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The finance ministry on Thursday said public sector banks (PSBs) have extended support of Rs 2.56 lakh crore to NBFCs by way of credit and pooled buyout since September 2018 as part of efforts to provide much-needed liquidity to the sector. Further, under the partial guarantee scheme, PSBs have been accorded sanction to purchase Rs 21,580 crore worth of pooled assets as on October 16, the ministry said in a status report of various stimulus measures announced since August 23 to boost sagging economic growth which hit a six-year low of 5 per cent during the first quarter of the current fiscal. To address the stress in the sector, Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> in the Budget proposed that public sector banks would purchase high-rated pooled assets of financially sound NBFCs, amounting to a total of Rs 1 lakh crore, during the current financial year. For this, the government will provide a one-time six months' partial credit guarantee to PSBs for first loss of up to 10 per cent. The finance minister announced several short and long-term measures to boost the economy in three phases between August 23 and September 14, it said. Out of the total 44 measures announced, 16 have been fulfilled, it said, adding the rest of the announcements are under active consideration by relevant ministries. Further, it said action on one out of three announcements made for the <keyword id="35061" type="DOMAIN" weightage="20" keywordseo="housing">housing</keyword> sector has been completed and the other two are being taken up. In respect to GST refund to MSMEs within 30 days, it said a refund drive was organised and the tax department paid Rs 10,490 crore or 97 per cent of total pending amount of Rs 10,841 crore. In order to spend Rs 100 lakh crore for developing modern infrastructure over five years, a Task Force under the chairmanship of the economic affairs secretary has been constituted. It will draw up a National Infrastructure Pipeline for each of the years from FY 2019-20 to FY 2024-25. So far, 12 meetings of the Task Force have been held and deliberations with 17 ministries/departments have been completed. The finance ministry has effected upfront release of capital to PSBs, with Rs 60,314 crore being infused in banks in September 2019 through recapitalisation bonds, including Rs 4,557 crore in <keyword id="6357560" type="DOMAIN" weightage="20" keywordseo="idbi-bank">IDBI Bank</keyword>. With regard to boosting exports, it said the RBI issued orders on September 20, 2019 for enhancing sanction limits for eligibility of export credit under priority sector lending from Rs 25 crore to Rs 40 crore per borrower and removing overall turnover limit of Rs 100 crore. The integrated refund module along with single disbursement has been deployed with effect from September 26, it said. Giving details of announcements implemented, it said e-assessment scheme has been launched, relief has been given from enhanced surcharge on long-term/short-term capital gains and angel tax provisions for startups and their investors have been withdrawn. DP ABM

