Highlights of this Issue
Union Budget 2021-22 presented
In 2021-22, the government proposes to spend Rs 34,83,236 crore and receipts (other than borrowings) are expected to be Rs 19,76,424 crore. Fiscal deficit has been projected at 6.8% of the GDP.
15th Finance Commission submitted its report for the 2021-26 period
The share of states in the divisible pool of central taxes is recommended to be 41%, same as that for 2020-21. The Commission has recommended grants worth Rs 10.3 lakh crore for the 2021-26 period.
First phase of Budget Session 2021 concludes
The Session agenda has listed 10 Bills for consideration and 20 Bills for introduction. Bills introduced include the Tribunals Reforms Bill, 2021, and the Constitution (Scheduled Castes) Order (Amendment) Bill, 2021.
Two Bills passed by Parliament; one bill passed by Lok Sabha
The Jammu and Kashmir Reorganisation (Amendment) Bill, 2021 and the Major Ports Authorities Bill, 2020 were passed. The Arbitration and Conciliation (Amendment) Bill, 2021 was passed by Lok Sabha.
GDP grew by 0.4% in the third quarter of 2020-21
GDP (at constant prices) grew by 0.4% in the third quarter of 2020-21. Growth in manufacturing, construction, and financial services turned positive after negative growth in the first two quarters of 2020-21.
Monetary policy repo and reverse repo rates unchanged at 4% and 3.35%
Repo rate and reverse repo rate were unchanged at 4% and 3.35% respectively. The Monetary Policy Committee maintained an accommodative stance of monetary policy.
Lockdown extended till March 31, 2021
Previous guidelines mandating the lockdown to continue in containment zones were extended. Outside of these, all activities will be allowed based on adherence to Standard Operating Procedures issued by ministries and states.
Standard operating procedure to contain the spread of COVID-19 in offices issued
Only asymptomatic people must be allowed entry to offices. If up to two cases are reported, the areas visited by patient in past 48 hours must be disinfected before resuming work.
Rules pertaining to intermediaries and digital media publishers notified
The Rules issued under the Information Technology Act, 2000 specify due diligence required by intermediaries and code of ethics for digital media publishers. It also provides for grievance redressal mechanism.
Cabinet approves new disinvestment policy for central public sector enterprises
The policy envisions a bare minimum presence of PSEs in strategic sectors such as defence, transport, power, petroleum, coal, banking, insurance, and financial services. PSEs in other sectors will be privatised or closed.
Standing Committees submit reports on three Bills
Parliamentary Standing Committees have submitted reports on the Factoring Regulation Bill, 2020, the Anti-Maritime Piracy Bill, 2019, and the DNA Technology Regulation Bill, 2019.
Standing Committees submit reports on social security, investment and 5G
Standing Committees on Labour, Commerce, and Information Technology submitted reports on social security for inter-state migrant workers, attracting investment in post-Covid economy, and preparedness for 5G, respectively.
Parliament
Shruti Gupta (shruti@prsindia.org)
First phase of the Budget Session 2021 concludes
The first phase of the Budget Session 2021 was held from January 29th to February 13th (12 sitting days).[1] The second phase will commence on March 8 and will last until April 8.[2]
The session started with the President’s address to both Houses of Parliament. The Finance Minister presented the Union Budget on February 1, 2021. The report of the 15th Finance Commission was also tabled in Parliament.
The legislative agenda for the Budget Session included 10 Bills for consideration and passing and 20 Bills for introduction and passing. Of these, four bills were promulgated as Ordinances earlier. The Jammu and Kashmir Reorganisation (Amendment) Bill, 2021, and the Major Ports Authorities Bill, 2020 were passed by Parliament. The Arbitration and Conciliation (Amendment) Bill, 2021 was introduced and passed by Lok Sabha. The National Capital Territory of Delhi Laws (Special Provisions) Second (Amendment) Bill, 2021 was introduced in and passed by Rajya Sabha.
The Tribunals Reforms (Rationalisation and Conditions of Service) Bill, 2021 and the Constitution (Scheduled Castes) Order (Amendment) Bill, 2021 were also introduced in Lok Sabha.
For details of the legislative agenda during the session, see here. For an analysis of the budget, see here.
