Analysis of the Aatma Nirbhar Bharat AbhiyaanFollowing the announcement by the Prime Minister about the Aatma Nirbhar Abhiyaan with a special economic package worth Rs 20 lakh crore (equivalent to roughly 10% of India’s GDP), the Finance Minister, Ms. Nirmala Sitharaman, through five press conferences, announced the detailed measures under the economic package.[1]A sector wise breakup of allocation under the Aatma Nirbhar scheme is given in Table 1.Table 1: Sector wise allocation under Aatma Nirbhar Bharat SchemeSectorBanking(RBI measures)State BorrowingBusiness and MSMEAgricultureSocial Sector (including PMGKY)PowerHousingTaxationHealthTotalAllocation (Rs lakh crore)5.224.283.6753.482.080.90.70.50.1520.986Allocation as % of total package24.4%20%17.2%16.3%9.7%4.2%3.3%2.3%1.8%100%Note: PMGKY or the PM Garib Kalyan Yojana is a Rs 1.7 lakh crore relief package targeted towards helping the poor cope with COVID-19 and subsequent economic stress.The table below highlights key items under the scheme and the current status of the initiatives undertaken with respect to these items based on data publicly available till September 12, 2020.  The data sources have been indicated in the end notes.Policy PriorityCurrent StatusState FinancesGive state governments more resources by increasing their borrowing limits to 5% of their Gross State’s Domestic product (GSDP) for 2020-21.Borrowing limits:The Scheme seeks to increase the borrowing limits of state governments from 3% to 5% of Gross State Domestic Product (GSDP) for the year 2020-21. This is estimated to give states extra resources of Rs 4.28 lakh crore.[2]After an unconditional increase of 0.5% of GSDP, the borrowing limit can be further increased by 0.25% for each of the four reforms implemented (Table 2) and by an additional 0.5% upon implementing three out of the four reforms.Table 2: Reforms to be implemented by states for increase in borrowing limit[3]ReformStated PurposeProgress of ReformsOne nation one ration cardEnsuring pan-India availability of food grain entitlements to beneficiaries through portable ration cards and Aadhaar based authentication.24 states and union territories have adopted this reform in 2019-20. This covers 65 crore beneficiaries (80% of the population eligible for entitlements under the National Food Security Act).[4]Ease of Doing BusinessTransparency in regulations, permit and inspections.       streamlining of approval, labour regulation and contract enforcement to facilitate ease of doing businesses.[5]The central government notified a list of 340 reforms under the Business Reform Action Plan (BRAP) in 2015 which were to be implemented by 2019.[6]Ministry of Commerce and Industry releases state-wise rankings based on implementation of these reforms by the states.In the 2017-18 BRAP rankings, Andhra Pradesh, Telangana and Haryana were the top performers.  Arunachal Pradesh, Lakshadweep and Meghalaya placed last.[7]16 states implemented 75% or more reforms and 16 states implemented less than 50% of identified reforms.[8]Power distributionTo replace subsidies given by states with Direct Benefit Transfers (DBT) to safeguard consumer interests while ensuring financial health of the power sector.[9]No state has implemented or approved DBT across the board as a substitute for supply of subsidised electricity.Urban local body revenueTo promote urban development, health, and sanitation through an improvement in revenue.  Proposed means to increase revenue collection include notification of appropriate floor rates (minimum value of a property based on which tax is levied) and water and sewerage charges, to recover operation and maintenance costs.States such as Telangana and Uttar Pradesh have amended their respective Fiscal Responsibility and Budget Management Acts to raise limits for borrowing to help generate more resources, citing the adverse impact of COVID-19 pandemic and related lockdown on state finances.  Both states have increased the limit for fiscal deficit limit from 3 to 5%.[10],[11]The Acts require the state governments to ensure responsible fiscal management and long-term stability.DisinvestmentPrivatise Public Sector Enterprises (PSEs), excluding those designated to be of strategic importance.A PSE or a government company is defined to include companies and subsidiaries where 51% or more share capital is owned by the central or state governments.[12]As on March 2019, there were 348 central PSEs in India, with a total public investment of Rs 16.4 lakh crore.  Of these, 249 were operational, 86 were under construction, and 13 were under closure or liquidation.[13]Net worth of all PSEs administered by the central government (as of March 2019) is Rs 12 lakh crore.13The central government has announced that it will notify a new Public Sector Enterprise Policy to privatise all PSEs in non-strategic sectors.[14]In case of strategic sectors, the government will notify a list of sectors which must have at least one PSE (maximum four), alongside the private sector.  Other PSEs in these sectors will be privatised, merged, or brought under holding companies (a company with controlling stock of other companies) to minimise administrative costs.Table 3: PSE disinvestment targets and achievements (2015-2016 to 2020-21) (in Rs crore)[15],[16]Parameter2015-162016-172017-182018-192019-202020-21Target41,00056,5001,00,00080,0001,05,0002,10,000Achievement23,99746,2461,00,05684,97234,845--In 2019, approval for strategic disinvestment was given for PSEs including Air India, some units of Bharat Petroleum Corporation Ltd, Container Corporation of India Ltd and Shipping Corporation of India Ltd.[17],[18],[19]In 2020, as of February, the Cabinet has given in-principle approval for disinvestment in 25 central PSEs including Project and Development India Limited, Hindustan Prefab Limited and Engineering Project (India) Limited.[20]Table 4 shows disinvestment receipts from some PSEs in 2019-20.Table 4: Disinvestment in central PSEs in 2019-20[21]NameNorth Eastern Electric Power Corporation LimitedTehri Hydro Development Corporation Limited India LtdKamarajar Port Ltd.RITES Ltd.IRCTCReceipts (in Rs Crore)4,0007,5002,3831,130638% of shares disinvested100%75%66%15%12%Government shareholding post disinvestment0%0%0%72%87%Business and Micro, Small and Medium Enterprises (MSMEs)Enhance liquidity for Non-Banking Financial Companies (NBFCs), Housing Finance Companies (HFCs), and Micro Finance Institutions (MFIs).Purchase of debt:The government will allow purchase and sale of short-term debt of NBFCs, HFCs and MFIs which have been rated as investment grade (rated BBB and above) till September 30, 2020.[22]The RBI defines NBFCs as financial intermediaries engaged in the business of loans, acquisition of shares, stocks or bonds, or leasing, insurance and hire-purchase.  HFCs are engaged in providing finance for housing sector and are the main providers of home loans in India.[23]The purchase of debt will be facilitated by aSpecial Purpose Vehicle (SPV) (a business association formed primarily to raise funds) managing a Stressed Asset Fund (SAF) (a fund of pooled money used to purchase loans from banks).  The SPV will issue securities (financial instruments such as bonds and stock), which can then be purchased by the RBI.  The central government will guarantee these securities up to a total of Rs 30,000 crore.  The proceeds from these transactions will be used to acquire the short-term debt of NBFCs, HFCs and MFIs.[24]The SPV set up by the government will be operated by a subsidiary of the State Bank of India.  To qualify, firms must be registered with the RBI, rated investment grade and have non-performing assets of less than 6%, alongside qualifying for other conditions.24Five proposals by NBFCs and HFCs worth Rs. 3,090 crore have been sanctioned by the SPV, as of July 2020.