Union Finance Minister Nirmala Sitharaman and MoS for Finance Anurag Singh Thakur held a press conference on Sunday (May 17) at 11 am to announce the fifth set of reforms being introduced by the central government to make India self- reliant.

Nirmala Sitharaman
Finance Minister Nirmala Sitharaman.Twitter

The fifth tranche of measures are a part of Rs 20 lakh crore Covid stimulus package as part of the "Atmanirbhar Bharat Abhiyan (Self-reliant India campaign)," announced by Prime Minister Narendra Modi on May 12.

On May 16, FM Sitharaman addresses a press meet announcing reforms for eight sectors—coal, minerals, defence production, civil aviation, power distribution, social infrastructure, space and atomic energy.

Follow the Live Updates of Finance Minister Nirmala Sitharaman's fifth and final press conference on measures to revive the economy:

  • The stimulus provided in the fourth and fifths tranches of the economic package amounts to Rs 48,100 crores.
  • The stimulus package of Rs 1,50,000 crores in the third tranche of the total Rs 20 lakh crores economic package.
  • The economic booster provided in the second tranche of the economic package - Rs 3,10,000 crores.
  • Nearly Rs 6 lakh crore allocated in tranche 1
tranche 1
  • The states have so far borrowed only 14 per cent of the limit, which is authorised to them. 86 per cent of the limit remains unutilised. Centre has decided to increase borrowing limits of states from 3 per cent to 5 per cent of Gross State Domestic Product (GSDP) for 2020-21: FM

  • The states have seen a sharp decline in the revenue, we have consistently extended help to the states. Revenue Deficit Grants to states of Rs 12,390 crores was given on time in April and May despite govt's stressed resources; devolution of taxes of Rs 46,038 in April given fully, says FM.

  • The central government will announce a new public sector policy- a list of strategic sectors requiring presence of PSEs in public interest will be notified. In strategic sectors, at least one enterprise will remain in public sector but private sector will be allowed. In other sectors, PSEs will be privatised, says the FM.
  • Indian public firms 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: Finance Minister Nirmala Sitharaman
  • Decriminalisation of Companies Act defaults;7 compoundable offences altogether dropped and 5 to be dealt with under alternative framework. The amendment will de-clog the criminal courts and NCLT: FM Sitharaman
  • Debts due to coronavirus will not be included in the category of 'default': Finance Minister Nirmala Sitharaman
  • The government will now allocate an additional Rs 40,000 crores to MGNREGS to provide employment boost: Finance Minister Nirmala Sitharaman
  • Corporate Law measures for ease of doing business have included timely action during COVID–19 to reduce compliance burden under various provisions of the Companies Act
corporate law
  • Centre has taken a number of health-related steps for Covid-19 containment. Rs 15,000 crore announced for states, essential items and testing labs and kits along with rolling out of teleconsultation services, the launch of Arogya Setu app and protection to health care workers with adequate PPEs: FM
covid containment
  • Focus on 7 sectors today

MGNREGA, healthcare (rural and urban), education, businesses and COVID-19, decriminalisation of Companies Act, ease of doing business, Public Sector Enterprises- related steps and state governments and related resources.

  • Pulses were given three months in advance. I appreciate concerted efforts of Food Corporation of India, National Agricultural Cooperative Marketing Federation of India and states, giving pulses and grains in huge quantities, despite logistical challenges: Finance Minister Nirmala Sitharaman.
  • 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: FM Nirmala Sitharaman
  • 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: FM Sitharaman
  • 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 the second installment, the target of Rs 3,000 crore nearly achieved: Finance Minister Nirmala Sitharaman
  • Pradhan Mantri Garib Kalyan 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: FM Sitharaman