Union Budget 2021-22
Union Budget 2021-22 presented
Shruti Gupta (shruti@prsindia.org)
The Finance Minister, Ms. Nirmala Sitharaman, presented the 2021-22 Union Budget.[3] Key highlights from the Budget include:
Table 1: Union Budget 2021-22 (in Rs crore)
Items |
Actuals 2019-20 |
Revised 2020-21 |
Budget 2021-22 |
Change (Annualised) (Actuals 2019-20 to BE 2021-22) |
Total Expenditure |
26,86,330 |
34,50,305 |
34,83,236 |
14% |
Total Receipts (without borrowings) |
17,52,679 |
16,01,650 |
19,76,424 |
6% |
Fiscal Deficit (net borrowing) |
9,33,651 |
18,48,655 |
15,06,812 |
27% |
% of GDP |
4.6% |
9.5% |
6.8% |
|
Revenue Deficit |
6,66,545 |
14,55,989 |
11,40,576 |
31% |
% of GDP |
3.3% |
7.5% |
5.1% |
Note: Change from Actuals 2019-20 to BE 2021-22 represents the compounded annual growth rate (CAGR) for the period.
Sources: Budget at a Glance, Union Budget 2021-22; PRS.
Tax Proposals: The budget proposes to limit tax-free income from provident funds at Rs 2.5 lakh. Other proposals include: (i) extension of certain temporary tax incentives up to the financial year 2021-22, (ii) levy of a new agriculture and infrastructure development cess on petrol, diesel, and imports of certain items, and (iii) a reduction in the time limit specified for reopening income tax assessments from six years to three years.3
Policy proposals: Non-tax proposals announced in the budget include: (i) a target to complete disinvestment of Air India, IDBI Bank, and Pawan Hans in 2021-22, (ii) establishing economic corridors and seven textile parks, and (iii) launch of PM Atma Nirbhar Swasth Bharat Yojana to develop capacity of health systems, strengthen national institutions, and create institutions to detect and cure new diseases.3
For an analysis of the Union Budget 2021-22 and the expenditure of 15 major ministries, see here.
15th Finance Commission submitted its report for the 2021-26 period
Saket Surya (saket@prsindia.org)
The Finance Commission is a constitutional body formed by the President of India to give suggestions on centre-state financial relations. The 15th Finance Commission (Chair: Mr. N. K. Singh) was required to submit two reports. The first report, consisting of recommendations for the financial year 2020-21, was tabled in Parliament in February 2020. The final report with recommendations for the 2021-26 period was tabled in Parliament on February 1, 2021.[4] Key recommendations for 2021-26 include:
Table 2: Criteria for devolution
Criteria |
14th FC 2015-20 |
15th FC 2020-21 |
15th FC 2021-26 |
Income Distance |
50.0 |
45.0 |
45.0 |
Area |
15.0 |
15.0 |
15.0 |
Population (1971) |
17.5 |
- |
- |
Population (2011) # |
10.0 |
15.0 |
15.0 |
Demographic Performance |
- |
12.5 |
12.5 |
Forest Cover |
7.5 |
- |
- |
Forest and Ecology |
- |
10.0 |
10.0 |
Tax and fiscal efforts* |
- |
2.5 |
2.5 |
Total |
100 |
100 |
100 |
Note: #14th FC used the term “demographic change” which was defined as Population in 2011. *The report for 2020-21 used the term “tax effort”, the definition of the criterion is same.
Sources: Reports of the 14th and 15th Finance Commissions; PRS.
Table 3: Grants for 2021-26 (Rs crore)
Grants |
Amount |
Revenue deficit grants |
2,94,514 |
Local governments grants |
4,36,361 |
Disaster management grants |
1,22,601 |
Sector-specific grants |
1,29,987 |
State-specific grants |
49,599 |
Total |
10,33,062 |
Sources: Report of the 15th Finance Commission for 2021-26; PRS.
For a PRS summary of the report, see here.
COVID-19
As of February 28, 2021, there were 1,10,46,914 confirmed cases of COVID-19 in India.[5] Of these, 1,07,75,169 had been cured/discharged and 1,57,051 persons had died.5 As of February 28, 2021, 1,43,01,266 individuals have been vaccinated.5 For details on the number of daily cases in the country and across states, see here.
With the spread of COVID-19, the central government has announced several policy decisions to contain the spread, and financial measures to support citizens and businesses who would get affected. For details on the major notifications released by the centre and the states, please see here. Key announcements made in this regard in February 2021 are as follows.