[25]Further, 35 applications for financing up to Rs 13,776 crore are being processed.25  The government estimates that its direct contribution to the scheme will be its stake of Rs five crore in the SPV.[26]Credit Guarantee:The Ministry of Finance had launched a Partial Credit Guarantee Scheme (PCGS) in December 2019.  It provides a credit guarantee on a portion (10%) of the first loss on the purchase of bonds or debt issued by NBFCs, HFCs or MFIs.  The credit guarantee is borne by public sector banks.     The Scheme was valid till June 2020.     In May 2020, the government extended the Scheme till March 2021 due to the financial stress induced by the COVID-19 pandemic.[27]Further, the guarantee was increased from 10% to 20% of the total loss in May, 2020.  As of August 17, 2020, bonds worth Rs 21,262 crore from 90 NBFCs have been purchased.[28]Aid payment of instalments of loans.The RBI has mandated banks to place a moratorium on payment of instalments and interest on loans between March-August 2020.[29]A moratorium legally authorises postponement of payment on the specified transaction. Such deferment will not result in downgrade in asset classification.     Table 5 discusses the aggregate benefit of the moratorium across sectors.Table 5: Benefit of Loan Moratorium Availed as on April 30, 2020[30]SectorCorporateMSMEIndividualOthersTotal% of total customers30.8%45.8%50.4%45.7%48.6%% of total outstanding41.9%65%55.3%54.6%50.1%The Supreme Court on September 3, 2020 ruled that accounts not been declared as NPA as on August 31, 2020 will not be declared as NPAs until further orders.[31]Change qualifying limits of investment for MSMEs.The government revised the upper limit for investment in MSMEs and established a new criterion based on the firm’s annual turnover in the Micro, Small and Medium Enterprises Development Act, 2006.[32]The new definition also states that MSMEs from service and manufacturing sectors will have the same investment limits, in contrast to the separate categorisation for the two sectors as per the 2006 Act.[33]The calculation of investment in plant and machinery will be linked to the Income Tax return of the previous years or self-declaration of the promoter of the enterprise, in case of new enterprises.     Information on turnover will be linked to the GST identification number. All units with GSTIN listed against the same Permanent Account Number will be collectively treated as one enterprise for turnover and investment figures.[34]Table 6: Changes in definition of MSME (figures in Rs)33EnterpriseAnnual TurnoverInvestment LimitPrevious Investment LimitRevised Investment Limit2006 ActRevisedService SectorManufacturing SectorMicroUp to 5 croreUp to 5 croreUp to 10 lakhUp to 25 lakhUp to 1 croreSmall5 to 75 crore5- 75 crore10 lakh to 2 crore25 lakh to 5 crore1 to 10 croreMedium75 to 250 croreUp to 250 crore2 to 5 crore5 to 10 crore10 to 50 croreProvide liquidity through investment and credit facilities for MSMEs.Fund of funds:A fund with a corpus of Rs 10,000 crore will be set up to provide equity funding for MSMEs with growth potential and viability.  The government expects that Rs 50,000 crore will be leveraged through it.  The fund was approved by the Cabinet in June 2020.[35]Emergency Credit Line Guarantee Scheme (ECLGS):  A fund to provide ECGLS was proposed and approved by the Cabinet in May, 2020.[36]Under this, MSMEs can borrow up to 20% of their entire outstanding credit from banks and NBFCs through loans guaranteed by the government.  Borrowers with up to Rs 25 crore outstanding and a turnover of up to Rs 100 crore are eligible and can avail the scheme till October 31, 2020.  Interest on the loan will be capped at 9.25% for banks and financial institutes, and at 14% for NBFCs.  The government estimates that the emergency credit line guarantee scheme will provide a total liquidity of Rs three lakh crore to 45 lakh businesses.Table 7: Progress on loans to MSMEs under ECLGS (May-August, 2020)[37],[38]BanksNumber of Accounts (in lakhs)Amount (in Rs Crore)SanctionedDisbursedSanctionedDisbursedPublic Sector33.5620.3276,04456,483Private Sector7.73.0574,71545,762Total41.2723.37150,759102,245Provide liquidity to MSMEs with stressed or non-performing assets (NPAs).NPAs are loans and advances where the borrower has stopped making interest or principal repayments for over 90 days while Special Mention Account-2 (SMA-2) are ones with a delay of payment between 61 and 90 days.[39]Sub-ordinate debt is debt which can only be repaid after all other debt has been settled.As part of the Credit Guarantee Scheme for Subordinate Debt, MSMEs with NPAs or SMA-2, will be given credit of Rs 75 lakh or 15% of their stake (whichever is lower), in exchange for equity under.[40]This credit will be offered by promoters as equity and will have a moratorium of seven years.[41]The government estimates that this will infuse Rs 20,000 crore, helping two lakh MSMEs.33  Guidelines for the scheme were released on August 19, 2020.[42]Release of payments due to MSMEs by the government or CPSEs within 45 days.According to the Micro, Small and Medium Enterprises Development Act, 2006, payment by any buyer of goods or services from an MSME cannot exceed 45 days.[43]As of September 2, 2020, 53,070 applications detailing delays in payment to MSMEs by governments or CPSEs have been filed.  The total amount payable as per these applications is Rs 15,452 crore.[44]Limit competition from global firms.Under the Scheme, the government announced that global tenders (an invitation for a bid by suppliers and manufacturers) of up to Rs 200 crores will not be allowed in tenders related to government procurement.  In May 2020, the government notified the General Financial Rules, 2017 to specify that global tenders up to Rs 200 crore may only be notified with prior approval of the Cabinet in exceptional cases.[45]The previous procedure of approaching foreign embassies in India and Indian embassies abroad will continue.Amend the Insolvency and Bankruptcy Code, 2016.The Insolvency and Bankruptcy (Amendment) Ordinance, 2020, was promulgated on June 5, 2020.46  The Insolvency and Bankruptcy Code, 2016 provides a time-bound process for resolving insolvency in companies and among individuals.  The Ordinance amends the Code to prohibit the initiation of insolvency proceedings, by either the debtor himself or its creditors, for defaults arising during the six months from March 25, 2020 (extendable up to one year).[46]The Code also allows the creditors of the company to initiate an insolvency resolution process, if the amount of default by the debtor company is at least one lakh rupees. The Ministry of Corporate Affairs has increased this threshold from one lakh rupees to one crore rupees.[47]Banking RegulationIncrease liquidity available to banks.RBI noted that the COVID-19 pandemic has triggered pressures on cash flows and markets.  It has introduced measures to introduce more liquidity.[48]Repo Rate:In May 2020, the Monetary Policy Committee (MPC) decreased the repo rate from 4.4% to 4%.48  The repo rate is the rate of short term lending by the RBI to banks.Reverse Repo Rate:The MPC also decreased the reverse repo rate from 3.75% to 3.35%.48  The reverse repo rate is the rate at which RBI borrows money from banks.  A decrease in it can prompt banks to lend more, instead of keeping their funds with the RBI.Cash Reserve Ratio (CRR):  CRR was decreased from 4% to 3% in March 2020, for a period of one year.[49]CRR is the amount of liquid cash that banks have to maintain with the RBI, as a percentage of their total deposits.  This is expected to provide a liquidity support of Rs 1.3 lakh crore.Marginal Standing Facility (MSF):MSF limit was increased from 2% to 3%.[50]MSF is the window in which banks can borrow additional money from the RBI.  Raising the limit increases the total amount of funds that a bank can borrow.  