Finance Minister announces Rs 3 lakh crore collateral free automatic loan for businesses

Agencies
May 13, 2020

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.

Comments

JM
 - 
Thursday, 14 May 2020

Fully automatic loan..... not reachable to poor needy......

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News Network
June 17,2020

Jaipur, Jun 17: Police have registered an FIR against a television news anchor for allegedly making an objectionable comment on Sufi saint Khwaja Moinuddin Chishti.

The FIR was lodged after a complaint against News 18 India anchor Amish Devgan by a "khadim" at the saint's dargah in Ajmer on Tuesday night.

"He is running a communal agenda against the Muslim community. The dargah of Sufi saint is visited not only by Muslims but by people of all religions and his comments have hurt the sentiments of all," Syed Sarwar Chishti said.

The anchor later apologised on Twitter. "In 1 of my debates, I inadvertently referred to 'Khilji' as Chishti. I sincerely apologise for this grave error and the anguish it may hv caused to followers of the Sufi saint Moinuddin Chishti, whom I revere. I have in the past sought blessings at his dargah. I regret this error," Devgan tweeted.

Dargah SHO Hem Raj said a case was registered under sections of the Indian Penal Code and the IT Act for outraging religious feelings.

Another complaint was lodged by activist Muzaffar Bharti at the office of Ajmer's Superintendent of Police.

He accused Devgan and his team of trying to incite riots through "misleading and objectionable debates on communal issues".

He said Devgan made highly objectionable remarks on the revered saint, which shall not be tolerated.

"The dargah of Moinuddin Chishti is the symbol of brotherhood and harmony and crores of people of different religions all over the world have deep love and faith in the saint," he said.

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Agencies
May 14,2020

New Delhi, May 14: India may witness the death of additional 1.2-6 lakh children over the next one year from preventable causes as a consequence to the disruption in regular health services due to the COVID-19 pandemic, UNICEF has warned.

The warning comes from a new study that brackets India with nine other nations from Asia and Africa that could potentially have the largest number of additional child deaths as a consequence to the pandemic.

These potential child deaths will be in addition to the 2.5 million children who already die before their fifth birthday every six months in the 118 countries included in the study.

The estimate is based on an analysis by researchers from the Johns Hopkins Bloomberg School of Public Health published in the Lancet.  

This means the global mortality rate of children dying before their fifth birthday, one of the key progress indicators in all of the global development, could potentially increase for the first time since 1960 when the data was first collected.

There were 1.04 million under-5 deaths in India in 2017, of which nearly 50% (0.57 million) were neonatal deaths. The highest number of under-5 deaths was in Uttar Pradesh (312,800 which included 165,800 neonatal deaths) and Bihar (141,500 which included 75,300 neonatal deaths).

The researchers looked at three scenarios, factoring in parameters like reduction in workforce, supplies and access to healthcare for services like family planning, antenatal care, childbirth care, postnatal care, vaccination and preventive care for early childhood. The effects are modelled for a period of three months, six months and 12 months.  

In scenario-1 marked by 10-18% reduction of coverage of all the services, the number of additional children deaths could be in the range of 30,000 plus over three months, more than 60,000 over six months and above 120,000 over the next 12 months.

Coronavirus India update: State-wise total number of confirmed cases, deaths on May 13

The numbers sharply rose to nearly 55,000; 109,000 and 219,000 respectively for scenario-2, which was associated with an 18-28% drop in all the regular services.

But in the worst-case scenario in which 40-50% of the services are not available, the number of additional deaths ballooned to 1.5 lakhs in the three months in the short-range to nearly six lakhs over a year.

The ten countries that could potentially have the largest number of additional child deaths are Bangladesh, Brazil, Congo, Ethiopia, India, Indonesia, Nigeria, Pakistan, Uganda and Tanzania.

In countries with already weak health systems, COVID-19 is causing disruptions in medical supply chains and straining financial and human resources.

Visits to health care centres are declining due to lockdowns, curfews and transport disruptions, and due to the fear of infection among the communities. Such disruptions could result in potentially devastating increases in maternal and child deaths, the UN agency warned.

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News Network
March 12,2020

Bhopal, Mar 12: The Madhya Pradesh Congress on Thursday took a dig at Jyotiraditya Scindia, who broke ranks with the party and joined BJP on Wednesday, by pointing out that neither Prime Minister Narendra Modi nor Amit Shah had not even put out as much a tweet to welcome him in the party, and construed it as "humiliation" for the "maharaja".

"Not even a tweet by Narendra Modi-ji or Amit Shah-ji to welcome Scindia-ji! Modi-ji, Shah-ji, at least do not do it so soon. It has not even been 24 hours yet and you guys have already started humiliating him...!" Madya Pradesh Congress tweeted in Hindi.

Taking a jibe at Mr Scindia, a member of the erstwhile royal family of Gwalior who ended his 18-year-long association with the Congress party on a bitter note, the state Congress said: "He is a maharaja, the one whose history is often mentioned by Shivraj-ji (former Madhya Pradesh Chief Minister Shivraj Singh Chouhan)."

On Wednesday, Jyotiraditya  Scindia joined BJP in New Delhi in the presence of party president JP Nadda. He had resigned from Congress a day earlier after meeting Amit Shah and Prime Minister Narendra Modi.

Mr Scindia will file his nomination for the Rajya Sabha elections on March 13. He is expected to go to Bhopal today.

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