Lockdown extended till March 31
Shruti Gupta (shruti@prsindia.org)
To contain the spread of COVID-19, the National Disaster Management Authority (NDMA) had imposed a 21-day national lockdown in March.[6] Since then, the lockdown has been extended thirteen times, with the latest extension till March 31, 2021.[7] The Ministry of Home Affairs (MHA) has extended guidelines for containment and caution released in January, 2021. Key features of the guidelines include:
Standard operating procedure to contain the spread of COVID-19 in offices issued
Aditya Kumar (aditya@prsindia.org)
The Ministry of Health and Family Welfare issued Standard Operating Procedure (SoP) to contain the spread of COVID-19 in offices.[8] Key features of the SOP include:
Guidelines for arrival of international passengers revised
Aditya Kumar (aditya@prsindia.org)
The Ministry of Health and Family Welfare issued updated guidelines for arrival of international passengers.[9] The guidelines will be valid from February 22, 2021. Key highlights of the guidelines include:
Macroeconomic Development
Saket Surya (saket@prsindia.org)
GDP grew by 0.4% in the third quarter of 2020-21
Gross Domestic Product (GDP) (at constant 2011-12 prices) grew by 0.4% in the third quarter (October-December) of 2020-21 over the corresponding period in 2019-20.[10] This is after two consecutive quarters of contraction in GDP of 24.4% and 7.3% in the first and second quarter of 2020-21 respectively. GDP growth was 3.3% in the third quarter of 2019-20.
As per the Second Advance Estimates, GDP is estimated to contract by 8% in 2020-21 over 2019-20.10 This is marginally higher than the contraction of 7.7% estimated by the First Advance Estimates, released in January 2021. [11]
Sources: Ministry of Statistics and Programme Implementation; PRS.
GDP across economic sectors is measured in terms of Gross Value Added (GVA). The sectors with the largest contraction in the first half (April-September) of 2020-21 were construction, trade, mining, and manufacturing. While trade, and mining continued to contract, construction and manufacturing grew by 6.2% and 1.6% respectively, in the third quarter. Table4 gives details on sectoral growth in GVA.
Table 4: Growth in GVA across sectors in 2020-21 (%, year-on-year)
Sector |
Q1 |
Q2 |
Q3 |
Agriculture |
3.3% |
3.0% |
3.9% |
Mining |
-18.0% |
-7.6% |
-5.9% |
Manufacturing |
-35.9% |
-1.5% |
1.6% |
Electricity |
-9.9% |
2.3% |
7.3% |
Construction |
-49.4% |
-7.2% |
6.2% |
Trade |
-47.6% |
-15.3% |
-7.7% |
Financial services |
-5.4% |
-9.5% |
6.6% |
Public services |
-9.7% |
-9.3% |
-1.5% |
GVA |
-22.4% |
-7.3% |
1.0% |
GDP |
-24.4% |
-7.3% |
0.4% |
Note: GVA is GDP without taxes and subsidies.
Sources: Ministry of Statistics and Programme Implementation; PRS.
Industrial production grew by 1% in the third quarter of 2020-21
The Index of Industrial Production (IIP) grew by 1% in the third quarter (Oct-Dec) of 2020-21, compared to the contraction of 1.4% in the same period in 2019-20.[12] IIP had declined in the previous two quarters (first and second quarter of 2020-21) by 36% and 6%.
Mining continued to contract in the third quarter (by 4%), after declining by 22% and 7% in the first and second quarter of 2020-21. Manufacturing output recorded growth of 1% after recording contraction in the first and second quarter of 2020-21. Electricity production grew by 7% in the third quarter, after declining by 16% in the first quarter, and growing by 0.1% in the second quarter.
Figure 2 shows the change in industrial production during the third quarter of 2020-21.
Figure 2: Growth in IIP (%, year-on-year)
Sources: Ministry of Statistics and Programme Implementation; PRS.
Repo and reverse repo rates unchanged at 4% and 3.35% respectively
The Monetary Policy Committee (MPC) released its sixth bi-monthly Monetary Policy Statement of 2020-21.[13] The policy repo rate (the rate at which RBI lends money to banks) remained unchanged at 4%. Other decisions taken by the MPC include:
The MPC projected Consumer Price Index inflation at 5.2% for the fourth quarter of 2020-21. Inflation is expected to be 5.2% to 5% in the first half of 2021-22, and 4.3% in the third quarter of 2021-22.
Law and Justice
The Tribunals Reforms (Rationalisation and Conditions of Service) Bill, 2021 introduced in Lok Sabha
Aditya Kumar (aditya@prsindia.org)
The Tribunals Reforms (Rationalisation and Conditions of Service) Bill, 2021 was introduced in Lok Sabha.[14] It seeks to dissolve certain existing appellate bodies and transfer their functions (such as adjudication of appeals) to other existing judicial bodies (mainly High Courts). These appellate bodies include the: (i) Appellate Tribunal under the Cinematograph Act, 1952, (ii) Appellate Board under the Trade Marks Act, 1999, and (iii) Appellate Board under the Patents Act, 1970.
The Finance Act, 2017 empowered the central government to notify rules on qualifications of members, terms and conditions of their service, and composition of search-cum-selection committees for 19 tribunals (such as Customs, Excise, and Service Tax Appellate Tribunal). The Bill amends the 2017 Act to include provisions related to the composition of search-cum-selection committees and term of office of members in the Act itself. These include:
For a PRS summary of the Bill, please see here.