Government banks are bailing out shadow banks with Rs 2.5 lakh crore

<keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> is back. After a three-month hiatus due to a kidney transplant surgery, Jaitley was re-assigned the responsibility of the <keyword id="25455" type="ORGANIZATION" weightage="20" keywordseo="finance">finance</keyword> ministry on 23 August. While he was recovering, <keyword id="6355222" type="PERSON" weightage="20" keywordseo="piyush-goyal">Piyush Goyal</keyword>, the minister for Railways, was asked by Prime Minister Modi to step into the role of interim finance minister. Leading the finance ministry is said to be one of the busiest jobs in the Indian <keyword id="26362" type="ORGANIZATION" weightage="20" keywordseo="Government">government</keyword> and Goyal’s stint was no different. He completed a number of tasks and took a lot of important decisions over the course of the summer. Here is a rundown of what he did: Reduction of <keyword id="6354679" type="DEFINITION" weightage="20" keywordseo="gst">GST</keyword> rates on certain items In Jaitley’s absence, Goyal presided over the 21 July meeting of the GST Council. After the meeting, he announced a rate cut on a number of items such as sanitary pads, which were made fully exempted of tax, toiletries, lithium batteries, vacuum cleaners, washing machines, water heaters and hair dryers as well as raw materials like marble, wood and ethanol. The cuts were meant to benefit middle-class consumers and small business owners. Goyal added that rates on more items would be reduced as tax compliance increases in the future. In the 4 August meeting of the GST Council, he also decided to form a special sub-committee to focus on the problems of micro, small and medium-sized enterprises in the country. Withdrawal of FDRI Bill After a minor furore was caused last year over the safety of Indians’ bank <keyword id="6496248" type="UNKNOWN" weightage="20" keywordseo="deposits">deposits</keyword>, the government finally withdrew the contentious the Financial Resolution and Deposit Insurance (FRDI) Bill under Goyal’s leadership this July. The bill was introduced in the Lok Sabha in the Monsoon Session in 2017. The bill had come under criticism for its “bail-in” clause which suggested that the deposits of bank account holders could be used to capitalise banks in the event of their failure and subsequent resolution. The ensuing panic caused deposit-holders to withdraw their cash from banks in states like Andhra Pradesh and Telangana. During the Monsoon session of Parliament, Goyal wrote to the the Chairman of the Joint Parliamentary Committee and called for the bill’s withdrawal. Reacting to the move, Goyal said that the government was taking public concerns into account. Amendment to the bankruptcy law Earlier this month, the Parliament approved an amendment to the Insolvency and Bankruptcy Code (IBC) that was introduced by Goyal. The amendment comprised a clause that allowed homeowners to be classified as financial creditors and another that allowed the owners of small businesses facing bankruptcy to bid for their own firms. The amendment replaced an ordinance that was approved by India’s President Ram Nath Kovind in June. The main goal of the amendment was to empower homebuyers, who up until then, did not have a say in the resolution process of real estate developers and construction companies, as well as small-business owners. The new bill also reduced the minimum percentage of votes required to approve a resolution plan for 75% of creditors to 66%. This was done to ensure the quick resolution of cases, especially smaller ones, as opposed to liquidation. Approval of LIC’s takeover of IDBI At the beginning of August, Goyal approved a bailout of struggling public sector lender IDBI Bank by Life Insurance Company Corp (LIC), a government-owned insurer. Speaking to the press, Goyal termed LIC’s acquisition of a 51% stake in IDBI as a “<a href="https://twitter.com/PiyushGoyal/status/1024913992878313472">win-win situation</a>” for both parties. The deal, which will likely involve the deployment of policyholders funds, will see LIC pump around ₹130 billion into the bank in order to provision for <keyword id="142154" type="PERSON" weightage="20" keywordseo="bad-loans">bad loans</keyword> and support credit growth. As a result, the government’s share in IDBI will come down to around 45%. Launch of Project Sashakt to tackle bad loans After meeting with the leaders of various Indian banks in early July, Goyal announced “<a href="https://www.businessinsider.in/india-wants-to-establish-a-mega-asset-manager-to-tackle-its-bad-loan-problem/articleshow/64838159.cms">Project Sashakt</a>” - a programmed aimed at the resolution of stressed assets at public sector banks. Under the scheme, a number of independent asset management companies will be established to purchase non-performing accounts from banks, including a specialised agency to deal with accounts above ₹5 billion. It also involves an intercreditor agreement - signed by the banks - for the resolution of accounts between ₹500 million and ₹5 billion. The agreement dictates that the resolution plan prepared by the lead creditor only requires 66% approval from all creditors to be passed.

Here are the 5 major decisions that interim Finance Minister Piyush Goyal took while Arun Jaitley was away

