Finance Minister Current Affairs - 2020

Second Tranche of India’s First Corporate Bond ETF will be offered from 14th July

The Second Tranche of India’s first Corporate Bond Exchange-Traded Fund (ETF)- Bharat Bond ETF will be open for subscription from 14th July to 17th July 2020.

Two new ETF series with maturities April 2025 and April 2031 will be offered under the new fund offer. The base price will be Rs 3,000 crore with oversubscription up to Rs 11,000 crore in the second tranche of Bharat Bond ETF.

In this maiden offer, the Bharat Bond ETF fetched Rs 12,400 crore. The base size of the issue under the first tranche of Bharat Bond ETF was Rs 7000 crore, it was oversubscribed 1.7 times that took the collections past Rs 12000 crores. Maturities of three years (April 2023) and ten years (April 2030) were issued under the first tranche.

Bharat Bond ETF

The initiative of Bharat Bond ETF was from the Department of Investment and Public Asset Management. The mandate to design and manage the Bharat Bond ETF was given to the Edelweiss Asset Management Company (Edelweiss AMC).

The plan for the first Corporate Bond ETF of India was announced by Finance Minister during the 2018-19 Union Budget Speech. The first Corporate Bond ETF of India or the subscription under the first tranche was launched on 12th December 2019, with the last date on 20th December 2019.

42 Crore Citizens received Financial Aid of Rs 65,454 Crore under PMGKP

As per the data provided by the Union Finance Ministry on 20th June 2020,  through Pradhan Mantri Garib Kalyan Package (PMGKP), a total of 42 crore citizens across the country have received financial aid of Rs 65,454 crore to date. The amount was distributed in the 3 forms, :(i) Through Direct Benefit Transfer (DBT) to beneficiaries such as women Jhan Dhan account holders, senior citizens/differently-abled/widows registered under Below Poverty Line (BPL), farmers (PM-KISAN), etc (ii) Providing free foodgrains to all families registered as BPL cardholders, and (iii) by providing free LPG cylinder to women registered under Ujjwala Yojana.

Pradhan Mantri Garib Kalyan Package (PMGKP)

This package was announced by Finance Minister on 26th March 2020. The package was announced for providing economic support at the time of nationwide lockdown due to the Covid-19 pandemic for the financially weaker section of the society. A total of Rs 1.70 lakh crore was announced under the package.

Major Highlights from Rs 65,454 Crore Distribution

  • 8.52 Crore LPG cylinders distributed under Pradhan Mantri Ujjwala Yojana in April and May
  • In April,  113 lakh metric tonnes of food grains were lifted by all states and union territories in a combine
  • 5.8 lakh metric tonnes of pulses allocated for all states and union territories for distribution for 3 months from April to June
  • Rs 2814.5 crore provided to 2.81 crore beneficiaries (senior citizens, widows and differently-abled persons)
  • Rs 17,891 crore under first payment for the FY 2020-21 to PM-KISAN beneficiaries
  • In three separate installments, 20.62 crore women Jan Dhan account holders were credited with Rs 500 in each installment. A total of Rs 10,315 crore was transferred in each installment.