This is expected to provide a liquidity support of Rs 1.37 lakh crore to banks.Provide liquidity to mid-sized companies and NBFCs.RBI announced Targeted Long-Term Repo Operations (TLTRO) to provide Rs one lakh crore of liquidity to Non-Banking Financial Companies (NBFCs), Micro-Finance Institutes (MFIs), mutual funds and other eligible business holdings in March, 2020.50  TLTRO provides banks with funds for one to three years at the repo rate to be invested in investment-grade debt of NBFCs and small to mid-sized companies.     TLTRO of Rs 25,000 was put up for auction in April 2020 and 14 bids with Rs 12,850 were received.[51]Provide liquidity to mutual funds.Special Liquidity Facility (SLF) of Rs 50,000 was announced for mutual funds in April, 2020.[52]Funds availed under this facility will be used by banks to extend loans to mutual funds.  As on July 13, 2020, Rs 2,430 crore was availed from the RBI under this scheme.[53]Increase refinance capacities.Special refinance facilities worth Rs 50,000 crore were announced for National Bank for Agriculture and Rural Development (NABARD), Small Industries Development Bank of India (SIDBI) and National Housing Bank (NHB) in April, 2020.[54]Refinance is the process by which a loan is replaced by another loan, generally offering more favourable terms.[55]Table 8: Refinance facilities availed (in Rs crore) (as of July 2020)55Name of beneficiaryPurpose of refinancingTotal refinance announcedTotal refinance availedNABARDRegional rural banks, cooperative banks and MFIs.25,00022,000SIDBIBanks for small and medium enterprise loans15,0007,935NHBHousing finance10,0009,537TaxationIncrease liquidity by delaying date for filing returns and income tax refunds.Refunds:The Income Tax Department has issued pending income tax refunds amounting to Rs 71,229 crore to 21.24 lakh persons between April 8, 2020 and July 17, 2020.[56]Refund arises when taxes paid are higher than the taxpayers actual tax liability.Table 9: Annual income tax refund from 2015-16 to 2020-21[57],[58]Year2015-162016-172017-182018-192019-202020-21 (April-July)Total refund amount (Rs thousand Crore)12216215216118471.23Extension of due date:The due date for filing return of income for the assessment year 2019-20 (i.e. the financial year 2018-19) has been extended to July 31, 2020. The due date for filing return of income for the AY 2020-21 has been extended to November 30, 2020. However, in AY 2020-21, in case of persons who have tax payment due of more than one lakh rupees, 12% interest will be levied on the tax dues if the return is filed after the original due date (July 31 for individuals and October 31 for companies).[59]Ease compliance: The Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 was promulgated on March 31, 2020.  Key features include: (i) extension of time limits for actions including issuance of notices, filings of appeals and making payments for claiming allowances, to be undertaken between March-June, 2020, (ii) cap on interest and no penalty on delay in payment of tax, (iii) makes Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund 100% tax deductible, and (iv) extension of deadline for filing declaration for dispute resolution and payment of penalty specified by designated committeesIncrease liquidity by decreasing rates of Tax Deduction at Source (TDS).The rates of Tax Deduction at Source and Tax Collected at Source for certain payments have been reduced by 25% from the existing rates.     These payments include dividends, payments to contractors, rent for machinery and professional fee.  This reduction is applicable from May 14, 2020 to March 31, 2021 and is estimated to provide liquidity of Rs 50,000 crore.[60]Benefits to workersStrengthen social benefits for salaried workers.The Economic Survey (2020) estimates that India has 11.45 crore salaried employees or workers with regular wages.[61]Those employed in firms with more than 20 workers or in industries specified in the Employees Provident Fund (EPF) and Miscellaneous Provisions Act, 1952 must establish an EPF.PM Garib Kalyan Yojana (PMGKY) is a Rs 1.7 lakh crore relief package announced on March 26, 2020 which covers benefits to workers, food distribution, cash transfers and other measures targeted towards helping the poor cope with COVID-19 and subsequent economic stress.Government contribution to EPF:Under PMGKY the monthly payments of 24% of the salary ordinarily disbursed by the employer and the employee will be replaced by contributions by the central government from March to August, 2020.  This will apply to firms with up to 100 workers, 90% of whom earn a monthly salary of less than Rs 15,000. This is estimated to provide a total relief of Rs 4,860 crore and benefit 72 lakh employees from 3.67 crore establishments.62     This scheme has been approved by the Cabinet and Rs 4,800 crore has been allocated to it as part of the Aatma Nirbhar package.[62]Reduced rate of contribution:Establishments covered under the EPF Act but excluded from PMGKY will have a reduced rate of contribution to the EPF from 12% to 10% from May to August.     However, public sector enterprises will continue to contribute 12% towards employee benefits.[63]Advance from PF Account:The Ministry of Labour and Employment amended the Employees’ Provident Funds Scheme, 1952 in March, 2020.  The amendment allows people in areas declared to be affected by an epidemic or pandemic, to seek a non-refundable advance from their PF accounts.  This must be authorised by the PF Commissioner. The permitted amount is up to three months’ salary or 75% of amount lying in the member’s PF account, whichever is lesser.[64]Provide relief to construction workers.A welfare fund comprising of collections from an additional cess on construction work was established for this purpose.  The 1% cess is levied and collected by state governments which remit the collections to the fund.  2.3 crore workers received financial support work through direct cash transfers ranging from Rs 1,000-6,000 between March 2020 to June 2020.  A total of Rs 4,957 crore was transferred as assistance in this period.[65]Street VendorsProvide easy access to formal credit for street vendors.Under the Prime Minister’s Street Vendor’s Aatma Nirbhar Nidhi (PM SVANidhi), the government will provide an initial working capital of up to Rs 10,000 to street vendors.  Vendors under the scheme will also be eligible to receive an interest subsidy of 7% per annum, up to March 31, 2022.  PM SVANidhi is estimated to provide a total liquidity of Rs 5,000 crore.[66]One lakh loans out of five lakh applications have been sanctioned under PM SVANidhi as of August 12, 2020.[67]The scheme can be implemented by states which have notified Rules and schemes under the Street Vendors (Protection of Livelihood and Regulation of Street Vending) Act, 2014.  The Act specifies the rights and obligations of street vendors, regulates their business, and mandates the establishment Town Vending Committees responsible for conducting identification surveys of vendors in their zone/ward.66Food DistributionProvide subsidised ration.To assist with COVID-19 induced financial stress, beneficiaries of PM Garib Kalyan Anna Yojana (identified by state governments based on annual income) will be provided 5 kg of grains per person and 1 kg of chana per family per month between April and November 2020.[68]This scheme is expected to cost Rs 76,602 crore and aid 80 crore beneficiaries.[69]As of June, 2020, 74 crore beneficiaries have been covered by disbursement of 120 lakh metric tonnes of food grains.[70]Provide ration across states to migrant workers.Beneficiaries of the Public Distribution System (PDS) are identified by state governments, making it difficult for migratory workers to access subsidised food grains.  