The Arbitration and Conciliation (Amendment) Bill passed by Lok Sabha
Saket Surya (saket@prsindia.org)
The Arbitration and Conciliation (Amendment) Bill, 2021 was passed by Lok Sabha.[15] It seeks to amend the Arbitration and Conciliation Act, 1996. The Act contains provisions regarding domestic and international arbitration and defines the law for conducting conciliation proceedings. The Bill replaces an Ordinance with the same provisions promulgated on November 4, 2020. Key features of the Bill are:
For a PRS Summary of the Bill, please see here.
Transport
Shruti Gupta (shruti@prsindia.org)
The Major Port Authorities Bill, 2020 passed by Parliament
The Major Port Authorities Bill, 2020 was passed by Parliament.[16] The Bill replaces the Major Port Trusts Act, 1963.[17] It provides for regulation, operation and planning of major ports in India and provide greater autonomy to these ports. Major ports include Chennai, Cochin, Jawaharlal Nehru Port, Kandla, Kolkata, Mumbai, New Mangalore, Mormugao, Paradip, V.O. Chidambaranar, and Vishakhapatnam. The Bill constitutes the Board of Major Port Authority for each of these ports for administration, control, and management of these ports. Key features of the Bill include:
For the PRS Bill Summary, please see here.
Draft amendments to Central Motor Vehicles Rules, 1989 released
The Ministry of Road Transport and Highways released draft amendments to the Central Motor Vehicles Rules, 1989 under the Motor Vehicles Act, 1988.[18] The Act provides for standards for motor vehicles, grant of driving licenses, and penalties for violation of these provisions.[19] The draft amendments seek to regulate electronic monitoring and enforcement of road safety norms. Key features include:
Science and Technology
Standing Committee submits report on the DNA Technology (Use and Application) Regulation Bill, 2019
Prachi Kaur (prachi@prsindia.org)
The Standing Committee on Science and Technology, Environment, Forests and Climate Change (Chair: Jairam Ramesh) submitted its report on the DNA Technology (Use and Application) Regulation Bill, 2019.[20] The Bill regulates the use of DNA technology for establishing the identity of certain persons including victims, offenders, suspects, people undertrial, and missing persons. Key observations and recommendations of the Committee include:
For a PRS report summary, please see here. For a PRS analysis of the Bill, please see here.
Guidelines for acquiring and producing geospatial data and services
Saket Surya (saket@prsindia.org)
The Department of Science and Technology issued guidelines for acquiring and producing geospatial data and services including maps.[21] Examples of geospatial data include location information on individuals, mobility data, location and attributes of natural objects or phenomena such as weather patterns and seismic patterns. The Department noted that availability of comprehensive and high accuracy geospatial data will encourage innovation and enhance the preparedness for emergency response. Key features of the guidelines include:
External Affairs
Prachi Kaur (prachi@prsindia.org)
Standing Committee submits report on the Anti-Maritime Piracy Bill, 2019
The Standing Committee on External Affairs (Chair: P. P. Chaudhary) submitted its report on the Anti-Maritime Piracy Bill, 2019.[22] The Bill provides for prevention of maritime piracy and prosecution of persons for such crimes. It seeks to implement provisions related to piracy mentioned in the United Nations Convention on the Law of the Sea, 1982 (UNCLOS). Key observations and recommendations of the Committee include:
For a PRS report summary, please see here. For a PRS analysis of the Bill, please see here.
Home Affairs
Shruti Gupta (shruti@prsindia.org)
The Jammu and Kashmir Reorganisation (Amendment) Bill passed
The Jammu and Kashmir Reorganisation (Amendment) Bill, 2021 was passed by Parliament.[23] It amends the Jammu and Kashmir Reorganisation Act, 2019. The Act provides for the bifurcation of the state of Jammu and Kashmir (J&K) into the Union Territory of J&K and Union Territory of Ladakh. The Bill repeals the Jammu and Kashmir Reorganisation (Amendment) Ordinance, 2021. Key features of the Bill include:
For a PRS Summary of the Bill, please see here.
National Disaster Mitigation Fund established
The National Disaster Mitigation Fund was notified under the Disaster Management Act, 2005.[24] The Act allows the central government to constitute a fund for projects exclusively for the purpose of mitigation of disasters. The fund will be managed by the National Disaster Management Authority which is the apex authority responsible for disaster management and mitigation in India.
Urban Affairs
Shruti Gupta (shruti@prsindia.org)
National Capital Territory of Delhi Laws (Amendment) Bill passed by Rajya Sabha
The National Capital Territory of Delhi Laws (Special Provisions) Second (Amendment) Bill, 2021 was passed by Rajya Sabha.[25] The Bill amends the National Capital Territory of Delhi Laws (Special Provisions) Second Act, 2011.
