{"id":14125,"date":"2020-05-18T21:51:35","date_gmt":"2020-05-18T16:21:35","guid":{"rendered":"https:\/\/trial.indiaeconomyandbusiness.com\/?p=14125"},"modified":"2022-07-25T19:11:49","modified_gmt":"2022-07-25T13:41:49","slug":"understanding-indias-covid-19-relief-package","status":"publish","type":"post","link":"https:\/\/www.indiaeconomyandbusiness.com\/is\/understanding-indias-covid-19-relief-package\/","title":{"rendered":"Understanding India&#8217;s Covid-19 Relief Package."},"content":{"rendered":"<p>The Finance Minister\u2019s Covid-19 relief package announcement, spread over five long days, has not been very encouraging, at least, from the immediate perspective. While a few of the measures are ground breaking, others look either rehash, contingent upon being passed by the Parliament or would take years to be implemented. Among the missing pieces are measures to stimulate consumption demand such as concessions on online shopping etc or to boost exports. Yet, considering the fiscal constraints, it would not be appropriate to find much fault. The top most priority, other than checking the spread of virus, to ensure that migrant workers get a livelihood opportunity and until that, enough food to survive. Here is a brief look at the important measures.<!--more--><\/p>\n<p>MSMEs\/ Industries \u2013<\/p>\n<ul>\n<li>Credit guarantee for Rs 3 lakh crore of loan to MSMEs. This means if the MSME fails to repay the loan, government will pay the same to the banks, thus mitigating the credit risk for banks. Normally, such loans carry a guarantee fees which has been waived by the government.<\/li>\n<li>Provision for equity infusion of Rs 50,000 crore into MSMEs. However, government would be infusing only Rs 10,000 with the rest being raised from the market by the government agencies. While the provision can be very useful, it may take time to materialise considering the current market dynamics.<\/li>\n<li>Change in the definition of MSMEs linking it to turnover also and raising the eligibility threshold. MSMEs, so far, did not look at growth ambitiously as they feared crossing the threshold limit and becoming ineligible for the benefits. However, the move does not touch upon the problem of \u201cdwarf\u201d MSMEs raised in an Economic Survey, which advocated MSMEs be allowed to receive benefits only for a period of say, 6-8 years. Further, the change would need ratification from the Parliament.<\/li>\n<li>Disallowing global tender for government procurement worth less than Rs 200 crore. The move is an important one and would give Indian companies the confidence to build capability. (An estimate of total value of such tenders would have been useful).<\/li>\n<li>Partial credit guarantee scheme for low rated NBFC (AA and below) for total of Rs 45,000 crore. However, since the government is guaranteeing only 20% of loss, banks may still be reluctant to lend to these NBFCs.<\/li>\n<li>Relief to real estate sector by extension of completion deadline by six months.<\/li>\n<li>Suspension of Insolvency &amp; Bankruptcy Code for one year.<\/li>\n<\/ul>\n<p>Migrants\/Farmers\/Agriculture \u2013<\/p>\n<ul>\n<li>Special drive for enrolment of returning migrants into MGNREGA to provide them livelihood opportunities. As per the FM\u2019s presentation, 40-50% more persons have registered during May over last year. Increase in allocation to MGNREGA from Rs 60,000 crore to Rs 1 lakh crore. This is among the few major actual expenditure item.<\/li>\n<li>An important legislative initiative is amendment of Essential Commodities Act, 1955 which barred stocking of agriculture produce above a limit. While the Act had a purpose back then, amidst shortage, it is acting as an impediment to development of a national market now. Agri-reforms also include removal on restriction of inter-state trade in these produces. However, these are, again, subject to Parliament approval.<\/li>\n<li>Universalization of ration card to be done by Aug\u201920 (83% of population). Stranded migrants to get free ration for two more months even without ration card.<\/li>\n<li>Credit facility totalling up to Rs 5,000 crore for street vendors (upper limit \u2013 Rs 10,000 per person). While the scheme is laudable, whether the needy vendors are able to actually get the benefit would have to be seen.<\/li>\n<li>Affordable rental housing complex for migrants. Again, a long-term plan.<\/li>\n<li>Extension of Kisan Credit Card scheme to fisherman and animal husbandry farmers also. Additional credit of Rs 2 lakh crore to benefit 2.5 crore farmers.<\/li>\n<li>Rs 1 lakh crore for development of agriculture infrastructure such as cold-chain, post-harvest infrastructure. This is a very weak link in agri-supply chain and whether entrepreneurs come forward with credible plan to avail this would be keenly watched.<\/li>\n<li>Additional schemes for fisherman, micro-food enterprises, animal husbandry, herbal cultivation etc. An interesting initiative is 50% subsidy on transportation and storage of fruits &amp; vegetables from surplus to deficient states. The measure, with a small outlay, has the potential to substantially improve price realization and reduce distress sales.<\/li>\n<\/ul>\n<p>Other Reform Measures \u2013<\/p>\n<ul>\n<li>Ranking of states on investment attractiveness to bring about \u2018competitive federalism\u2019.<\/li>\n<li>Introduction of commercial mining in coal sector. However, the decision was already taken in January this year and the announcement again is, essentially, repackaging with some additional features. Reforms in exploration of other minerals also, removing the criteria of captive production.