To enable the required nation-wide portability of ration card holders, the One Nation One Ration Card scheme was launched in August, 2019 to allow beneficiaries across India access to PDS.  As of August, 2020, 24 states and union territories were integrated under the scheme.[71]This covers 65 crore beneficiaries, or 80% of the population eligible for entitlements under the National Food Security Act.71Between May and August, 2020, of 6.38 Lakh Metric Tonnes (LMT) food grains given by the central government to state governments, about 2.65 LMT (41%) food grains were distributed.[72]2.48 crore persons benefitted from the scheme in June.  This is 88.5% of the 2.8 crore migrants targeted across the country for food distribution.  India has a total of 45.6 crore migrants, according to the 2011 Census.[73]16 lakh migrants received entitlements in August.  17 states have utilised 80% or more food grains lifted from the central government.72Housing and Real EstateProvide affordable living facilities to urban migrants.The Affordable Rental Housing Complexes scheme seeks to convert government-owned projects and housing stock (projects available with the central government) to affordable housing through Public-Private Partnerships and encourage development on private land by giving special incentives including streamlining of permits and credit.  It also includes a total grant of Rs 600 crore for technologically innovative construction techniques.  The scheme is yet to be approved by the Cabinet.14  It is part of the Pradhan Mantri Awas Yojana-Urban (PMAY-U).The PMAY-U seeks to provide housing for all in urban areas by 2022.  Under PMAY-U, the construction of 1.07 crore houses has been sanctioned, while the construction of 35 lakh houses has been completed, as of August, 2020.  Of the Rs 1.6 lakh crores of central assistance sanctioned for the Scheme (since 2016), Rs 72,646 crores has been released.[74]The budgetary allocation towards the scheme for 2020-21 is Rs 8,000 crore, which is a 17% increase since 2019- 20.[75]Provide credit to middle income workers for housing needs.The Credit Linked Subsidy Scheme for middle income group (annual income between Rs 6 lakh and Rs 18 lakh) was extended till March 2021 (from March 2020). The scheme provides grants on home loans by eligible urban poor or middle-income group for acquisition, construction or enhancement of houses. The government estimates that this will bring in an investment of Rs 70,000 crore in the housing sector and benefit 2.5 lakh families.[76]Between January 2017 and November 2019, 2.3 lakh families have benefitted from this scheme.[77]HealthIncrease investment in public health and grass root health institutions.A Rs 15,000 crore package for expenditure on healthcare was declared in April, 2020.  Rs 4,113 crore (27%) was released to states and Rs 3,750 (25%) has been spent on procurement of essential items, as of May, 2020.[78]The package focuses on the following: (i) diagnostics and COVID-19 dedicated treatment facilities, (ii) procurement of essential medical equipment and drugs, (iii) strengthening national and state health systems, (iv) setting up laboratories, (v) encouraging research, and (vi) bolstering surveillance and risk communication.[79]Strengthen lab networks at the district and block levels for efficient management of the pandemic.In March, 2020, 79 labs had been identified and approved by the Ministry of Health and Family Welfare for COVID-19 testing.[80]As of August 3, the number of operational labs reporting to the Indian Council for Medical Research has increased to 1,356, of which 917 are government owned and operated, and 439 are private laboratories.[81]A cumulative total of 4.96 crore samples have been tested for COVID-19 as of September 6, 2020.[82]Implement the National Digital Health Blueprint, to create an ecosystem to support universal health coverage using digital technology.The National Digital Health Blueprint was released in 2019 and provided for: (i) the creation of the National Digital Health Mission (NDHM), an autonomous government body, (ii) building of a system of personal health records and health data analytics, and (iii) improvement of access and delivery of healthcare services through digital interventions.[83]As of September 8, 2020, the NDHM has not been implemented.Draft rules for implementation of the Health Data Management Policy were released in August, 2020 and will be open for public feedback till September 21.  It seeks to ensure maintenance of data privacy once NDHM is implemented and has the following features: (i) applicable to all entities involved in the NDHM, (ii) establishes a framework for secure processing of personal data, (iii) gives complete control and decision making power to data principals, and (iv) allows persons to create a new health ID to hold data at no additional cost.[84]Enable self-assessment and contact tracing of COVID-19.A mobile application, Aarogya Setu was launched on April 2.  The application allows people to assess their exposure and risk from COVID-19 based on their proximity with those who have the application installed.[85]As of August 22, 2020, the app has 15 crore users.86  According to the Ministry of Electronics and Information Technology, more than 66 lakh Bluetooth contacts have been traced through the app (as of August, 2020) and 27% of those tested among them tested positive for COVID-19.  Analytics from the application have been used to identify 30,000 hotspots at the district level.[86]Insurance cover of Rs 50 lakh per health worker.[87]Under the scheme, insurance cover will be provided to 22.12 lakh healthcare providers, including public healthcare providers and private hospital staff.[88]The insurance provided will be above any other insurance cover being availed by the beneficiary and does not require any additional registration.  The premium for it will be borne by the Ministry of Health and Family Welfare.  The insurance scheme was operationalised on March 30 and will be in force till September, 2020.99Social SectorExpand the coverage of the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA), 2005.MGNREGA provides at least 100 days of guaranteed wage employment every year to each rural household whose adult members volunteer to do unskilled manual work.89  In the 2020-21 Union Budget, the scheme was allocated Rs 61,500 crore.  In May 2020 allocation to the scheme was increased by 65% to Rs 1,01,500 crore.[89]Of this, Rs 31,400 crore (31%) was released between April and May 2020.  Further, under the Pradhan Mantri Garib Kalyan Yojana, MGNREGA wage has been increased from Rs 182 to Rs 202 per day.Table 10: Comparison of implementation of MGNREGA from 2017-2018 to 2020-21[90],[91],[92]Parameter2017-182018-192019-202020-21Budgeted Expenditure (Rs crore)48,00055,00060, 000101,500Actual Expenditure (Rs crore)55,16661,81571,00231,493Actual Expenditure as % of Budgeted Expenditure115%112%118%31%% of delayed payments (as of July, 2020)15.5%10.4%3.4%2%Average work demand per month (crore households) (as of August, 2020)165186189245Note: 2019-20 actual expenditure is based on revised estimates.  Actual expenditure and % of delayed payments for 2020-21 as of July 2020.     Average work demand per month for 2020-21 as of August, 2020.Table 11 highlights the work demand pattern of MGNREGA in 2020, which is record of the number of households filing for work under MGNREGA.Table 11: Work demand pattern of MGNREGA in 2020 (figures in lakh households)92MonthJanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberWork Demand Pattern18922320812836244031824250Increase private investment in social infrastructure projects by improving their viability.Viability Gap Funding (VGF) will be established up to 30% of the total cost of a proposed project.  VGF gives a one-time capital subsidy for projects considered unattractive for complete private investment.  