<ul><li>As of December 2017, public sector banks accounted for 55.4% of all loans to micro-small-and-medium sized enterprises. </li><li>However, half of the country’s public sector banks are on the RBI's <keyword id="6417074" type="ORGANIZATION" weightage="20" keywordseo="prompt-corrective-action">Prompt Corrective Action</keyword> (PCA) watchlist, which involves the imposition of credit limits. </li><li>As a result, funding for small businesses is harder to come by. They will have to the turn to the private banks and non-banking financial companies in the meantime.</li></ul> Following the twin hits of demonetisation and the GST, India’s small businesses have another problem to contend with: a dearth of credit options. This is largely due to the credit limits that the <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> has placed on half of the country’s public sector banks through its Prompt Corrective Action (PCA) framework. As of December 2017, public sector banks accounted for 55.4% of all loans to micro-small-and-medium sized enterprises (MSME), according to a report by <a href="https://udyamimitra.in/Default/DownloadFile/MSME_Pulse_Report.pdf">Transunion CIBIL</a>, a credit information firm, as well as 79% of all loans less than ₹1 million to new borrowers. State-owned banks are an important source of cheap financing for these businesses, especially since the MSME segment is a priority sector under government guidelines. However, funding is harder to come by for this segment. As a result of a pileup in non-performing loans, 11 of India’s public sector banks are currently placed under the Reserve Bank of India’s PCA programme. Banks are added to the watchlist once they cross a certain risk threshold for bad loans, return on assets or capital adequacy. All the banks on the watchlist, which includes the likes of IDBI Bank, UCO Bank and Oriental Bank of Commerce, have non-performing loan ratios in excess of 15%, which means more than 15% of their outstanding loans are unlikely to be recovered. Under the <a href="https://rbi.org.in/scripts/NotificationUser.aspx?Mode=0&amp;Id=10921">PCA framework</a>, which was revised in April 2017, the major activities of banks are curtailed by the RBI. The programme imposes restrictions on lending, risk-weighted assets, branch expansion, capital expenditure and compensation of senior managers as well as higher provisions for loan losses. The restrictions are meant to discourage profligacy, encourage tighter lending standards and restore the financial health of a bank. However, being sanctioned under the framework does not necessarily translate into an improvement in performance. India Overseas Bank was put on the watchlist in October 2015. It’s non-performing ratio has swelled from 12.6% at the end of 2015 to 22% at the end of 2017. The bank’s net loss also widened to ₹34.2 bilion at the end of fiscal 2017, from ₹29 billion the previous year, partly on account of higher loan provisions. Hence, it’s quite likely that some of the banks on the PCA watchlist will have to deal with credit limits for a long time. An additional 5 public sector banks are expected to be added to the PCA watchlist soon, according to ICRA, a ratings agency.This is unfortunate. Small businesses reportedly account for 40% of India’s GDP and are a major engine of job creation. Their growth, and consequently, India’s growth depends upon access to a sufficient amount of financing from state-owned lenders. To make matters worse, they’re often perceived as a riskier bet than larger businesses, which don’t rely on banks for funds as much their smaller counterparts owing to their access to bond markets. The Indian government’s ₹2.11 trillion recapitalisation plan, which was announced in October last year, is envisioned as a solution to this problem. The first round of the plan involves the allocation of ₹523 billion to the 11 banks on the PCA watchlist. While this is a step in the right direction, it will likely be a while before small businesses benefit from the increased liquidity at these banks. The bulk of the invested funds will primarily be used to plug the holes caused by large non-performing accounts in these banks’ balance sheets. Additionally, as part of a complementary set of reforms, smaller public sector banks have been asked to reduce their <a href="http://indianexpress.com/article/business/banking-and-finance/cut-loans-to-firms-focus-on-retail-govt-to-smaller-banks-5040722/">lending to corporate clients</a>, which includes small businesses, and increase their retail lending. The private sector is looking to fill the void in the meantime. According to CIBIL, private banks have increased their share of loans to the MSME sector from 25.4% to 28.4% from December 2015 to December 2017, while non-banking financial companies (<keyword id="6354598" type="ORGANIZATION" weightage="20" keywordseo="NBFCs">NBFCs</keyword>) have increased their share from 7.9% to 10.4%. There are also a growing number of startups that are focusing on lending to SMEs such as Instamojo, Namaste Credit and Lendingkart. However, in turning to the private sources, the MSME segment has to deal with higher rates of interest and stricter norms. While this might reduce the rate of defaults, a lot of small businesses will be left behind.

