Am already 71; faced 13 elections so far... it’s time to retire: Siddaramaiah

New Delhi, May 13: Finance Minister Nirmala Sitharaman on Wednesday announced Rs 3 lakh crore collateral-free automatic loan for businesses, including MSMEs.

This will benefit 45 lakh small businesses, she said detailing parts of the Rs 20 lakh crore economic stimulus package.

The loan will have 4-year tenure and will have a 12-month moratorium, she said.

Also, Rs 20,000 crore subordinated debt will be provided for stressed MSMEs, she said adding this would benefit 2 lakh such businesses.

The Finance Minister said a fund of funds for MSME is being created, which will infuse Rs 50,000 crore equity in MSMEs with growth potentials.

Also, MSME definition has been changed to allow units with investment up to Rs 1 crore to be called micro-units in place of Rs 25 lakh now.

Also units with turnover up to Rs 5 crore to be called micro-units, she said, adding a turnover based criteria is being introduced to define small businesses.

The investment and turnover limits for small and medium businesses have likewise been raised to allow them to retain fiscal and other benefits, she said.

Global tenders will be banned for government procurement up to Rs 200 crore, she said, adding this would help MSMEs to compete and supply in government tenders.

Bengaluru, Apr 16: Karnataka Deputy Chief Minister Dr Ashwath Narayan today said that if former chief minister HD Kumaraswamy, being a law-abiding citizen, does not follow guidelines then action will be taken against him.

The Deputy CM made this comment when he was asked about Kumaraswamy's son Nikhil's marriage, which has been fixed on April 17 at a farmhouse near Bidadi in Ramnagar.

Narayan said: "Any violation of the guidelines will not be tolerated. We will ask the concerned authority to film the entire event and document it."

He said that so far Kumaraswamy has made public statements that guidelines will be followed.

"HD Kumaraswamy is a people's representative. He has been in public life for a long time. He should abide by the guidelines," Narayan said.

"Since he has been in a responsible position for a long time and he was the Chief Minister, guidelines must be followed in his son's marriage as per the rules amid COVID-19 scare.

After the marriage, there must not be any excuses. He cannot say that people came without an invitation," the Deputy Chief Minister added.

Kumaraswamy clarified that only his family members will attend the marriage and that there will be around 60 to 70 people.

"All guidelines will be followed as per the central government directives," he said.

Bengaluru, Feb 19: Playing down the simmering discontent among the disgruntled legislators who missed a cabinet berth again, Karnataka BJP on Tuesday denied any revolt brewing against Chief Minister B.S. Yediyurappa.

"An unsigned letter in Kannada circulating in the social media is bogus, as it was fabricated in the name of Santosh, a private secretary to Yediyurappa. No revolt is brewing against the Chief Minister," party spokesman G. Madhusudhana told news agency here.

In the second cabinet expansion on February 6, only 10 newly-elected legislators, who defected from the Congress and the Janata Dal-Secular (JD-S) in July, were inducted, leaving the party's many aspiring lawmakers miffed.

"The talk of about 20 loyal MLAs ganging up against Yediyurappa is a speculation as rumour mills are working overtime. No rebellion is brewing against the Chief Minister," asserted the official.

On the charge that Yediyurappa's younger son B.Y. Vijayandra was acting like a 'super or de facto CM' and medalling in the state administration, Madhusudhana said the latter was only assisting his father in party activities as he was also a party worker.

"As Yediyurappa is 76 years old and ageing, Vijayandra is helping his father in party affairs so that he (Chief Minister) could be free to attend to administration," Madhusudhana said.

Yediyurappa's elder son B.Y. Raghavendra is a three-time BJP Lok Sabha member from Shimoga in the state's Malnad area.

With six cabinet posts vacant in the 34-member ministry, many legislators, including eight-time MLA Umesh Katti, are upset that they have not been rewarded for their loyalty to the party even six months after the BJP returned to power again in the southern state.

On the purported meeting of about 20 BJP MLAs at the residence of state Industries Minister Jagadish Shettar here on Monday, Madhusudhana said it was a "get-together" as they were all in Bengaluru again to attend the budget session of the state legislature which began on Monday.

"There is no crisis in the party. Our government is stable and will complete the remaining three-year term in office till May 2023," he added.