Currently, the government provides VGF up to 20% of the total project cost.[93]The total expense earmarked for VGF will be Rs 8,100 crore.[94]The proposed increase in the funding limit is yet to be approved by the Cabinet and operationalised.Financially aid women by transferring Rs 500 to female Jan Dhan Account holders.69The Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched in August, 2014 with an aim to provide bank accounts to unbanked persons.  As on August 5, 2020, 40.21 crore accounts have been opened under the Pradhan Mantri Jan Dhan Yojana since its launch.  Of this, 64% of accounts have been opened in rural areas.     Deposits of Rs 1.3 lakh crore have been made and 29.68 crore debit cards have been issued.[95],[96]Table 12: Accounts opened under Jan Dhan Yojana95Particular2016 –172017- 182018 -192019 - 202020 (as of July)Cumulative (as of August 2020)Number of accounts opened (in crore)6.843.723.13.862.1340.4Amount of deposits held (in Rs lakh crore)0.670.740.891.141.291.30Under the Aatma Nirbhar package, Rs 500 per month will be transferred to 20.4 crore female PMJDY account holders between April and June.  Between April-June, 2020, Rs 30,705 crore was credited into female PMJDY account holders.[97]Table 13 shows the implementation progress.Table 13: Implementation of the PMJDY for women (figures in crore) (As of June 19)99MonthTotal Amount (Rs)Total BeneficiariesApril10,32520.65May10,31520.62June10,31220.62Provide free of cost gas cylinders under the Ujwala scheme.Under the Scheme, gas cylinders will be provided to 8 crore families between April and June, 2020.  In April, 7.48 crore individuals benefited from the Ujjwala scheme, 4.43 crore beneficiaries were recorded in May and 1.82 beneficiaries in June.[98]More than 11.9 crore cylinders worth Rs 9,700 crore were booked and delivered between April 2020 and June 2020.[99]The Comptroller and Auditor General of India submitted a performance audit report on the Ujjwala Yojana on December 11, 2019 which included the following findings: (i) while LPG coverage in India has increased from 62% to 94% in 2016-19, average annual refill consumption continues to be low, pointing to lack of sustained usage by beneficiaries, (ii) only 19% of total connections were installed within seven days of giving details, pointing to delays in installations, (iii) there is a risk of domestic cylinders being diverted for commercial purposes in high consumption cases, and (iv) there is a lack of performance indicators in the scheme.[100]Provide financial aid to senior citizens.A total of Rs 201 crore was allocated for aid to senior citizens in the 2020-21 Union Budget.[101]The allocation was increased under the Aatma Nirbhar scheme.  Under PMGKY the government announced that it will provide Rs 1,000 per month between April and June to 3 crore senior citizens (29% of the total 10.4 crore senior citizens estimated to live in India).[102]Rs 2,814 crore has been disbursed as of June, to 2.81 crore senior citizens (93% of targeted senior citizens).99Note that the Maintenance and Welfare of Parents and Senior Citizens (Amendment) Bill, 2019 is currently pending in the Parliament.  The Bill removes the upper limit (currently Rs 10,000 per month) on maintenance fee, brings step-children, adoptive children, children-in-law, and legal guardians of minor children under the definition of children and provides for regulation of private care homes.  It also states that a failure to comply with maintenance orders can be punishable with a fine and imprisonment of up to one month.[103]EducationImprove access and quality of digital and online education.National Education Policy:The National Education Policy, 2020, released on July 30, 2020, included the following recommendations towards inclusive digital education:  (i) development of interface for online classes, (ii) creation of digital repository for coursework, (iii) use of channels like radio and TV in multiple languages where digital infrastructure lacking, (iv) creation of virtual labs, and (v) training of teachers to become high quality online content creators.  It also proposed the formation of the National Education Technology Forum to facilitate decision making on the induction, deployment and use of technology through evidence-based advice.[104]Guidelines for digital education:Guidelines for digital education in schools were released by the Ministry of Human Resources Development on July 14, prescribing steps that could be taken by schools towards digital learning.  Its key features include: (i) provision for categorisation of households based on availability of digital infrastructure through a survey, (ii) teachers to device comprehensive plans based on factors including availability of digital devices and special needs, and (iii) cap on the screen time and total online activities of teachers per day.[105]PM eVidya:PM eVidya scheme will be launched to unify all efforts towards access to online education.[106]The scheme includes:Table 14: Components of PM eVidya scheme[107],[108]Component and PurposeImplementation ProgressNational Digital Infrastructure for Teachers which establishes a common platform across IndiaLaunched in 2017, the portal 67,000 content-pieces hosted on it, as of 2019.QR code energised textbooks10.5 crore scans have happened through QR code energised textbooks.‘One-class, one-channel’ scheme for a dedicated TV Channel for each gradeThe scheme has 5 dedicated channels, as of 2019 with a daily air-time of four hours.E-content for visually and hearing impairedA DTH channel is specifically operated with content in sign language for hearing impaired students.       Content for visually and hearing impaired, available on YouTube and National Institute of Open Schooling website.Community Radio and podcasts289 Community Radio Stations currently operate across the country.  Ministry-run podcasts have contents for grades 9 to 12 of the CBSE board.Permission to top 100 universities to launch online coursesThere are over 2,000 recorded online courses on the Study Webs of Active Learning for Young Aspiring Minds (SWAYAM) portal, which is an integrated platform for online courses.4.4% of rural households have access to a computer (excludes smartphones), and nearly 15% have access to internet facility.  Amongst urban households, 42% have access to internet.  Table 15 details access to computer and internet in households and ability to use them among children aged 5-14.Table 15:Access and ability to use Computer and Internet (2017-18)[109]ParticularHouseholds having computersHouseholds having internet facilityAbility to use computer in age group 5-14Ability to use internet in age group 5-14Rural4.4%14.9%5.1%5.1%Urban23.4%42.0%21.3%19.7%Overall10.7%23.8%9.1%8.8%Note: Computer does not include smartphone. Ability to use computer means to be able to carry out any of the tasks such as: (i) copying or moving a file/folder, (ii) sending emails, (iii) transferring files between a computer and other devices, among others. Ability to use internet means to be able to use the internet browser for website navigation, using e-mail or social networking applications.Agriculture and allied sectorsStrengthen access to formal credit for farmers.Kisan Credit Cards (KCC):Farmers will be provided institutional credit at a concessional rate through KCC.  KCC was introduced in 1998 and aims to provide adequate and timely credit through a single window system.  This scheme will provide credit of Rs 2 lakh crore rupees to 2.5 crore farmers.[110]Data as on February 2019 suggests that there are 6.92 crore KCCs against 14.5 crore operational landholdings.[111]As on August 17, 2020, 1.22 crore KCCs have been sanctioned with a total credit limit of Rs 1.02 lakh crore.