Finance minister releases fifth tranche of economic package

3 min read

News: Union finance minister has unveiled the fifth and last tranche as part of the Atmanirbhar Bharat Abhiyan(Self-reliant India campaign).

Facts:

  • Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA): 
    • Government to allocate an additional Rs 40,000 crore for MNREGA.This will help generate nearly 300 crore person days in total and will also help provide more work including for returning migrant workers.
  • Health – Rural and Urban: The public expenditure on health will be increased further.To prepare India for future pandemics:
    • Government will be setting up infectious disease hospital blocks in all districts.
    • Integrated public health labs will also be set up in the districts.
    • National Institutional Platform for health will be established by ICMR
    • National Digital Health Blueprint will also be implemented.
  • Education-Technology Driven Online Education Systems:
    • PM eVIDYA – A programme for multi-mode access to digital/online education will be launched.
    • Manodarpan: An initiative for psychosocial support of students, teachers and families for mental health and emotional wellbeing will be launched.
    • New National Curriculum and Pedagogical framework for school, early childhood and teachers will also be launched.
    • National Foundational Literacy and Numeracy Mission for ensuring that every child attains learning levels and outcomes in Grade 5 by 2025 will also be launched by December 2020.
  • Businesses: 
    • Minimum threshold to initiate insolvency proceedings raised to Rs. 1 crore from Rs.1 lakh which largely insulates MSMEs.
    • Fresh initiation of insolvency proceedings suspended up to one year depending upon the pandemic situation.
    • Special Insolvency resolution framework for MSMEs under Section 240A of the Insolvency and Bankruptcy code to be notified soon.
  • Decriminalization of Companies Act:
    • Government to move an Ordinance for the decriminalisation of Companies Act violations involving minor technical and procedural defaults such as shortcomings in CSR reporting, inadequacies in board report, filing defaults, delay in holding AGM.
  • Public Sector Enterprises:
    • A list of strategic sectors requiring presence of PSEs in public interest will be notified. 
    • In these strategic sectors, at least one enterprise will remain in the public sector but private sector will also be allowed. 
    • However,in other sectors, the Public Sector Enterprises will be privatised.