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<ul><li>The government will provide 5kg of food grains per person every month, under the programme.</li><li>The extension could impact the government's fiscal deficit target for FY24 say economists.</li><li>Free schemes can lead to competitive populism and pose risks to the economy, they claim. </li></ul>The government has decided to extend its free foodgrains programme for another five-years. Under the programme, the government will provide 5kg of food grains per person every month. This move, which was expected to be discontinued by the end of 2023, reflects the challenges of withdrawing populist policies, especially ahead of elections, claim economists. While the near-term macro implications are expected to be muted, there are concerns about the medium-term risks associated with the extension. According to <keyword id="6354527" type="General" weightage="80" keywordseo="nomura" source="Orion">Nomura</keyword>, food procurement cost of the government is expected to increase and so will the food subsidy bill, which has been coming down over the years. The extension of the free foodgrains programme is not expected to have a significant near-term impact. The scheme, which costs ₹2 trillion or 0.7% of GDP annually, is already part of the government's existing subsidised foodgrains programme. However, the extension could impact the government's fiscal deficit target for FY24, as higher revenue expenditure, including on rural employment guarantees, may strain the budget. Over the medium term, the extension of the free foodgrains programme raises concerns about the government's revenue and food subsidy bill. As the government forgoes revenues from its subsidised food sales, estimated to be around 0.05% of GDP annually, the procurement costs and food subsidy bill are likely to increase, says Nomura. While the need for subsidised grains for lower-income households is undeniable, the announcement of free schemes can lead to competitive populism and pose risks to the economy. The announcement by Prime Minister Modi extends the free foodgrains programme for the next five years, until December 2028. This programme allows eligible citizens to purchase 5kg of food grains per person per month at highly subsidised prices. During the pandemic, an additional 5kg of food grains were provided free of cost under the <keyword id="4015637" type="General" weightage="20" keywordseo="pradhan-mantri-garib" source="Orion">Pradhan Mantri Garib</keyword> Kalyan <keyword id="196713" type="General" weightage="80" keywordseo="anna-yojana" source="Orion">Anna Yojana</keyword> (PMGKAY). The recent announcement effectively cements this policy for the medium term. The extension of the free foodgrains programme can be attributed to political compulsions, particularly with upcoming elections. Populism has become a dominant theme, with promises of "freebies" from various political parties. The ruling <keyword id="58687" type="General" weightage="80" keywordseo="bharatiya-janata-party" source="Orion">Bharatiya Janata Party</keyword> (<keyword id="14666" type="General" weightage="80" keywordseo="bjp" source="Orion">BJP</keyword>) is also attempting to sound populist to counter its rivals. However, the unsustainability of the previous system, which led to high fiscal costs and complicated procurement, necessitated a change in approach. While the fiscal impact for the current year is manageable, the government will forgo revenues from subsidised food sales, and the food subsidy bill is likely to increase over time. However, the extension is not expected to have a significant inflationary impact, as the programme is unlikely to lead to enhanced stress on cereal stocks.

Government extends free food-grains programme for 5 years, raises medium-term risks

New Delhi, The <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> for 2024-25 will provide Rs 1.48 lakh crore for <keyword id="19907717" type="General" weightage="20" keywordseo="education" source="keywords">education</keyword>, <keyword id="19898684" type="General" weightage="20" keywordseo="employment" source="keywords">employment</keyword> and skilling in the country. Presenting the <keyword id="19936553" type="General" weightage="20" keywordseo="Budget" source="keywords">Budget</keyword> in the Lok Sabha, Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> said it will focus on employment, skilling, MSMEs and the middle class. She added that the government has extended the PM Garib Kalyan Anna Yojana for five years which is benefiting 80 crore people of the country. As mentioned in interim budget, there is a need to focus on poor, women, youth and farmers, the minister said. She added that people have given unique opportunity to the Modi government to take India on the path of strong development, and all-round prosperity. SEE ALSO:<a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" target="_blank">Union Budget 2024 Live Updates: Finance Minister Nirmala Sitharaman to present her record seventh consecutive Budget today</a><a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank">Union Budget 2024-25: How will this budget impact you?</a><a href="https://www.businessinsider.in/budget/news/heres-a-quick-overview-of-pm-modi-3-0-governments-first-budget-to-be-presented-by-fm-nirmala-sitharaman-today/articleshow/111944393.cms" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/heres-a-quick-overview-of-pm-modi-3-0-governments-first-budget-to-be-presented-by-fm-nirmala-sitharaman-today/articleshow/111944393.cms" target="_blank">Here's a quick overview of PM Modi 3.0 government's first budget, to be presented by FM Nirmala Sitharaman today</a>