[112]Emergency working capital:Rs 30,000 crore will be released as emergency working capital to approximately three crore small and marginal farmers to meet their crop loan requirements.14   The advances of Scheduled Commercial Banks to agriculture and allied activities in 2017-18 amounted to Rs 13.69 lakh crore.[113]As of 2016-17, only 41% of small and marginal farmers are covered by public and private sector banks.[114]National Bank for Agriculture and Rural Development will disburse the credit through Rural Cooperative Banks and Regional Rural Banks.  Rs 24,877 crore has been disbursed from this fund, as of July 6, 2020.[115]Provide relief to farmers under the PM KISAN scheme.The Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) scheme aims to provide income support of Rs 6,000 per year to farmer families.  In 2019-20, it had a budget estimate of Rs 75,000 and a revised estimate of Rs 54,370.[116],[117]In 2020-21, Rs 17,891 was disbursed to 8.94 crore beneficiaries as of June 2020.99Strengthen post-harvest farm-gate infrastructure.A fund of Rs one lakh crore was approved by the Cabinet in July 2020 to provide credit for development of agricultural infrastructure projects at the farm-gate level.[118]The fund will be disbursed as loans by banks and financial institutions, on which the government will provide a 3% interest subsidy, up to Rs two crore for seven years.  The government is estimated to incur an expenditure of Rs 10,736 crore under the scheme until 2029.[119]The first sanction of over Rs. 1,000 Crore to over 2,280 farmer societies was made in August.[120]Formalise micro-food processing enterprises.The Cabinet approved a scheme for formalisation of micro food processing enterprises aiming to assist 2 lakh micro-enterprises with credit linked subsidy in May 2020.[121],[122]Micro enterprises will get credit linked subsidy at 35% of the eligible project cost, up to a total of Rs 10 lakh.  The total expenditure up to Rs 10,000 crore will be shared by states and the central government (in a 60 to 40 ratio).  States must notify the scheme and an implementing nodal agency for its implementation.[123]Incentivise private investment in infrastructure in the livestock sector.The establishment of the Animal Husbandry Infrastructure Development Fund of Rs 15,000 crore was approved by the Cabinet in June 2020.[124]The Fund aims to incentivise private investment in infrastructure for dairy and meat processing.     Eligible beneficiaries, including private companies, MSMEs, food processing organisations, and individual farmers must contribute at least 10% of the total investment. The central government will provide 3% interest subsidy.  Beneficiaries can repay the principal loan amount over a period of six years, after the completion of the two-year moratorium period.Provide support to fishermen under the Pradhan Mantri Matsya Sampada Yojana (PMMSY).The Cabinet approved the PMMSY scheme to provide Rs 11,000 crore for marine, inland fisheries and aquaculture and Rs 9,000 crore for developing infrastructure (such as fishing harbours, cold chain, markets).[125]Guidelines for the Scheme were released in June 2020.[126]The scheme is to be implemented till 2024-25.126Amend the Essential Commodities Act, 1955 to enable better price realisation for farmers.The Essential Commodities (Amendment) Ordinance, 2020 was promulgated in June 2020.[127]The Ordinance provides: (i) regulation of commodities by the central government permitted only under exceptional circumstances such as war, famines and natural calamities, and (ii) stock limits imposed must be based on price rise and may be imposed only in case of an increase in retail price by 50% (non-perishable agricultural food items) or 100% (horticultural produce).Bring a central law to give farmers choice to sell at remunerative prices, remove barriers to inter-state trade, and create a framework for e-trading.The Farmers’ Produce Trade and Commerce (Promotion and Facilitation) Ordinance, 2020 was promulgated in June 2020.127  The Ordinance: (i) permits intra-state and inter-state trade of farmers’ produce outside of Agricultural Produce Market Committee (APMC) markets and markets notified under state APMC Acts,  (ii) permits inter-state and intra-state trade, only by a farmer producer organisation, agricultural cooperative society or a PAN card holder, (iii) permits electronic trading, and (iv) prohibits levying of fees for trade on farmer, trader or electronic platforms.Establish a facilitative legal framework for farmers with provisions for risk mitigation, assured returns, and quality standardisation.The Farmers (Empowerment and Protection) Agreement on Price Assurance and Farm Services Ordinance, 2020 was promulgate in June 2020 to establish this framework.127  Its key features include: (i) provision for farming agreements aimed at enabling farmers to sell through agreements with specified pricing, details for payments and delivery, (ii) exemption for participating farmers from state Acts regulating sale, purchase and stock limit obligations for produce under such agreements, and (iii) establishment of a three-tier system for dispute resolution, consisting of a Conciliation Board, the Sub-Divisional Magistrate, and the appellate authority (Collector/ Additional Collector).Coal and MiningPromote private investments in the mineral sector, improve efficiency of mineral productionThe Ministry of Mines invited public comments on the reforms in the mining sector to implement the announcements under the Aatma Nirbhar Scheme on August 24, 2020.  For this purpose, the Ministry proposed certain amendments in the Mines and Minerals (Development and Regulation) Act, 1957 and rules under the Act.  Key proposals include: (i) removal of end use restrictions in future auctions and increase in sale limit for captive mines, (ii) provision of a composite prospecting-cum-mining lease for partially explored mineral blocks, (iii) provision for reallocation of privately owned mines not made operational within three years, and (iv) revision in definition of illegal mining, and (v) rationalisation of stamp duty levied by states, calculation to be based on the area of mine instead of the value of mineral.[128]Promote commercial mining in coal sectorNew methodology for auction:The Cabinet approved a new methodology based on revenue sharing for auction of coal and lignite blocks for commercial sale.  Key features include: (i) bidding for a percentage share of revenue payable to the government, (ii) upfront amount to be paid by the bidders will be 0.25% of the value of estimated geological reserves of the mine, (iii) monthly payment based on percentage of revenue share, quantity of coal and price to be made by successful bidder, (iv) provision for rebate in case of early production or sale for gasification and liquefaction, and (v) permission to exploit coal bed methane in the lease area.The Coal Blocks Allocation (Amendment) Rules, 2020: The rules were notified by the Ministry of Coal on May 18, 2020.[129]It stipulates that prices for auction and allotment can be specified as a price or percentage by the central government to allow revenue sharing.Rate of Royalty:The Ministry of Coal specified the rate of royalty for coal mined for the purpose of sale through an amendment in the schedule of the Mines and Minerals (Development and Regulation) Act, 1957 on July 14, 2020.[130]The rate of royalty for the coal produced from commercial mining will be 14% over the notional price (price after adjusting for representative price from National Coal Index) or the actual price (sale invoice value, excluding taxes and contributions).Auction of commercial coal mines:As of September 1, 2020, the process of auction of 38 coal mines for commercial mining is underway.  Of these, 10 mines are in Madhya Pradesh, 9 mines in Jharkhand and 7 in Chattisgarh.