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
June 13,2020

New Delhi, Jun 13: About 56 per cent of children were found to have no access to smartphones which have emerged as essential tools for online learning during the coronavirus-induced lockdown, according to a new study that surveyed 42,831 students at various school levels.

The study ''Scenario amidst COVID 19 - Onground Situations and Possible Solutions'' was conducted by child rights NGO Smile Foundation with an aim of analysing the access to technology.

The findings of the study showed that 43.99 per cent of surveyed children have access to smartphones and another 43.99 per cent of students have access to basic phones while 12.02 per cent do not have access to either smartphones or basic phones.

A total of 56.01 per cent children were found to have no access to smartphones, the study said.

"Concerning television, it was noted that while 68.99 per cent have access to TV, a major chunk of 31.01 per cent does not. Hence suggesting that using smartphone interventions for enhancing learning outcomes is not the only solution," it said.

At the primary level of education (class 1 to 5) 19,576 children were surveyed while at upper primary level (class 6 to 8) 12,277 children were surveyed. At secondary level of education (class 9 to 10) 5,537 children were surveyed and at higher secondary level (class 11 to 12) 3,216 children were surveyed.

The survey based on which the study was conducted used two approaches - over the telephone wherein the NGO reached out to the children whose database it already had -- students enrolled in various education centres of the NGO -- and second was through community mobilization wherein community workers went door to door to get answers.

The survey was conducted in 23 states, including Delhi, Gujarat, Maharashtra, Karnataka, Tamil Nadu, West Bengal, Andhra Pradesh, Telangana, Uttar Pradesh, Haryana, over a period of 12 days from April 16 to April 28.

The lockdown induced by the COVID-19 pandemic in March prompted schools and colleges to move to the virtual world for teaching and learning activities. However, many experts say the digital divide in the country may turn online classes into an operational nightmare.

As per official statistics, there are over 35 crore students in the country. However, it is not clear as to how many of them have access to digital devices and Internet.

Santanu Mishra, co-founder and executive trustee, Smile Foundation, said the findings clearly show that the digital divide is a real challenge, and multiple approaches need to be implemented to cater to all across the nation.

"As an exercise before we start any programme, we do a baseline study to understand the on-ground challenges so that our programmes can bring in real work and real change. With the onset of the pandemic, following indefinite school closures, it is more important than ever to understand the situation and how can we ensure that children are given quality education. Through this, we understand that customized modules need to be built in accordance with the channel of communication," he said.  

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Agencies
January 16,2020

New Delhi, Jan 16: United Forum of Bank Unions has decided to observe a two-day strike on January 31 and February 1, demanding early wage revision settlement which has been due since November 1, 2017, said the All India Bank Employees Association.

Union Finance Minister Nirmala Sitharaman will present her second Union Budget on February 1.

Banks will also hold a strike on March 11, 12 and 13. Also, an indefinite strike will be held from April 1.

General Secretary, All India Bank Officers' Confederation West Bengal Sanjay Das has stated that the nationwide strike has been called over several demands.

"The demands include--wage revision settlement at 20 per cent hike on payslip components with adequate loading thereof and scrapping off New Pension Scheme (NPS)," said Das.

There are several demands to hold the strike including the merger of special allowance with basic pay, updation of pension, improvement in the family pension system, five-day banking, allocation of staff welfare fund based on operating profits and exemption from income tax on retiral benefits without a ceiling.

"Other demands include-- a uniform definition of business hours, lunch hour etc in the branches, introduction of leave bank, defined working hours for the officers and equal wage for equal work for the contract employee," said Das.

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News Network
March 3,2020

New Delhi, Mar 3: A day after two new cases of novel coronavirus that included one from Delhi were reported, the Health Ministry on Tuesday said six cases with "high-viral load" were detected during sample testing in Agra and these people have been kept in isolation. The six people had come in contact with a 45-year-old patient from Delhi, whose case came to light on Monday, and they include his family members.

According to government sources, the man, who is a resident of Mayur Vihar, had visited them in Agra.

The six have been kept in isolation at Safdarjung Hospital in Delhi and their samples are being sent to NIV, Pune for confirmation.

Contact tracing of the people who came in contact with the six is simultaneously being done through the Integrated Disease Surveillance Program (IDSP) network, the ministry said in a statement.

Sources said the patient from Mayur Vihar was shifted to a quarantine ward at Safdarjung Hospital on Sunday night.

His other family members have been asked to stay alert and look out for symptoms. One accountant, who came in contact with the man and some of his family members, was also quarantined, they said.

India on Monday reported two new cases of the novel coronavirus, one from Delhi and another one from Hyderabad. The government has stepped up its efforts to detect and check the infection which has killed 2,912 people in China.

On Monday, Rajasthan Health Minister Raghu Sharma had said that an Italian tourist tested positive for coronavirus in Jaipur.

The first sample collected from him on February 29 tested negative but his condition deteriorated, so a second sample was collected which tested positive on Monday, the minister said, adding, "Since there is a variation in the reports, the samples have been sent to the NIV, Pune for testing".

India had earlier reported three cases from Kerala, including two medical students from Wuhan in China, the epicentre of the deadly novel coronavirus. They had self-reported on their return to the country and tested positive for the infection. They were discharged from hospitals last month following recovery.

The infected person from Delhi had travelled to Italy, while the other patient who tested positive for the COVID-19 infection is from Telangana and had recently travelled to Dubai.

Both the patients had self-reported after they developed symptoms.

"They tested positive. They are stable and being closely monitored," ministry said on Monday.

The government has asked people to avoid non-essential travel to Iran, Italy, South Korea and Singapore and said India was in discussions with authorities in Iran and Italy, two countries badly affected by the infection, to evacuate Indians there.

The novel coronavirus or COVID-19, which originated in China, has spread to over 60 countries.

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