DAILY NEWS ANALYSIS
18 May, 2020
5 Min Read
5th tranche of Atma Nirbhar Bharat package- Structural Reforms
Part of: GS-III- Economy- Economic reforms (PT-MAINS-PERSONALITY TEST)
Finance Minister in her announcement of the fifth tranche of measures to address the economic situation in the country amid COVID-19, outlined structural reforms with focus on seven areas of MNREGA, Health and Education, Business during COVID, Decriminalisation of Company Act, Ease of doing business, Policy related to Public Sector Units, State government and resources related to it.
Imp Announcements
Finance Minister highlighted that, the improvement in rankings in starting a business and in terms of insolvency resolutions have together contributed to an overall improvement in India’s ranking in Ease of Doing Business. She added that the further reforms will include Indian public companies being able to directly list securities in permissible foreign jurisdictions.
Under the Prime Minister Garib Kalyan package, free food grains were provided to 80 crore people and under the PM Kisan Yojana more than Rs 16 thousand crore have been given to the 8.19 crore people through direct benefit transfer.
She said, more than Rs 10 thousand crore were released to 20 crore Jan Dhan accounts of women and construction workers got Rs 3 thousand 950 crore. She said 6.81 crore beneficiaries got the cylinder under the Ujjawala scheme and 12 lakh EPFO holders have withdrawn the advance amount. She said, Shramik Special trains were operated for the migrant workers and 85 per cent of the cost was borne by the Central Government.
The Finance Minister announced a slew of measures to help the Micro, Small and Medium Enterprises, MSMEs sector that employs an estimated 11 crore people. The announcements ranged from Non-Banking Finance Companies (NBFCs), real estate, power distribution sector, to relaxations on contribution to Employees’ Provident Fund (EPFO). In her second announcement the focus was on migrant workers, street vendors, small traders, the self-employed and small farmers. Third announcement saw major relief packages for agriculture and allied activities, while yesterday key sectoral reforms were announced in the sectors of coal, minerals, defence production, civil aviation, power distribution companies, space sector and atomic energy.
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Source: TH
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