Key Highlights of FM Speech today on major Law Reforms, EODB, Health & Public Sectors

आत्मनिर्भर भारत अभियान -V

(Self-Reliant India Movement -V)

Key Highlights:

Today’s steps will focus on these seven areas:

  • MGNREGA,
  • Health and Education
  • Businesses and Covid
  • Decriminalization of Company’s Act
  • Ease of doing business
  • Public Sector Enterprises and related matters
  • State governments and resources related to state governments.
  • Land, Labour, Liquidity and Laws have all been emphasized in Aatma Nirbhar Bharat Package. The crisis and the challenge is an opportunity to build a Self Reliant India.
  • Aatma Nirbhar Bharat Package used technology to do direct benefit transfer to people, we could do what we did because of the initiatives taken during the last few years
  • One-time transfer of ₹ 2,000 has reached 8.19 crore farmers, total amount ₹ 16,394 crore
  • NSAP beneficiaries got ₹ 1,405 crore in first installment and ₹ 1,402 crore in 2nd instalment, target of ₹ 3,000 crore nearly achieved
  • Health-related steps
  • Rs 15,000 crore was released by the PM,
  • insurance cover of Rs 50 lakhs per person for health professionals,
  • made sure telemedicine comes into play,
  • capacity building exercises have been taken up,
  • for protection of health care workers, amendment of Epidemic Diseases Act was required which was undertaken,”
  • Rs 15000 crore announced for states, essential items and testing labs and kits along with rolling out of tele-consultation services,
  • launch of Arogya Setu app and protection to health care workers with adequate PPEs.
  • Education – related steps:
  • 200 new Textbooks Being Added to E-pathshala
  • Online education is being taken up in a big way.
  • Another 12 channels will be added.
  • It will be a great help to students in rural areas
  • Shramik special trains were started when it was possible for workers to move, states were requested to bring workers to stations, 85% cost was borne by the Central government.

Corporate Law Measures for Ease of Doing Business

Timely action was taken during #COVID19, to reduce compliance burden, under various provisions of #Companies Act:

These amendments will be brought through an ordinance

  • Board meetings were allowed to be online,
  • rights issues can be done digitally,
  • Rationalization of RPT related provisions
  • 44% recovery has been achieved since inception of Insolvency and Bankruptcy Code
  • No fresh IBC Proceeding for 1 year – Fresh initiation of insolvency proceedings up to one year;
  • Debts due to COVID19 will not be included in the category of ‘default’
  • Section 240A of IBC will be notified for MSME – Special Insolvency Resolution Framework
  • Decriminalize of Provisions of Companies Act – Decriminalization of companies act defaults involving minor technical and procedural violations
  • Internal Adjudicating Mechanism for Compounding of Offences – Majority of the compoundable offences sections to be shifted to internal adjudication mechanism and powers of RD for compounding enhanced
  • Seven compoundable offences altogether dropped and 5 to be dealt with under alternative framework
  • companies to directly list their securities in foreign jurisdiction
  • Private companies which list non-convertible debentures (NCDs) on stock exchange not to be regarded as listed companies
  • Power to create additional / Specialized benches for NCLAT
  • Provisions related to Producer Company (Part IX of Companies Act, 1956) included in Company Act 2013
  • Lower Penalties for default done by Small / OPC / Producer/ Start Up Companies.

MGNREGA

  • Rs 40,000 crores increase in allocation for MGNREGA to provide employment boost.
  • Will help generate nearly 300 crore person days in total
  • Tech-driven Education with Equity Post Covid-19:
  • PM eVidya: A program for multi-mode access to digital education to be launched immediately, consisting of:
  • Top 100 universities will be permitted to automatically start online courses by 30th May
  • DIKSHA for school education in states and union territories, e-content and QR coded textbooks for all grades
  • Special digital content for Divyang children

Public Sector Enterprise Policy:

The government will announce a new policy whereby:

  • In strategic sectors, at least one enterprise will remain in the public sector but private sector will also be allowed
  • In other sectors, PSEs will be privatized
  • States have so far borrowed only 14% of the limit authorized, 86% of the authorized borrowing remains unutilized.
  • Revenue Deficit Grants to states of Rs 12,390 crores was given on time in April & May despite Centre’s stressed resources; devolution of taxes of Rs 46,038 in April given fully

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