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
May 13,2020

Lucknow , May 13: Samajwadi Party chief Akhilesh Yadav on Wednesday took a jibe at Prime Minister Narendra Modi over announcing Rs 20 lakh crore special economic package to boost the economy saying that the Centre is again making "false promises to 133 crore Indians".

"Earlier, you promised Rs 15 lakh and now Rs 20 lakh crore. You have made false promises 133 times with 133 crore Indians. How can someone trust you this time? People now are not asking how many zeroes there are but how many false promises have been made," he tweeted (translated from Hindi).

Yesterday, Prime Minister Narendra Modi had announced a Rs 20 lakh crore economic stimulus package for the country fighting COVID-19, stating that it will give a new impetus and a new direction to the self-reliant India campaign.

The Prime Minister had also announced that the fourth phase of lockdown will be completely redesigned with new rules and will commence from May 18.

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News Network
February 1,2020

New Delhi, Feb 1: India on Friday banned the export of personal protection equipment such as masks and clothing amid a global coronavirus outbreak.

It did not give a reason for the ban but it reported its first case of the new coronavirus on Thursday, a woman in Kerala who was a student of Wuhan University in China.

The central Chinese city of Wuhan is the epicentre of the outbreak, and the virus has since spread to more than 9,800 people globally and killed 213 people in China.

Several Indian citizens living in Wuhan will arrive in India by plane on Saturday and be taken to a quarantine centre on the outskirts of the capital New Delhi.

India, the world’s second most heavily populated country after China, has taken measures to ensure that all people arriving from China report to health authorities.

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News Network
June 29,2020

New Delhi, Jun 29: A disturbing video of a Covid-19 patient, speaking his last words, after his oxygen supply was allegedly cut off, has surfaced on social media. The patient reportedly died after indicating that the oxygen supply to him was cut off despite his requests.

The video has a 35-year-old Covid-19 patient bidding good-bye to his family, from a government hospital bed in Hyderabad. The patient Ravi Kumar can be seen speaking out against the negligence of of the medical staff in providing ventilator support to him when he needed it the most.

The video has led to social media outrage as it attracted public attention towards plight of patients in government hospitals

"I am not able to breathe, I pleaded but they did not continue oxygen for the last three hours. I am not able to breathe anymore daddy, it's like my heart has stopped, Bye daddy. Bye to all, daddy," these were apparently the final words of the man, who spoke in his local dialect, and shared on social media.

Several reports have claimed that the man had been admitted to government Chest hospital, after several private hospitals refused to admit him. His ventilator support was allegedly taken off in the hospital, after which he recorded the video message.

The victim’s family shared the video message for the public to know of the negligence.

Reports have it that Ravi’s covid-19 report, which testes positive, was given to family a day after his death, when 30 of his family members performed the final rites, thus making all of them vulnerable to the virus. Ravi’s father has alleged that the test was done on June 24 and Ravi died on June 26, while the report was given to them on June 27.

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