India’s small businesses are suffering from a shortage of credit options

New Delhi, Feb 11 () Allahabad Bank on Tuesday reported an over two-fold jump in standalone net loss for the December quarter at Rs 1,986.26 crore on higher bad loans and provisioning. The state-owned lender had reported a net loss of Rs 732.81 crore in the corresponding October-December period of the previous fiscal. Total income (standalone) during the quarter under review grew to Rs 4,860.35 crore from Rs 4,756.88 crore in the same period of 2018-19. The bank's gross non-performing assets (NPAs) rose to 18.93 per cent of the gross advances by the end of the December quarter as against 17.81 per cent earlier. However, it was down sequentially from 19.05 per cent at the end of September 2019. In value terms, the gross NPAs or bad loans rose to Rs 32,149.92 crore from Rs 28,218.79 crore a year ago. Net NPAs, however, came down to 5.13 per cent (Rs 7,449.27 crore) from 7.70 per cent (Rs 10.865.26 crore), Allahabad Bank said. Provisions for bad loans for the quarter increased to Rs 3,002.98 crore from Rs 1,900 crore a year ago, it said. "The bank is carrying additional provision of Rs 1,801.26 crore over and above the provisions required to be made in terms of prudential norms issued by RBI, to ensure compliance with the PCA norms of net NPAs," the bank said. The losses on consolidated basis too widened to Rs 1,980.82 crore for the quarter from Rs 746.83 crore in the year ago period. Income was higher at Rs 5,009.57 crore as against Rs 4,896.75 crore. As a relief to MSME borrowers registered under GST, the Kolkata-headquartered lender said as many as 667 such accounts were restructured for an outstanding amount of Rs 348.13 crore. For the accounts covered under the Insolvency and Bankruptcy Code (IBC), the bank is holding provision of Rs 6,292.47 crore (100 per cent of total outstanding as on December 31, 2019). Non-performing loan coverage ratio of the bank stood at 82.42 per cent as on December 31, 2019, it said. The bank has reported gross and net NPA divergence of Rs 67 crore each for the last fiscal, as adjusted after the calculation done by the bank and assessment of the RBI. The divergence in provisioning was Rs 453 crore for 2018-19, which included Rs 193 crore towards provisions for standard assets and additional provision of Rs 260 crore for NPAs, which had been duly accounted for in current fiscal and would require incremental provision of only Rs 75.34 crore in Q3 FY20, it added. "Divergence in NPAs as on March '19 will not impact the gross NPAs and net NPAs during Q3 FY20 as the accounts underlying had already been marked as NPA and provided suitably in Q1FY20 itself," Allahabad Bank said. The Alternate Mechanism, as advised by the finance ministry, has accorded in-principle approval to the proposed amalgamation of Allahabad Bank with Indian Bank. "Up to nine month ended December 31, 2019; 390 operational fraud cases were reported involving a total amount of Rs 86.26 crore. Out of these accounts, the bank has recovered a total amount of Rs 19.22 crore. No provision is written back during the current quarter," it said further. The Prompt Corrective Action (PCA) norms are triggered if a bank's net NPA crosses 6 per cent or if CRAR (capital to risk weighted assets ratio) is below the regulatory requirement of 10.88 per cent as of March 2019. In FY19, RBI removed five banks -- Bank of India, Bank of Maharashtra, Oriental Bank of Commerce, Allahabad Bank and Corporation Bank -- from the PCA framework in two phases after capital support from the government that resulted in improvement in their financial parameters. LIC-owned IDBI Bank still remains under the PCA watch. However, the bank is seeking a removal from the watch list, as per sources. Stock of Allahabad Bank closed at Rs 16.35, down 1.51 per cent from its previous close. KPM ABMABM

Allahabad Bank Q3 net loss widens over two-fold to Rs 1,986 cr on higher provisioning for dud loans

