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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.

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JM
 - 
Thursday, 14 May 2020

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

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News Network
April 17,2020

New Delhi, Apr 17: With 1,076 new cases of COVID-19 in the last 24 hours and 32 deaths, India's total count of coronavirus cases has surged to 13,835, said the Union Ministry of Health and Family Welfare on Friday.

The total cases are inclusive of 1,766 cured and discharged patients, one migrated and 452 deaths. At present, there are 11,616 active COVID-19 cases in the country.

Before the lockdown, the doubling rate of COVID-19 cases was about three days, but according to the data of the past 7 days, the doubling rate of cases now stands at 6.2 days, said Lav Aggarwal, Joint Secretary, Health and Family Welfare.

"Before the lockdown, doubling rate of COVID-19 cases was about three days but according to the data of past 7 days, the doubling rate of cases now stands at 6.2 days," Aggarwal said during the daily briefing on COVID-19.

Aggarwal said that as many as 5 lakh rapid antibody testing kits are being distributed to States and Districts where a high case burden has been observed.

"A total of 1,919 dedicated COVID-19 hospitals with 1.73 lakh isolation beds, 21,800 ICU beds readied in India," he added. 

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News Network
May 11,2020

May 11: Congress leader Rahul Gandhi on Monday said many states were amending labour laws, but the fight against the novel coronavirus pandemic cannot be an excuse to exploit workers, suppress their voice and crush their human rights.

Gandhi said there cannot be any compromise on the basic principles by allowing unsafe workplaces.

"Many states are amending labour laws. We are together fighting against corona, but this cannot be an excuse to crush human rights, allow unsafe workplaces, exploit workers and suppress their voice," he said.

"There cannot be any compromise on these basic principles," he added.

Congress leader Jairam Ramesh also said it would be dangerous and disastrous to loosen labour, land and environment laws in the name of economic revival and stimulus.

"In the name of economic revival and stimulus, it will be dangerous and disastrous to loosen labour, land and environmental laws and regulations as the Modi govt is planning.

"The first steps have already been taken. This is a quack remedy like demonetisation," Ramesh tweeted.

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Agencies
July 31,2020

Thiruvananthapuram, Jul 31: In Kerala, the prisoners will now work as employees in petrol pumps and take home a salary, as the Kerala government has rolled out Petrol Pumps from jail premises in association with Indian Oil Corporation.

Speaking to news agency, Rishiraj Singh, Jail DGP said that initiative to employ jail inmates in petrol pumps was taken as in Kerala there are many projects of which prisoners are a part of and are being employed.

"In petrol pumps, 15 jail inmates will be employed at each pump. The outlets of Thiruvananthapuram, Viyyur and Cheemeni jails have been started to function from today. 

Many express doubt whether the prisoners will try to escape. But my experience working with them prove otherwise. They are managing five cafeterias in the state and selling food prepared by them. We pay them Rs 220 per day for their work and the jail inmates are running it successfully particularly at COVID-19 times," he said.

The Indian Oil Corporation is investing around Rs 9.5 crore to set up four petrol pumps at the jail premises. The share of the jail department is Rs 30 lakh for setting up petroleum outlet. Other than the three presently, it will also be started in Kannur jail.

"The land has been leased to the Indian Oil Corporation for 30 years. The prisoners are employed here and for that, they underwent a training in petrol pump of IOC and the uniform will also be supplied by them, " said Rishiraj Singh About 25 cents in Thiruvananthapuram, 39 cents in Kannur, 25 cents in Viyur and 25 cents in Cheemeni open jail have been allotted.

Through this, the government will get Rs 5.9 lakh per month in rent. 

It also plans to expand the project in the future by setting up a CNG and electrical charging station. 

The petrol pumps will be also accompanied by public comfort stations.

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