The 2011 Act provides for: (i) relocating slum dwellers and Jhuggi-Jhompri clusters in accordance with the provisions of the Delhi Shelter Improvement Board Act, 2010 and the Master Plan for Delhi, 2021, (ii) regularising unauthorised colonies, village abadi areas (and their extensions), (iii) creating a policy or plan for farm houses constructed beyond permissible building limits, and for all other areas of the National Capital Territory of Delhi, and (iv) not taking any punitive action and minimising inconvenience to the people of Delhi in case of any demolition or sealing of structures under the Master Plan for Delhi. The Master Plan for Delhi 2021 provides for strategies of housing for urban poor as well as for dealing with the informal sector. Key features of the Bill include:
For the PRS Bill Summary, please see here.
National Urban Digital Mission and other digital initiatives launched
The Ministry of Housing and Urban Affairs launched digital initiatives to promote use of digital technologies to identify and address issues in urban planning and governance.[26],[27] These include: (i) the National Urban Digital Mission (NUDM), (ii) Indian Urban Data Exchange, (iii) the SmartCode Platform, and (iv) the City Innovation Exchange programme.
NUDM seeks to create a shared digital infrastructure for urban areas to consolidate digital initiatives of the Ministry and address local challenges. Its governing principles will be similar to the National Urban Innovation Stack (NUIS) announced in 2019. NUIS was intended to identify urban challenges and solve them at speed and scale using digital technologies and infrastructure.[28]
The data exchange programme seeks to create is an open-source interface to allow users including urban local bodies to share, request, and access datasets related to cities, urban governance, and service delivery. The SmartCode Platform will be a repository for open-source code for applications in urban governance. Source code of an open-source software is freely available for possible modification and redistribution.
The City Innovation Exchange Platform was launched to enable all citizens to design, test and deliver innovations that can address urban challenges. The platform will operate under the Smart Cities Mission. There were 400 start-ups with 215 solutions across 100 smart cities registered, as of February, 2021.27
Finance
Suyash Tiwari (suyash@prsindia.org)
Standing Committee submits report on the Factoring Regulation Bill, 2020
The Standing Committee on Finance (Chair: Jayant Sinha) submitted its report on the Factoring Regulation (Amendment) Bill, 2020. [29] The Bill amends the Factoring Regulation Act, 2011 to widen the scope of entities which can engage in the factoring business.[30] Factoring is a transaction where an entity sells whole or part of its receivables from a customer to a third party (factor) for immediate funds. While factoring is available for all enterprises the Committee noted the importance of the Bill to address the problem of delay in payments faced by micro, small and medium enterprises (MSMEs). Key recommendations of the Committee include:
For a PRS summary of the Report, see here.
Cabinet approves a new disinvestment policy for public sector enterprises
The Union Cabinet approved a new policy for disinvestment of Public Sector Enterprises (PSEs), which will govern the ownership and control of PSEs by the central government.[34] Under the policy, the government seeks to minimise the presence of PSEs across sectors and create new investment space for the private sector.[35] The policy categorises all sectors into strategic and non-strategic based on the criteria of national security, availability of important minerals and energy, financial services, and critical infrastructure.
Strategic sectors are: (i) atomic energy, defence, and space, (ii) transport and telecommunication, (iii) power, petroleum, coal, and other minerals, and (iv) banking, insurance, and financial services. The policy envisions a bare minimum presence of existing PSEs in the strategic sectors as the government aims to retain control through holding companies (i.e., a company owning the shares of the company running the business). All other existing PSEs in the strategic sectors will be either privatised, closed, merged with another PSE or made its subsidiary. All existing PSEs in sectors other than strategic sectors will be privatised, if feasible, or closed.
The new policy is applicable to central PSEs and public sector banks and insurance companies. It is not applicable to certain PSEs including those working as not-for-profit companies, providing support to vulnerable groups, performing any developmental or regulatory role, or maintaining critical data having bearing on national security.
RBI announces liquidity measures
The Reserve Bank of India (RBI) announced certain measures that affect the liquidity position of banks and non-banking financial companies (NBFCs).[36] The measures include:
Restrictions on use of private banks for government business relaxed
The Ministry of Finance lifted the ban on use of private banks for the conduct government-related banking transactions.[38] Private banks may now be used for government-related banking transactions such as taxes, pensions, and receipts and disbursements under government schemes. The change may be operationalised once the Reserve Bank of India issues guidelines in this regard. Government’s banking transactions are primarily handled by public sector banks. In 2003, three private sector banks (HDFC Bank, Axis Bank and ICICI Bank) were permitted to undertake government business. [39]
In January 2012, RBI allowed all private sector banks to undertake government business.39 This decision to provide further authorisation for banks was reversed by the Ministry of Finance in September 2012.[40] The Ministry advised RBI to undertake a comprehensive review of the policy of authorisation of government business to private banks. In 2015, the government held that there wasn’t sufficient reason to reverse the ban on further authorisation of government business to private banks.