Budget provides ₹1.48 lakh crore for education, employment, skill: FM

<ul><li>As a third wave of <keyword id="8763838" type="PERSON" weightage="20" keywordseo="covid-19">COVID-19</keyword> is expected by many, <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>’s Finance Minister announces a series of relief packages. </li><li>A loan guarantee scheme of ₹1 trillion for COVID-19 affected sectors like <keyword id="6354525" type="UNKNOWN" weightage="20" keywordseo="healthcare">healthcare</keyword>. </li><li>Dedicates ₹50,000 crore to <keyword id="54598" type="PERSON" weightage="20" keywordseo="Healthcare-sector">healthcare sector</keyword> and remaining ₹60,000 crore to other affected sectors. </li></ul>India’s <keyword id="7706673" type="UNKNOWN" weightage="20" keywordseo="finance-minister-nirmala-sitharaman">Finance Minister Nirmala Sitharaman</keyword> has announced an array of relief measures for COVID-19 affected sectors, as the country is going through economic distress. To start with, <keyword id="679937" type="COMPANY" weightage="20" keywordseo="Sitharaman">Sitharaman</keyword> announced a ₹1 trillion loan guarantee scheme for COVID-19 affected sectors like healthcare. Out of ₹1 trillion, the healthcare sector will receive ₹50,000 crore which will be utilised to scale up medical infrastructure in the country targeting underserved areas. It announced an additional ₹1.5 trillion to the Emergency Credit Line Guarantee Scheme (ECLGS). This scheme is aimed to provide 100% guaranteed coverage to the banks, non-banking financial companies (NBFCs) and other lending institutions for extending emergency credit to micro, small and medium enterprises (MSMEs) and business entities that have suffered due to the COVID-19 pandemic and are struggling to meet their working capital requirements. Further, it has launched a credit guarantee scheme wherein micro finance institutions (MFIs) will facilitate loans to 25 lakh small borrowers for a tenure of three years. All borrowers including defaulters upto 89 days will be eligible. Most importantly, the government will back scheduled commercial banks for providing loans to NBFCs-MFIs. For badly affected sectors like tourism, the government has initiated a revival plan. It has announced plans to extend financial support to 11,000 registered tourist guides. According to Sitharaman, working capital will be provided to people in the tourism sector to kickstart businesses impacted due to the pandemic. Moving on, Sitharaman announced free tourist visas to the first 5 lakh tourists coming into India. The scheme will be applicable till March 31, 2022 or till 5 lakh visas are issued. Here are other key highlights from the Finance Minister’s press conference: <ul><li>The EPF support to employers and employees under Atma Nirbhar Bharat Rozgar Yojana has been extended till March 31, 2022. The government incentivises employers by contributing employers’ and employees' share payable into Employees’ Provident Fund Organisation (EPFO) scheme. This encourages employers from various sectors to hire more workers</li><li>Also, the government has extended Pradhan Mantri Gareeb Kalyan Anna Yojana (PMGKAY) scheme till November 2021, wherein it distributes food grains free of cost. The scheme was started in March 2020.</li><li>On increasing fears of an impending third wave to affect children, Sitharaman announced a new scheme focused on availability of paediatric care/paediatric beds in the short term.</li><li>North Eastern Regional Agricultural Marketing Corporation (NERAMAC) will be provided with a relief package of ₹77.45 crore for financial restructuring and infusion of funds. The aim is to enhance agricultural procurement and marketing facilities in the northeast of India.</li><li>To boost digitisation among gram panchayats, the government is said to provide an additional ₹19,041 crore for BharatNet. The idea is to enable broadband connectivity to all inhabited villages.</li></ul>See Also - <a href="https://www.businessinsider.in/business/startups/news/tiger-global-overtakes-sequoia-as-the-top-investor-in-indian-unicorns-in-2021-cracks-15-deals-this-year-so-far/articleshow/83912624.cms">Tiger Global overtakes Sequoia as the top investor in Indian unicorns in 2021</a> <a href="https://www.businessinsider.in/stock-market/news/kims-ipo-listed-in-stock-market-at-over-20-premium/articleshow/83912694.cms">KIMS IPO: Stock listed at over 20% premium, loses initial gains after soaring to ₹1059 per share</a>

Finance Minister Nirmala Sitharaman announces over ₹1 trillion loan guarantee scheme for COVID-19 affected sectors such as healthcare

