforms in new sectors, where growth is possible and employment is generated. The fourth tranche gave a major boost to mining, defence, civil aviation and power distribution sectors. In a major development, commercial mining in coal sector was brought in and that government monopoly has been removed. The Finance Minister added saying that the government will introduce competition, transparency, and private sector participation in the Coal Sector through revenue sharing mechanism instead of the regime of fixed rupee/tonne.

(The above story first appeared on LatestLY on May 17, 2020 12:12 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).