RBI constitutes an Expert Committee on Urban Co-operative Banks
The Reserve Bank of India (RBI) constituted an Expert Committee on Urban Co-operative Banks (UCBs) to examine the issues faced by them and provide a roadmap for strengthening the sector.[41] The Committee will be headed by Mr. N. S. Vishwanathan, former Deputy Governor of RBI, and consist of seven other members.
The Terms of Reference of the Committee include: (i) assessing the impact of regulatory measures taken by RBI for UCBs, (ii) reviewing the regulatory approach to recommend changes to strengthen the sector, (iii) suggesting measures for faster resolution of UCBs in financial stress, (iv) assessing the potential for consolidation in the sector, and (v) formulating a vision document for the sector.41
The Committee is required to submit its report within three months of its first meeting.41
RBI releases draft directions on credit derivatives for public feedback
RBI released the draft directions on credit derivatives for public feedback.[42] A credit derivative is a derivative contract where the underlying is a debt instrument. A credit default swap (CDS) is a kind of credit derivative. In a CDS contract, the seller of the CDS commits to compensate the buyer of the CDS in case of an adverse event (such as default) related to the underlying debt instrument. Key features of the directions include:[43]
Comments on the draft directions are invited by March 15, 2021.
RBI permits remittance to IFSC under the Liberalised Remittance Scheme
The Reserve Bank of India (RBI) permitted residents of India to use the liberalised remittance scheme to invest in International Financial Services Centres (IFSCs) in India.[44] The liberalised remittance scheme allows resident individuals to remit foreign currency for permitted transactions.[45] LRS may be used to open a foreign currency account, purchase property, or make investments in securities abroad.45 At present, resident individuals are not allowed to remit funds to an IFSC in India. [46]
The RBI notification allows resident individuals to use LRS for investment in IFSCs in securities issued by non-resident entities.44 Individuals may also open a foreign currency account in the IFSC for this purpose, though (i) the funds in this account can only be used for making permitted investments, and (ii) idle funds must be repatriated to the domestic account of the investor within 15 days.
Social Justice
Shruti Gupta (shruti@prsindia.org)
The Constitution (Scheduled Castes) Order (Amendment) Bill introduced
The Constitution (Scheduled Castes) Order (Amendment) Bill, 2021 was introduced in Lok Sabha. The Bill amends the Constitution (Scheduled Castes) Order, 1950.
The Constitution empowers the President to specify the Scheduled Castes (SCs) in various states and union territories. Further, it permits Parliament to modify this list of notified SCs. The Bill gives effect to modifications proposed by the state of Tamil Nadu.
For the PRS Bill Summary, please see here.
Electronics and Information Technology
Saket Surya (saket@prsindia.org)
The Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021 notified
The Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021 were notified under the Information Technology Act, 2000 (IT Act).[47][48] These replace the Information Technology (Intermediaries Guidelines) Rules, 2011.[49] Key features of the Rules include:
Intermediaries: Intermediaries are entities that store or transmit data on behalf of other persons, including internet or telecom service providers, online marketplaces, and social media platforms.
Digital Media Publishers: Following will apply to publishers of digital media including: (i) news and current affairs content and (ii) online curated content (also known as OTT platforms):
Cabinet approves production linked incentive scheme for information technology hardware
The Union Cabinet approved the Production Linked Incentive (PLI) scheme for Information Technology (IT) hardware.[50] The scheme is aimed at promoting domestic manufacturing and attracting large investments in the value chain of IT hardware. The scheme will cover the following segments of IT hardware: (i) laptops, (ii) tablets, (iii) all-in-one personal computing devices, and (iv) servers. Under the PLI scheme, companies receive incentives on incremental sales of products manufactured domestically.
The Ministry of Electronics and Information Technology observed that laptop and tablet demand in India is largely met through imports. The value of import for laptop and tablet in 2019-20 was USD 4.21 billion and USD 0.41 billion, respectively.50 The total cost of the proposed scheme is about Rs 7,350 crore over four years.
Draft National Strategy on Blockchain released
The Ministry of Electronics and Information Technology released the Draft National Strategy on Blockchain.[51] Blockchain is a distributed ledger technology based on a shared ledger between various parties involved in business transactions. The data structure used in Blockchain maintains an unchangeable record of transactions in a time-sequenced manner. It eliminates the need for a central entity to validate transactions.