<ul><li>There are over 6.3 crore micro, small and medium enterprises (MSMEs) in India, majority of which are micro and small enterprises.</li><li>Majority of Indian MSME have a turnover of less than ₹40 lakhs, but do not have access to any kind of loan, CEO of Chqbook added.</li><li>The challenges in the assessment of requirement is one of the major reasons why the India MSME have been financially excluded.</li></ul>There are over 6.3 crore micro, small and medium enterprises (MSMEs) in India and most of them are facing one major problem — access to capital. Whether it is investment opportunities or credit facilities, Indian MSMEs have been largely financially excluded. Gaurav Shahlot, head of product at Khatabook, in a conversation with Business Insider India, noted that credit has been a challenge for the Indian MSMEs as they need small amounts of capital for a short period of time. “They also needed very, very frequently, whether it's for purchasing an inventory or financing an invoice,” he added. Vipul Sharma, founder and CEO of Chqbook, noted that a majority of Indian MSMEs have a turnover of less than ₹40 lakhs, which is also the segment that does not have to pay any Goods and Services Tax (GST). “That segment has done better... The access to credit is definitely a challenge,” he added, saying that less than two crore of the total six crore MSMEs have taken any loan. Even though the Reserve Bank of India (RBI) has made MSME into a priority lending sector, the lack of data on these small businesses hasn’t been helping. Yet, fintechs and digital businesses have been gearing up to lend to small businesses, who have been left out of the financial system for too long. Shahlot noted that the intervention of technology has created several touchpoints for MSMEs, making it easier to underwrite loans. He noted that it has also created a lot of different modes of credit lines such as distributor-to-retailer model where retailers are financed on the back of the purchases; Buy-Now-Pay-Later solutions where lenders are financing a purchase by directly paying the supplier and much more. Just like traditional lenders, even fintechs are facing similar challenges but have devised alternate ways to disburse these loans and credit lines. <cmsannotation type="cmsannotation" annotationid="But there must be some shortcomings to this as well" comment="subhead" text="But there must be some shortcomings to this as well">But there must be some shortcomings to this as well</cmsannotation> “The lenders also face certain challenges because the data and information, which is required for processing the credit lines or pretty facilities, is not easily available… It's not even authenticated. Because the operations [of these MSME] are such small level operations it becomes difficult for them [lenders] also,” Kishor Kharat, former MD and CEO of IDBI Bank and Indian Bank, said. He noted that the biggest challenge in the MSME lending has been the assessment of requirements. Some of these MSMEs operate on such a small scale that they have not been audited and sometimes it is even difficult to calculate their turnover. UPI and QR-based payments have made the assessment of turnover and requirement somewhat easier, but a fully computerized operation would be a “dream situation” for assessment of these requirements, Kharat added. While it is all good, the impact of fintechs is still on the surface. Kharat noted that fintechs are largely serving audiences in urban areas, and the MSMEs in the rural regions have still not been able to reap the benefits of these companies. He believes roughly 5-10% MSMEs must have benefited from the technology intervention. Loans amounting to ₹3.32 trillion have been sanctioned under the Emergency Credit Line Guarantee Scheme (ECLGS) till April 30, 2022. About ₹2.54 trillion had been disbursed. “Even though the Reserve Bank of India has stipulated this [MSMEs] under priority sector lending, banks find it difficult to lend to micro and small MSMEs [which makes up for roughly 95% of the industry] whereas medium category people get more credit support,” Kharat noted. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/karan-virwani-kunal-shah-and-4-other-startup-ceos-invest-in-a-real-estate-venture/articleshow/92829944.cms">Karan Virwani, Kunal Shah and 4 other startup CEOs invest in a real estate venture</a> <a href="https://www.businessinsider.in/careers/news/mba-chai-wala-is-now-looking-to-hire-500-people-for-100-new-stores/articleshow/92828283.cms">From a small thela to 100 stores — MBA Chai Wala is now looking to hire 500 people for 100 more</a> <a href="https://www.businessinsider.in/business/corporates/news/cement-companies-are-girding-for-tougher-times-as-rising-fuel-costs-bite/articleshow/92822829.cms">Cement companies are girding for tougher times as rising fuel costs bite</a>

Fintechs are helping Indian MSMEs with their biggest challenge — data and the lack of it

<ul><li>New income tax slabs: 10% tax on income between ₹7.5 lakh without exemption compared to 20% right now.</li><li>15% tax on income between ₹7.5 lakh and ₹10 lakh without exemption compared to 20% right now.</li><li>20% tax on income between ₹10 lakh and ₹12.5 lakh without exemption compared to 30% right now.</li><li>25% tax on income between ₹12.5 lakh and ₹15 lakh without exemption compared to 30% right now.</li><li>Cost to the exchequer ₹40,000 crore; Removed 70 tax exemptions and deductions. These new rates are available to those who forego exemptions, deductions, and rebates.</li><li>Dividend distribution tax will be abolished, it will be taxable in the hands of the recipient. Cost to exchequer: ₹25,000 crore</li><li>SEE ALSO: <a href="https://www.businessinsider.in/budget/news/union-budget-2020-live-updates-news-and-highlights/liveblog/73824572.cms" data-type="tilCustomLink" target="_blank">Business Insider India live blog</a> on Budget 2020.</li></ul>Finance Nirmala Sitharaman presented her second annual budget speech. The top highlights from the budget 2020 proposals include the government's plan to sell stake in state-iowned insurance giant Life Insurance Corporation of India, sweeping changes in the income tax slabs, as well as the abolition of the dividend distribution tax at the end of the corporates. Aside from theses, startups with revenue up to ₹25 crore can avail 100% tax deduction in any three years over a period of 7 years, according to the latest Finance Bill presented by Sitharaman. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 <div type="image" title="Finance Minister Nirmala Sitharaman" msid="73828645" hostid="261" caption="&amp;lt;p&amp;gt;&amp;quot;As per tradition, Finance Minister Nirmala Sitharaman calls on President Kovind at Rashtrapati Bhavan before presenting the Union Budget,&amp;quot; the official handle of the President&amp;#39;s office tweeted today.&amp;lt;br&amp;gt;&amp;lt;/p&amp;gt;"></div>


