<\/li>\n<li>Indigenization of defence procurement with ban on weapons\/ platforms gradually. Corporation of Ordinance factory board is also a bold move which would reduce government interference and help it function as a distinct legal entity with its financial accounts.<\/li>\n<li>A landmark decision is better utilization of Indian air space currently restricted at about 60% to provide greater operational freedom to Air Force. The issue has been deliberated upon for quite a long time and relaxation would reduce travel time, fuel use (estimated at Rs 1,000 crore) etc.<\/li>\n<li>While privation of distribution companies has been announced for union territories, the same needs to be done for states also. It must be noted that distribution entities are among the few segments which still continue to run very inefficiently. Allocation of Rs 90,000 crore has been done to discoms.<\/li>\n<li>In a major policy shift, government announced gradual privation of all public sector enterprises (PSEs) in sectors other than those of strategic importance. Further, number of PSEs in the strategic sector would be reduced to 1-4 with the rest being merged\/privatized or brought under holding company. While this is a landmark decision, it would be at least a decade before the change can be seen on grounds considering the current state of Indian corporate sector.<\/li>\n<li>To help states meet their financing needs, borrowing limit for states has been raised from 3% of Gross State Domestic Product (GSDP) to 5%. This would help state raise Rs 4.3 lakh crore in addition to original limit of Rs 6.4 lakh crore. However, part of it is linked to reforms and specific milestones to be achieved by the respective governments.<\/li>\n<\/ul>\n<p>(Image Courtesy &#8211; Ministry of Human Resources Development)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Finance Minister\u2019s Covid-19 relief package announcement, spread over five long days, has not been very encouraging, at least, from the immediate perspective. While a few of the measures are ground breaking, others look either rehash, contingent upon being passed by the Parliament or would take years to be implemented. Among the missing pieces are [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":13519,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[857],"tags":[],"class_list":["post-14125","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","membership-content","access-restricted"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Understanding India&#039;s Covid-19 Relief Package. - Indian Economy &amp; Business Analysis<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.indiaeconomyandbusiness.com\/is\/understanding-indias-covid-19-relief-package\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Understanding India&#039;s Covid-19 Relief Package. - Indian Economy &amp; Business Analysis\" \/>\n<meta property=\"og:description\" content=\"The Finance Minister\u2019s Covid-19 relief package announcement, spread over five long days, has not been very encouraging, at least, from the immediate perspective. While a few of the measures are ground breaking, others look either rehash, contingent upon being passed by the Parliament or would take years to be implemented. Among the missing pieces are [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.indiaeconomyandbusiness.com\/is\/understanding-indias-covid-19-relief-package\/\" \/>\n<meta property=\"og:site_name\" content=\"Indian Economy &amp; Business Analysis\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Indiaeconomyandbusiness\/\" \/>\n<meta property=\"article:published_time\" content=\"2020-05-18T16:21:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-07-25T13:41:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.indiaeconomyandbusiness.com\/is\/wp-content\/uploads\/2019\/06\/Image-making-3.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"500\" \/>\n\t<meta property=\"og:image:height\" content=\"277\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ashish Agrawal\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@AshishNischhal\" \/>\n<meta name=\"twitter:site\" content=\"@AshishNischhal\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ashish Agrawal\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.indiaeconomyandbusiness.com\/is\/understanding-indias-covid-19-relief-package\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.indiaeconomyandbusiness.com\/is\/understanding-indias-covid-19-relief-package\/\"},\"author\":{\"name\":\"Ashish Agrawal\",\"@id\":\"https:\/\/www.indiaeconomyandbusiness.com\/is\/#\/schema\/person\/b69a02a0716f0f34cee36e7e4ce6db45\"},\"headline\":\"Understanding India&#8217;s Covid-19 Relief Package.\",\"datePublished\":\"2020-05-18T16:21:35+00:00\",\"dateModified\":\"2022-07-25T13:41:49+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.indiaeconomyandbusiness.com\/is\/understanding-indias-covid-19-relief-package\/\"},\"wordCount\":1023,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.indiaeconomyandbusiness.com\/is\/#organization\"},\"articleSection\":[\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.indiaeconomyandbusiness.com\/is\/understanding-indias-covid-19-relief-package\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.indiaeconomyandbusiness.com\/is\/understanding-indias-covid-19-relief-package\/\",\"url\":\"https:\/\/www.indiaeconomyandbusiness.com\/is\/understanding-indias-covid-19-relief-package\/\",\"name\":\"Understanding India's Covid-19 Relief Package. - Indian Economy &amp; 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