[131]Provide liquidity in the energy sector.Loans to discoms:The Ministry of Power noted that the COVID-19 pandemic and the resultant lockdown have adversely impacted finances of the power sector, especially state-owned distribution companies (discoms).[132],[133]As of June 2020, the total overdue amount for discoms was Rs 1.31 lakh crore.Error! Bookmark not defined.Discoms paid Rs 6,500 crore (5% of the total overdue amount) against this overdue in June 2020.[134]To mitigate this financial stress, discoms will be provided with loans guaranteed by state governments for discharging their liabilities to power generation companies in two tranches of Rs 45,000 crore each.Error! Bookmark not defined.In August 2020, the Cabinet approved a one-time relaxation to rural electrification corporations and power finance corporation for extending working capital loans to discoms above the limit imposed by the Ujjwal DISCOM Assurance Yojana, i.e. 25% last year revenue.[135]Deferral of fixed and penal charges:A proposal to defer fixed charges levied by central government owned power generating companies was passed by the Cabinet in August 2020.[136]The charges can be repaid in three interest free equal instalments.     Further, the Cabinet advised generation companies and transmission companies to keep the rate of penal charges for late payments (late payment surcharge) less than simple interest rate of 12% per annum.[137]To avail these benefits, discoms will have to send a proposal to their respective state governments.[138]Amend the Electricity Act, 2003 to ensure a progressive reduction in cross-subsidies and gradually replace it with Direct Benefit Transfer (DBT).The Electricity Act, 2003 empowers State Electricity Regulatory Commissions (SERCs) to determine the retail tariff for electricity and make regulations on tariff-related matters.  This includes regulating the manner of reduction of cross-subsidy and determining such cross-subsidy.  The Ministry of Power released a draft Electricity (Amendment) Bill in April, 2020, which requires the SERCs to follow the National Electricity Tariff Policy to determine cross-subsidy, and withdraws the powers of SERCs to make regulations on manner of reduction of cross-subsidy.139The Act provides that state governments may subsidise retail consumption of electricity.  However, it does not explicitly specify the manner of accounting for such subsidy in the tariff determination process.  Typically, the tariffs charged to the consumers are lowered to the extent of the subsidy provided by the government to the state discoms. The Bill also introduces DBT and requires that government subsidy not be accounted for while determining tariff.  This implies that state governments will be required to pay subsidy directly to the consumers.[139]Civil AviationBuild 12 world-class airports with a total investment of around Rs 13,000 crore.The Airport Authority of India (AAI) awarded bid for operation and maintenance on public private partnership basis in three airports (Ahmedabad, Lucknow, and Mangaluru) in July 2019 to Adani Enterprises, with a lease for fifty years.[140]The Cabinet further approved lease for the other airports part of the first round (Thiruvananthpuram, Jaipur, and Guwahati) in August 2020.[141]Six airports each will be identified for the next two round of bidding process.[142]In 2019, the AAI Board had recommended leasing of six airports (Bhubaneswar, Varanasi, Indore, Amritsar, Raipur and Trichy) through PPP model.[143]As of December, 2017, nine projects for development had been recommended by the Public Private Partnership Appraisal Committee (PPAC).  Estimated project cost was declared for six of them (Table 16).Table 16: List of development projects in civil aviation approved by PPAC (figures in Rs crore)[144]LocationAhmedabadJaipurLucknowGuwahatiMangaluruTrivandrumTotal Estimated Project Cost1,7041,8381,6731,5071,482813To build international airports across the country.The Ministry of Civil Aviation has granted ''in principle'' approval for setting up of international airports in Mopa in Goa, Navi Mumbai and Shirdi in Maharashtra, Kushinagar and Noida in Uttar Pradesh, Dholera and Hirasar in Gujarat, Kannur in Kerala and Bhogapuram in Andhra Pradesh.[145]Defence and SpaceIncrease investment and promote ‘Make in India’ in the defence sector.Increase in FDI limit:The government has announced that it will increase the FDI limit in defence manufacturing under automatic route from 49% to 74%.[146]The total FDI inflows in defence and aerospace sector in 2019 was over Rs 1,834 crore.[147]Draft Acquisition Procedure:The government released the draft Defence Acquisition Procedure, 2020 (DAP) for public feedback in July 2020.[148]The draft DAP revises the Defence Procurement Procedure, 2016 with the aim of increasing indigenous manufacturing and reducing timelines for procurement of defence equipment.  Its key features include: (i) introduction of ‘leasing’ as a mode of acquisition, substituting initial capital outlays with periodical rental payments, (ii) addition of ‘Buy (Global-Manufacture in India)’ to categories of capital acquisition, and (iii) provision for a list of weapons and platforms banned for import.Embargo on import of 101 items:To increase production in India, the Ministry of Defence placed an embargo on the import of 101 items (such as artillery guns, anti-submarine rocket launchers, high power radar and upgrade systems) in July 2020.[149]An embargo is an official ban on specified commercial activity.  Further, in August 2020, the Defence Research and Development Organisation has identified 108 systems (including systems such as mini and micro unmanned aerial vehicles, marine rocket launchers, fire detection systems, and transponder systems) that will be designed, developed and manufactured only in India.[150]Export promotion policy:The draft Defence Production and Export Promotion Policy, 2020 was released on August 3, 2020 with an aim to reduce dependence on imports and promote exports for self-reliance.  Its key features include: (i) increase in turnover to Rs 1.75 lakh rupees from the current Rs 80,000 crore size of domestic defence industry, (ii) double procurement from domestic industries, (iii) proposal to establish new initiatives towards research and innovation, and (iv) reform in defence public service units through disinvestment and corporatisation.[151]Corporatize the Ordnance Factory Board (OFB) to improve autonomy, accountability and efficiency.The OFB currently functions as part of the Department of Defence Production, Ministry of Defence and includes 41 factories across 10 states.[152]The government has established dialogue with employees’ federations and unions through a High-Level Official Committee in June, 2020.  The Committee will also seek comments on future orders a budgetary support from the government.[153]Boost participation of private sector in space sector.The Cabinet approved reforms to boost private sector participation in Space in June 2020. These include: (i) formation of an autonomous nodal agency under the Department of Space responsible for permitting and regulating private industry, (ii) redefinition of the role of New Space India Ltd., a PSU responsible for transfer of ISRO’s small satellite technology to industry, to a demand-driven model for space-based services, and (iii) permission to private sector to use ISRO facilities ISRO.[154]The reforms are expected to allow enhance research and development and expand private sector participation.[155][1]“Major announcements and policy reforms under Aatma Nirbhar Bharat Abhiyan”, MyGov, May 25, 2020.[2]“Finance Minister announces Government Reforms and Enablers across Seven Sectors under Aatma Nirbhar Bharat Abhiyaan”, Press Information Bureau, May 17, 2020.