The Ministry noted that the technology improves transparency, immutability, and efficiency in managing transactions. It has potential for use in various domains including property record management, identity management, supply chain, and e-voting. The Ministry further noted that blockchain can add value to e-governance. It highlighted the following key challenges in the adoption of blockchain: (i) scalability and transaction speed, (ii) data security and privacy, (iii) standardisation and interoperability, and (iv) skilled manpower. Key features of the Draft Strategy are:
Communications
Saket Surya (saket@prsindia.org)
Standing Committee submits its report on India’s preparedness for 5G
The Standing Committee on Information Technology (Chair: Dr. Shashi Tharoor) submitted its report on India’s Preparedness for 5G.[52] Key observations and recommendations of the Committee include:
For PRS summary of the report, please see here.
Commerce and Industry
Suyash Tiwari (suyash@prsindia.org)
Standing Committee submitted its report on attracting investment in the post-Covid economy
The Standing Committee on Commerce (Chair: V. Vijayasai Reddy) submitted its report on Attracting investment in post-Covid Economy: Challenges and Opportunities for India. [53] The Committee expressed concern regarding India’s trade deficit with China across sectors, especially steel. Key observations and recommendations of the Committee include:
For a PRS summary of the Report, see here.
Labour
Aditya Kumar (aditya@prsindia.org)
Standing Committee on Labour submitted its report on social security and welfare for migrant workers
The Standing Committee on Labour (Chair: Mr. Bhartruhari Mahtab) submitted its report on social security and welfare measures for inter-state migrant workers.[55] The Committee assessed the efficacy of various schemes launched for providing relief to the migrant workers during COVID-19 pandemic. Key observations and recommendations of the Committee include:
For a PRS summary of the Report, see here.
Health
Aditya Kumar (aditya@prsindia.org)
Draft amendments to the Medical Device Rules, 2017 released
The Ministry of Health and Family Welfare released the draft amendments to the Medical Device Rules, 2017.[57] The 2017 Rules provide for standards and licensing of medical devices.[58] The Rules require a medical device to conform to the standards of Bureau of Indian Standards (BIS) or those specified by the Ministry from time to time. If no such standards from the BIS or the Ministry are available, a device is required to conform to the standards of International Organisation for Standardisation or International Electro Technical Commission.
The draft amendments add that the standards of American Standard testing Method will be also acceptable for testing medical devices in absence of standards of BIS and the Ministry.
Comments on the draft Rules are invited till March 22, 2021.57
Defence
Shruti Gupta (shruti@prsindia.org)
Defence Acquisition Council approves procurement worth Rs 13,700 crore
The Defence Acquisition Council approved the procurement of equipments worth Rs 13,700 crore for armed forces.[59] Such procurement will be made under the Defence Acquisition Buy [Indian-IDDM (Indigenously Designed, Developed and Manufactured)] category.
The procurement will also include platforms and systems designed and developed by the Defence Research and Development Organisation. Buy (Indian-IDDM) refers to the procurement of products from an Indian vendor that have been indigenously designed, developed and manufactured, with a minimum of 50% Indigenous Content (IC). [60] IC is the percent of cost of indigenous content in base contract value.60 Buy (Indian-IDDM) is one of the procurement categories under the Defence Acquisition Procedure, 2020. 60
Women and Child Development
Prachi Kaur (prachi@prsindia.org)
Amendments to the Juvenile Justice (Care and Protection of Children) Act, 2015 approved by Cabinet
The Union Cabinet approved amendments to the Juvenile Justice (Care and Protection of Children) Act, 2015.[61],[62] The Act contains provisions related to children in conflict with law and children in need of care and protection.62 The amendments seek to introduce measures for strengthening child protection set-up. Key amendments include:
Corporate Affairs
Suyash Tiwari (suyash@prsindia.org)
MCA increases the threshold for capital and turnover for Small Companies
The Ministry of Corporate Affairs (MCA) increased the threshold for capital and turnover to be classified as a Small Company under the Companies Act, 2013.[63] The threshold for paid-up capital has been increased from fifty lakh rupees to two crore rupees. The threshold for turnover has been increased from two crore rupees to twenty crore rupees. These changes, which were announced in the 2021-22 budget speech, will take effect from April 1, 2021.[64]
More than two lakh companies are expected to be reclassified as a small company due to the higher threshold.[65] These companies are expected to benefit from lower disclosure requirements, and lesser fees and fines.