 Following are the key highlights of the budget speech: <ol><li>Only through higher growth, we can have our youth gainfully and meaningfully employed.</li><li>Fundamentals of the economy are strong, inflation has been contained, banks have been cleaning up the accumulated loans of the past decade. </li><li>An average household now saves about 4% of its monthly spends due to lower incidence of tax under the GST regime.</li><li>Welfare schemes with direct benefit transfer embedded in them, preventive healthcare via programmes like sanitation, healthcare via central schemes, housing scheme via Prime Minister Awas Yojana (PMAY) etc changed the established order of a few individuals cornering most of the benefits. </li><li>During 2014-19, Indian economy grew at an average of 7.4% with low inflation. India's foreign direct investment was $284 billion between 2014 an 2019 compared to $190 billion in the preceding five-year period.</li><li>India's government debt fell to 48.7% of GDP as of March 2019 compared to 52.3% as of March 2014.</li><li>Three themes of Budget 2020: 'Aspiring India', 'economic development', and 'to build a caring society'. </li><li>We shall aim for seamless delivery of services by leveraging technology. </li><li>6.11 crore farmers insured under Prime Minister Fasal Bima Yojana - a centrally-sponsored insurance scheme. Farm markets need to be liberalised.</li><li>16 action points: 1: Encourage state governments that will implement the following model laws that have already enacted by the centre. 2: Propose comprehensive measures for 100 water-stressed districts. 3: Expand outlay for solar pumps to 20 lakh farmers, another 15 lakh farmers to pumpsets to solar grid. Farmers if they have barren lands, they can set up solar power plants and sell it to the grid. 4: Balanced use of orgnaic and inorganic fertilisers. 5: Provide viability gap funding for setting up warehouses. Food Corporation of India can set up warehousing on their land too. 6: Push to reduce storage costs for farmers. 7: Promotion of women self-help groups. 8: To launch refrigerated trains to transport food items from the farm to other parts of the country. 9: Horticulture exceeds the production of foodgrains. 'One product for one district' to promote focussed development of horticulture. 10: Integrated farming system in rain-fed areas. Multiple crops, bee-keeping solar pumps in rain deficient area. 11: Financing on negotiable warehousing receipts will be linked to e-NAM. 12: The NABARD refinance scheme will expanded. The agriculture credit target for FY21 will be expanded to ₹15 lakh crore from ₹12 lakh crore. 13. To eliminate foot and mouth disease by 2025. To double milk production to 108 million metric tonnes by 2025. 14. Blue economy - development management of marine resources. Target ₹1 lakh crore in fish exports by 2025. 15. By FY23, propose raising fish production to 200 lakh tonnes, will also promote algae, seaweed.</li><li>16. Under Deendayal Antyodaya Yojana, self help groups will be expanded beyond the current 58 lakh.</li><li>Allocation for agriculture: ₹2.83 lakh crore, this includes ₹</li><li>Mission Indradhanush has been expanded to include 12 new diseases and 5 new vaccines. A very focussed water and sanitation programme to reduce the burden of diseases on the poor. There are 20,000 hospitals empanelled under the PMJAY, this has to rise. Propose to set up hospitals under the private-public partnership, the 112 districts identified as 'aspirational' will get priority in the setting up of new hospitals. </li><li>Proceeds from taxes on medical devices will be used to support the programme to build the infrastructure.</li><li>Reiterate India's commitment to eradicate tuberculosis by 2025. </li><li>Allocation for health: ₹69,000 crore including ₹6,400 crore for PMJAY.</li><li>By 2030, India is set to have the world's largest working-age population. They need education, skills, and employment opportunities. Our education system needs more money to attract better teachers and to set up better labs. Open the education sector to external commercial borrowing. </li><li>In order to provide quality education to the under privileged, a full-fledged online courses will be launched from the top 100 institutions in India.