New Delhi, Apr 3 ( The Food Corporation of India (FCI) has moved 477 railway rakes carrying 13.36 lakh tonne of foodgrains for PDS distribution since the lockdown, to ensure over 81 crore beneficiaries do no go hungry, the Food Ministry said on Friday.A total of 69 rakes are under loading on Friday which could transport 1.93 lakh tonne of foodgrain stocks, the ministry said in a statement.The state-owned corporation has transported foodgrains from Punjab, Haryana, Uttarakhand, Andhra Pradesh, Telangana, Madhya Pradesh, Chhattisgarh and Odisha to other states.About 7.76 lakh tonne rice and 5.60 lakh tonne wheat, totalling 13.36 lakh tonne, has been moved through rail rakes from these states.During the current lockdown period, the ministry said FCI is ensuring "uninterrupted" supply of wheat and rice throughout the country.The agency is able to meet the increasing demand of foodgrains by gearing up the pace of supply of wheat and rice throughout the country, mostly by rail, it added.FCI is the nodal agency involved in procurement and distribution of foodgrains in the country. It procures wheat and rice to ensure farmers get a minimum support price. It distributes the same foodgrains at a subsidised rates to over 81 crore ration card holders under the Public Distribution System (PDS).The ministry said FCI is fully prepared to meet not only the foodgrain requirement under the National Food Security law but also the additional supply of 5 kg per person for next three months under the Pradhan Mantri Garib Kalyan Anna Yojana (PMKAY).As on April 1, FCI had a foodgrain stock of 56.24 million tonne, of which rice was 31.64 million tonne and wheat 24.6 million tonne.Besides, FCI is offloading surplus grains to bulk users under the open market sales scheme (OMSS) through e-auction. So far, it has received bids for purchase of 1.44 lakh tonne of wheat and 77,000 tonne of rice.In view of the outbreak of COVID-19, FCI has allowed states to lift a fixed quota of grains at a reserve price under the OMSS without participating in e-auction. It has given a quota of 1 lakh tonne of wheat for 10 states, while 94,767 tonne of rice for six states. LUX SHW ANUANU

FCI ferries 13.36 laĸh tonne of PDS grains via railways since lockdown: Govt

Mumbai, Jun 30 () The rupee on Tuesday appreciated by 7 paise to 75.51 against the US dollar on softening crude oil prices and early gains in domestic equity market. Forex traders said the rupee traded in a narrow range as positive domestic equities supported the local unit, while foreign fund outflows and concerns over rising COVID-19 cases weighed on investor sentiment. The rupee opened strong at 75.48 and settled for the day at 75.51 against the US dollar, up 7 paise over its previous close. It had settled at 75.58 against the greenback on Monday. During the four-hour trading session, the domestic unit saw an intra-day high of 75.45 and a low of 75.58 against the American currency. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.09 per cent to 97.62. Brent crude futures, the global oil benchmark, fell 0.62 per cent to USD 41.45 per barrel. Paring the early gains, key stock indices closed marginally lower as investors turned cautious ahead of Prime Minister Narendra Modi's address to the nation after market hours. The 30-share index settled 45.72 points, or 0.13 per cent, down at 34,915.80 while the NSE Nifty slipped 10.30 points, or 0.10 per cent, to 10,302.10. Foreign institutional investors were net sellers in the capital market as they sold shares worth Rs 1,937.06 crore on Monday, according to provisional exchange data. In his address to the nation, the Prime Minister announced extension of the Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY), a free ration scheme, for 80 crore people across the country till end of November. He said it will cost the government Rs 90,000 crore more. "Rupee strengthened in six out of last seven sessions following foreign fund inflows, central bank dollar selling, steady crude oil prices and lower dollar index," HDFC Securities Deputy Head of Retail Research Devarsh Vakil said, adding that positive data surprises in the US and China (PMIs) have supported risk sentiment. Market participants were cautious ahead of Prime Minister Narendra Modi's address after the market hours, fiscal deficit and eight core infra number release. Official data showed that the output of eight core infrastructure industries shrank by 23.4 per cent in May due to the coronavirus-induced lockdown. "Rupee ended the quarter on strong note after plunging 5.95 per cent in the March quarter. The near term range for rupee remains between 75 to 76.50," Vakil said. According to Jateen Trivedi, Senior Research Analyst (Commodity &amp; Currency) at LKP Securities, "Rupee traded in range but with minor weakness as USDINR took support near 75.40 and bounced towards 75.60 on back of some buying witnessed due to uncertainty on risky assets and higher crude prices &amp; Gold prices." Meanwhile, the number of cases around the world linked to the COVID-19 has crossed 1.03 crore and the death toll has topped 5.05 lakh. In India, the death toll due to COVID-19 rose to 16,893 and the number of infections spiked to 5,66,840, according to the health ministry. The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 75.5680 and for rupee/euro at 85.1173. The reference rate for rupee/British pound was fixed at 93.5829 and for rupee/100 Japanese yen at 70.57. DRR MR MR

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Government extends free food-grains programme for 5 years, raises medium-term risks

BI India Bureau

Budget provides ₹1.48 lakh crore for education, employment, skill: FM

PTI

Finance Minister Nirmala Sitharaman announces over ₹1 trillion loan guarantee scheme for COVID-19 affected sectors such as healthcare

Bhakti Makwana

FCI ferries 13.36 laĸh tonne of PDS grains via railways since lockdown: Govt

PTI

Rupee gains 7 paise to 75.51 against dollar on weak crude oil

PTI

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