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The Finale of Modi’s 20 lakh crores relief package

Nirala Sitharaman covered the last section of the PM's relief fund in her conference. Here, we present to you the highlights
Nirala Sitharaman covered the last section of the PM’s relief fund in her conference. Here, we present to you the highlights of her press conference.

PM Modi’s 20 Lakh crore Stimulus Package!

PM Modi recently announced a stimulus package of Rs 20 Lakh Crore to revive the ravaging Economy. PM Modi said that this package is 10% of India’s GDP and will focus mainly on the vulnerable sections, labor, including SMEs, cottage industry, etc.

Soon after this announcement, The Finance Minister, Nirmala Sitharaman, announced the set 1 of this package, which included 16 measures and gave a clear picture of Rs. 13 lakh Crore.

The Finance Minister gave the definite breakup of the 20 lakh Crore package.

The highlights of Nirmala Sitharaman’s press conference:

  1. FM said they had taken all the possible suggestions from anywhere possible and did what they thought is best.
  2. FM requested Sonia Gandhi and the opposition party to stand united on the issue of migrants. She confirmed that the central government is working together with the states for this matter.
  3. FM said that the government wants an uninterrupted power supply.
  4. She sneered Rahul Gandhi’s roadside chat with migrants and tagged it as drama.
  5. She said-“Let all Congress state governments get more trains to bring more migrant laborers.”
  6. She further went on to confirm that all states are co-operation for the movement of migrants via trains.
  7. She also said that the definition of ‘COVID-related debt’ will soon be notified to the citizens.
  8. She clarified her side and said that she had not made any announcement regarding bank mergers.
  9. RBI’s contribution adds up to ₹801,603 in the ₹20 lakh crore economic package.
  10. The worth of the entire package is ₹20,97,053 crore. The fourth-fifth art of this package is worth ₹48,100 crores.
  11. The very first portion of the package is ₹594,500 crore.
  12. The second and third portions of the package are ₹310,000 crores and ₹1.5 lakh crore, respectively.
  13. The revenue loss caused by tax concession is ₹7,800 crore.
  14. The center has decided to raise the borrowing limits of the states from 3% to 5% for 2020-2021.
  15. So far, sates have utilized only 14% of the limited resources. 86% remains unutilized.
  16. Despited the stressed resources of center, ₹12,390 crore revenue deficit grants were given to the states in April-May.
  17. There will only be 4 PSUs at max in the market. Others will either be privatized or merged.
  18. New policies are made to classify the strategic sectors/industries broadly.
  19. Public sector enterprise policy says that all sectors will be open to the Private sector, whereas PSUs will also play a vital role in specific areas.
  20. Now, there will be low penalties for the defaults by small companies, one-person companies, etc.
  21. FM said that thee direct listing of the foreign jurisdiction is allowed.
  22. Fm said that the COVID-19 related debts would be excluded from IBC.
  23. Top 100 universities will be starting online courses from 30 May.
  24. There will be extensive use of radio technology and podcasts in the field of education.
  25. A TV channel will be earmarked for grades 1-12.
  26. She also confirmed that she would be giving the breakup of 20 Lakh crore shortly.
  27. She ensured that the Health and wellness factor would be enhanced in both rural and urban areas.
  28. Center will allot an extra ₹40,000 crore for MGNREGA (1) so that there is a boost in employment.
  29. Online education will be sharpened during COVID-19.
  30. There will be an announcement of 7-steps- MGNREGA, health & wellness, education industry, business, decriminalizing the Companies Act, ease of doing business, public sector companies, and state governments’ resources.