[3]“Finance Minister Smt. Nirmala Sitharaman reviews implementation of Aatma Nirbhar Bharat Package pertaining to Ministries of Finance & Corporate Affairs”, Press Information Bureau, Ministry of Finance, July 12, 2020.[4]“One Nation One Ration Card - Journey so far and journey ahead”, Press Information Bureau, August 19,2020.[5]“Part-5: Government Reforms and Enablers, Major announcements and policy reforms under Aatma Nirbhar Bharat Abhiyan”, MyGov, May 25, 2020,https://blog.mygov.in/wp-content/uploads/2020/05/Aatma-Nirbhar-Bharat-Presentation-Part-5.pdf.[6]State Business Reform Action Plan -2019 Implementation Guide for States/UTs, Department for Promotion of Industry and Internal Trade, Ministry of Commerce and Industry, February 2019,https://dipp.gov.in/sites/default/files/Implementation_Guide_2019_dated_04022019.pdf[7]“Ranking of states based on implementation of Business Reform Action Plan for the year 2019 declared”, Ministry of Commerce & Industry, Press Information Bureau, September 5, 2020.[8]“Performance of States on EODB”, Press Information Bureau, Ministry of Commerce and Industry, December 27, 2019.[9]“India prepares for a change in Electricity sector through Proposed Electricity (Amendment) Bill 2020”, Press Information Bureau, Ministry of Power, June 25, 2020.[10]The Uttar Pradesh Fiscal Responsibility and Budget Management (Amendment) Ordinance, 2020, Uttar Pradesh Legislature, 2020.[11]Telangana Fiscal Responsibility and Budget Management (Amendment) Act 2020, Telangana Legislature, 2020,https://legislation.telanganalegislature.org.in//PreviewPage.tsl?filePath=basePath&fileName=ResolutionOrdinance/Files/Eng_Ordinance3Eng_82.pdf.[12]The Companies Act, 2013, Ministry of Corporate Affairs, 2013,https://www.mca.gov.in/Ministry/pdf/CompaniesAct2013.pdf.[13]“Public Enterprises Survey 2018-19 Tabled in Parliament”, Press Information Bureau, Ministry of Heavy Industries and Public Enterprises, February 10, 2020.[14]“Highlights of Finance Minister’s Stimulus Package – V”, Press Information Bureau, Ministry of Finance, May 17, 2020.[15]Major Achievements, Department of Investment and Public Asset Management, Government of India, last updated 20 July, 2020,https://dipam.gov.in/en/major-achievements.[16]Capital Receipts, Receipt Budget 2020-21, Union Budget 2020-21,https://www.indiabudget.gov.in/doc/rec/cr.pdf.[17]“Disinvestment of BPCL”, Ministry of Finance, Press Information Bureau, December 10, 2019.[18]“Cabinet approves strategic disinvestment of CPSEs”, Cabinet Committee on Economic Affairs (CCEA), Press Information Bureau, November 20, 2019.[19]“Preliminary Information Memorandum (PIM) For Strategic Disinvestment of Air India issued”, Ministry of Civil Aviation, Press Information Bureau, January 27, 2020.[20]Rajya Sabha Unstarred Question No 210, Ministry of Finance, February 4, 2020,https://pqars.nic.in/annex/251/AU210.pdf.[21]“Recent Disinvestments”, Disinvestment, Department of Investment and Public Asset Management, Ministry of Finance,https://dipam.gov.in/en/disinvestments/recent.[22]“Finance Minister announce measures for relief and credit support related to businesses, especially MSMEs to support Indian Economy’s fight against COVID-19”, Press Information Bureau, Ministry of Finance, May 13, 2020.[23]“Report of the Working Group on Development Financial Institutions”, Report, RBI, May, 2004.[24]“Special Liquidity Scheme for NBFCs and HFCs”, Press Information Bureau, Ministry of Finance, July 1, 2020.[25]“Five proposals involving an amount of Rs. 3090 crore sanctioned; 35 more applications under process”, Press Information Bureau, Ministry of Finance, July 24 2020.[26]“Cabinet approves Special Liquidity Scheme for NBFCs/HFCs to address their Liquidity Stress, Press Information Bureau, Cabinet, May 20, 2020.[27]“Cabinet approves modifications in the existing Partial Credit Guarantee Scheme (PCGS)”, Press Information Bureau, Ministry of Finance, May 20, 2020.[28]“Partial Credit Guarantee Scheme (PCGS) 2.0 extended with greater flexibility to respond to emerging demands”, Press Information Bureau, Ministry of Finance, August 17 2020.[29]“Resolution Framework for COVID-19-related Stress”, Notification, RBI, August 6, 2020,https://www.rbi.org.in/scripts/NotificationUser.aspx?Mode=0&Id=11941.[30]Issue no. 21, Financial Stability Report, RBI, July, 2020,https://rbidocs.rbi.org.in/rdocs//PublicationReport/Pdfs/0FSRJULY2020C084CED43CD1447D80B4789F7E49E499.PDF.[31]Gajendra Sharma vs Union of India and Anr, Writ Petition (Civil) No. 825/2020, Supreme Court of India, September 3, 2020,https://main.sci.gov.in/supremecourt/2020/11127/11127_2020_34_16_23763_Order_03-Sep-2020.pdf.[32]Notification on Classifying the enterprises as micro, small and medium enterprises, Ministry of Micro, Small & Medium Enterprises, 26 June, 2020,https://msme.gov.in/sites/default/files/IndianGazzate_0.pdf.[33]Atmanirbhar Presentation Part-1 Business including MSMEs, Ministry of Micro, Small & Medium Enterprises, May 20, 2020,https://msme.gov.in/sites/default/files/AtmanirbharPresentationPart-1BusinessincludingMSMEs13-5-2020_0.pdf.[34]S.O. 2119(E), Notification, Ministry of Micro, Medium and Small Enterprises, The Gazette of India, June 26, 2020,http://egazette.nic.in/WriteReadData/2020/220191.pdf.[35]“Cabinet approves Upward revision of MSME definition and modalities/ road map for implementing remaining two Packages for MSMEs (a)Rs 20000 crore package for Distressed MSMEs and (b) Rs 50,000 crore equity infusion through Fund of Funds”, Press Information Bureau, Cabinet Committee on Economic Affairs (CCEA), June 1, 2020.[36]“Cabinet approves additional funding of up to Rupees three lakh crore through introduction of Emergency Credit Line Guarantee Scheme (ECLGS)”, Press Information Bureau, Cabinet, May 20, 2020.[37]“Loans worth more than Rs 1 Lakh crore disbursed under ECLGS”, Press Information Bureau, Ministry of Finance, August 20, 2020.[38]“Aatma Nirbhar Bharat Package – Progress So Far”, Press Information Bureau, Ministry of Finance, July 12, 2020.[39]“Early recognition of Financial Distress, Prompt Steps for Resolution and Fair Recovery for Lenders: Framework for Revitalising Distressed Assets in the Economy”, RBI, 2019,https://rbidocs.rbi.org.in/rdocs/PublicationReport/Pdfs/NPA171213RF.pdf.[40]“Ministry of Micro, Small and Medium Enterprises (MSMEs) launches another funding scheme to help the distressed MSME sector”, Ministry of Micro, Small & Medium Enterprises, Press Information Bureau, June 24, 2020.[41]Annexure I: Scheme Guidelines, Credit Guarantee Scheme For Subordinate Debt,  Ministry of Micro, Small and Medium Enterprises, 2020,https://www.cgtmse.in/files/Subdebt_Scheme_Guidilines.pdf[42]Guidelines for Credit Guarantee Scheme for Subordinate Debt to Stressed/NPA MSMEs, Ministry of Micro, Small and Medium Enterprises, August 19, 2020,https://msme.gov.in/sites/default/files/SubdebtBookletversion 2.pdf.[43]The Micro, Small And Medium Enterprises Development Act, 2006, Ministry of Law and Justice, March, 2018,http://legislative.gov.in/sites/default/files/A2006-27.pdf.[44]MSME Samadhaan – Delayed Payment Monitoring Portal – Respondent Category Report, Ministry of Micro, Small & Medium Enterprises, September 2, 2020,https://samadhaan.msme.gov.in/MyMsme/MSEFC/MSEFC_ReportAllAmount.aspx.[45]Amendment in General Financial Rules -GFRs- 2017 - Global Tender Enquiry, Department of Expenditure, May 15, 2020,https://doe.gov.in/sites/default/files/Amendment%20in%20General%20Financial%20Rules%202017%20-%20Global%20Tender%20Enquiry.pdf.[46]The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020, Ministry of Corporate Affairs, 2020,http://www.mca.gov.in/Ministry/pdf/IBCAmedBill_05062020.pdf.[47]S.O. 1205(E), Gazette of India, Ministry of Corporate Affairs, March 24, 2020,http://www.egazette.nic.in/WriteReadData/2020/218898.pdf.[48]“Governor’s Statement – May 22, 2020”, Press Release, RBI, May 22, 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