</li><li>Under 'Study In India' programme, a new INSAT exam to be launched for foreign students to enroll into Indian universities. </li><li>Every medical college will be linked to a nearby hospitals under the public-private partnership mode.</li><li>Total outlay for education sector: ₹99,300 crore and another ₹3,000 crore for skill development.</li><li>150 top education institutes to start offering apprenticeship programmes.</li><li>Propose to set up an investment clearance cell for end-to-end services including information on land bank and facilitating the approval process etc. </li><li>It is proposed to develop 5 new smart cities in collaboration with state governments in PPP mode. </li><li>Electronics manufacturing industry is cost competitive and India has shown its potential. To attract large investments in electronic manufacturing -- including electronic equipment, smartphones -- a new policy will be announced soon.</li><li>A National Textile Mission to work for next four fiscal years with an estimated outlay of ₹1,480 crore.</li><li>A new scheme Nirvik, for higher insurance cover, reduction in premium for small exporters, and simplified claim process, including digital refund process to help exporters.</li><li>Every district must become a hub for exports.</li><li>Unified procurement scheme: Propose ₹27,300 crore for development of industry and commerce in FY21.</li><li>National Infrastructure Pipeline will bring in generic and sectoral reforms in construction and maintenance of the infrastructure. Propose a project preparation facility that will employ economist, management graduates to execute projects.</li><li>A National Logistics Policy will soon be released to clarify the roles of Central government, state governments, and the regulators.</li><li>The Delhi-Mumbai Expressway and two other projects will be completed by FY23. The Chennai-Bengaluru expressway project will also started by then.</li><li>Government will monetise 12 NHAI highway projects.</li><li>Setting up a large solar power capacity alongside the rail tracks on the land owned by the railways, is a proposal under consideration.</li><li>150 trains under the PPP mode. More Tejas type trains will connect iconic tourist destinations. </li><li>Central government will give 20% of the funds needed for a suburaban rail transport system in Bengaluru.</li><li>100 more airports will be set up in the next five years.</li><li>₹1.7 lakh crore allocated for transport infrastructure.</li><li>Propose to replace traditional meters with digital meters in the next three years. This will allow consumers to port out of a service provider (selling power) just like they port out of mobile service provider.</li><li>Fibre to home connections through Bharat Net will connect 1 lakh villages this year itself. Propose to provide ₹6,000 crore for Bharat Net programme.</li><li>Quantum technology: An outlay of ₹8,000 crore over the next five years.</li><li>₹22,000 crore allocated for the power sector including renewble energy sector.</li><li>No manual cleaning of sewers will be allowed, new technology will be roped. Centre in conversation with civic bodies.</li><li>Provision of ₹85,000 crore for scheduled castes and other backward classes.</li><li>Provision of ₹53,700 crore for scheduled tribes in the country.</li><li>5 archaeological sites would be developed as iconic sites with on-site museum -- Rakhigarhi (Haryana), Hastinapur (UP), Dholavera (Gujarat), Shivsagar (Assam), and Aditya Nallur (Tamil Nadu).</li><li>Propose ₹35,500 crore for nutrition-related schemes.</li><li>Allocation for Ministry of Culture: ₹3,500 crore. </li><li>Propose ₹2,500 crore to promote tourism.</li><li>Propose ₹9,500 crore for senior citizens and specially abled.</li><li>Proposed total allocation for women-centric programmes ₹28,600 crore.</li><li>Propose ₹4,400 crore allocation for clean air. </li><li>Companies Act will be amended to abolish 'criminal liability' for 'civil offences'.</li><li>A National Recruitment Agency will be set up. It will conduct a common entrance test for non-gazetted positions in the government and public-sector enterprises. </li><li>Propose a new national policy on national statistics will push for use of AI to collect data real time.