MCA amends rules for One Person Companies
MCA amended rules for One Person Companies (OPCs) to relax provisions governing incorporation of OPCs and their conversion into other kinds of companies.[66] As per the Companies (Incorporation) Rules, 2014 (under the Companies Act, 2013), only an Indian citizen who is resident in India is eligible to incorporate an OPC.[67] A person is considered to be a resident in India if they have stayed in India for at least 182 days in the preceding calendar year. The new rules lower this requirement from 182 days to 120 days. The new rules also provide that all Indian citizens, whether resident in India or otherwise, can incorporate an OPC.[68]
The 2014 rules provide that an OPC can convert into any other kind of company only after two years of its incorporation, unless: (i) its paid-up capital exceeds fifty lakh rupees, or (ii) its average annual turnover is more than two crore rupees. The new rules do not mandate an OPC to convert to a public or private company if it exceeds the threshold on paid up capital and annual turnover. An OPC may convert to a public or private company at any time if it meets the requirements of paid-up capital and number of directors for a public or private company. The new rules also allow a private company to convert to an OPC even if its share capital and annual turnover exceeds fifty lakh rupees and two crore rupees respectively.
The new rules, which were announced in the 2021-22 budget speech, will take effect from April 1, 2021.[69]
Mining
Saket Surya (saket@prsindia.org)
Draft amendments to the Mines and Minerals Act released
The Ministry of Mines invited comments on the following amendments proposed in the Mines and Minerals (Development and Regulation) Act, 1957 (MMDR Act).[70] The MMDR Act regulates the overall mining sector in India. Key amendments proposed include:
Comments invited on the amendments to the Mineral Concession Rules
The Ministry of Mines invited comments on the draft amendments to the Minerals (Other than Atomic and Hydro Carbons Energy Minerals) Concession Rules, 2016 issued under the Mines and Minerals (Development and Regulation) Act, 1957 (MMDR Act).[71] The MMDR Act regulates the mining sector in India.
The 2016 Concession Rules provide that the Indian Bureau of Mines (IBM) will publish the average sale price of specified metals including aluminium, copper, zinc, gold, and silver.[72] In case of certain metals such as aluminium, copper, and zinc, the average sale price for the month is calculated using the daily settlement price of the London Metal Exchange (LME) for that metal. The draft amendments add that where LME does not publish daily settlement price, the monthly average price published by IBM will be calculated using the monthly average price published by LME for that metal. Comments are invited until March 21, 2021.71
Power
Aditya Kumar (aditya@prsindia.org)
Guidelines for a competitive bidding process for procurement of round the clock power from mixed sources amended
The Ministry of Power amended the guidelines for the tariff-based competitive bidding process for procurement of round-the-clock (RTC) power from renewable energy (RE) sources, complemented with power from any other power sources.[73] The guidelines were released in July 2020 to facilitate the bundling of renewable energy with other non-renewable sources of energy to address the intermittent nature of renewable energy.[74],[75] Key features of the amendments include:
Chemicals and Fertilisers
Prachi Kaur (prachi@prsindia.org)
Production Linked Incentive Scheme for Pharmaceuticals approved
The Union Cabinet approved a Production Linked Incentive scheme for pharmaceuticals, over the period of 2020-21 to 2028-29.[76] The scheme will be part of the umbrella scheme for the development of pharmaceutical industry. The objective of the scheme is to enhance India's manufacturing capabilities in the pharmaceutical sector by increasing investment and production and contributing to product diversification. Key features include:
Earth Sciences
Prachi Kaur (prachi@prsindia.org)
Draft Policy Framework for blue economy released
The Ministry of Earth Sciences released the draft policy framework for India’s blue economy.[77],[78] Blue economy comprises of oceanic resources and man-made economic infrastructure in marine, maritime, and onshore coastal zones. The policy outlines a strategy that the government can adopt to utilise oceanic resources for sustainable development. The strategy seeks to: (i) enhance the contribution of the blue economy to GDP, (ii) improve lives of coastal communities, (iii) preserve marine biodiversity, and (iv) maintain the security of marine areas and resources. Key recommendations of the draft policy include:78
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[35] Annexure III, Budget Speech, Union Budget 2021-22, https://www.indiabudget.gov.in/doc/Budget_Speech.pdf.
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[76] “Cabinet approves Production Linked Incentive Scheme for Pharmaceuticals”, Press Information Bureau, Ministry of Chemicals and Fertilisers, February 24, 2021.
[77] “Ministry of Earth Sciences invites stakeholders’ suggestions on the Draft Blue Economy Policy for India’, Press Information Bureau, Ministry of Earth Sciences, February 17, 2021, https://pib.gov.in/PressReleasePage.aspx?PRID=1698608.
[78] Draft Policy Framework for India’s Blue Economy, Economic Advisory Council to the Prime Minister, September 2020, https://moes.gov.in/writereaddata/files/BlueEconomyPolicy.pdf.
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