</li><li>India will host G20 Presidency in 2022; the government proposes to allocate ₹100 crore to start the preparations.</li><li>Governance reforms proposed for PSU banks: Robust mechanism is in place to monitor the health of all banks and the money of depositors are safe. Insurance of bank deposits raised to ₹5 lakh from ₹eposit insurance and credit guarantee scheme.</li><li>Government will sell its remaining stake in IDBI Bank to private investors. Stock jumps over 13%</li><li>MSME entrepreneurs can avail 'subordinate debt' from banks and the loan will be fully guaranteed by a Trust. This will be treated as quasi-equity stake.</li><li>Government has asked RBI to extend deadline for MSME debt restructuring by one more year. </li><li>FY20 fiscal deficit seen at 3.8% of GDP and at 3.5% in FY21.</li><li>Non-resident Indians will be allowed to invest in certain categories of government bonds.</li><li>Currently, foreign portfolio investors are allowed to buy a maximum of 9% of the outstanding corporate bonds. Finance Minister proposes to increase the threshold significantly to 15%.</li><li>An international bullion exchange will be set up in GIFT City in Gandhinagar, Gujarat.</li><li>Government to sell stake in LIC. </li><li>Receipts for FY21 estimated at ₹22.46 lakh crore, estimate expenditure: ₹</li><li>Borrowing plan for FY21: ₹5.36 lakh crore, capital expenditure will rise over 22%.</li><li>Dividend distribution tax will be abolished, it will be taxable in the hands of the recipient. Cost to exchequer: ₹25,000 crore</li><li>Dividend and capital gains made by foreign funds on investment in infrastructure space will tax free.</li><li>Startups with revenue up to ₹25 crore can avail 100% tax deduction in any three years over a period of 7 years.</li><li>Small retailers with revenue up to ₹5 crore need not get their books audited by accountants.</li><li>New scheme to end tax disputes: If someone agrees to pay the disputed tax amount by March 2020, there will be no interest and penalty. There are 4,83,000 tax disputes pending at various forums.</li><li>FY21 disinvestment target ₹2.1 lakh crore, doubled from the ₹1.05 lakh crore target in FY20.</li><li>Propose a cash incentive for customers demanding invoice, to boost compliance with GST</li><li>Imported footwear, furniture, and medical equipments will get more expensive as customs duty will be increased.</li></ol> SEE ALSO: <a href="https://www.businessinsider.in/personal-finance/news/new-income-tax-slab-tax-savings-for-salaried-people/articleshow/73835816.cms">You'll save ₹78,000 more under new income tax slabs if you earn less than ₹15 lakh</a> <a href="https://www.businessinsider.in/budget/news/indian-government-infuses-22000-crore-in-power-and-renewable-proposes-freedom-to-choose-supplier/articleshow/73835587.cms">Indian government infuses ₹22000 crore in power and renewable, proposes freedom to choose supplier</a> <a href="https://www.businessinsider.in/budget/income-tax/news/check-out-new-income-tax-slab-of-2021/articleshow/73830824.cms">New income tax slabs 2020</a> <a href="https://www.businessinsider.in/budget/news/there-will-be-no-manual-cleaning-of-sewers-anymore-announces-nirmala-sitharaman/articleshow/73835265.cms">“There will be no manual cleaning of sewers anymore,” announces Nirmala Sitharaman</a> <a href="https://www.businessinsider.in/budget/news/union-budget-2020-live-updates-news-and-highlights/liveblog/73824572.cms">Union Budget 2020 Live Updates</a> <a href="https://www.businessinsider.in/budget/news/indian-taxpayers-expectation-from-the-budget-2020/articleshow/73804969.cms" data-type="tilCustomLink" target="_blank"></a><a href="https://www.businessinsider.in/defense/news/indias-budget-allocation-for-defence-has-remained-fairly-static-for-the-past-five-years/articleshow/73153930.cms" data-type="tilCustomLink" target="_blank"></a>

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Government banks are bailing out shadow banks with Rs 2.5 lakh crore

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Fintechs are helping Indian MSMEs with their biggest challenge — data and the lack of it

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Income tax cuts, stake sale in LIC and other highlights from Finance Minister Nirmala Sitharaman's budget speech

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