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
January 28,2020

Kolkata, Jan 28: West Bengal chief minister Mamata Banerjee Tuesday said she is ready for talks with Prime Minister Narendra Modi on the issue of Citizenship Amendment Act but the Centre has to first withdraw the contentious law.

Banerjee said protesting against the decisions of the centre doesn't make opposition parties anti-national and iterated that she will not implement CAA, NRC or NPR in the state.

"It is good that the prime minister is ready for talks but the Citizenship Amendment Act (CAA) must be revoked first. They (Centre) did not call an all-party meeting before taking a decision on Kashmir and CAA.

"We are ready for talks but first withdraw this Citizenship Amendment Act," Banerjee, a staunch critic of the BJP, said addressing a protest programme against CAA through paintings.

The West Bengal assembly had on Monday passed a resolution against the CAA to become the fourth state after Kerala, Punjab and Rajasthan, to do so. The state assembly had on September 6, 2019, passed a resolution against the NRC.

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News Network
May 6,2020

New Delhi, May 6: Around 39 crore people have received financial assistance of Rs 34,800 crore amid the COVID-19 lockdown under the Pradhan Mantri Garib Kalyan Package (PMGKP) as on May 5, the government said in a statement.

These people received the assistance, which was announced by Union Finance Minister Nirmala Sitharaman on March 26 to protect them from the impact of the lockdown due to COVID 19, via digital payment infrastructure.

The swift implementation of the free food grain and cash payment package under PMGKP is being continuously monitored by Central and state governments. Also, Fintech and digital technology have been employed for swift and efficient transfer to the beneficiary.

As per the data provided by the government, Rs 16,394 crore front-loaded towards payment of the first installment of PM-KISAN was provided to 8.19 crore beneficiaries.

Rs 10,025 crore credited to 20.05 crore (98.33 per cent) women Jan Dhan account holders as first installment and Rs 2,785 crore credited to 5.57 crore women in the second installment.

Further, Rs 1,405 crore was disbursed to about 2.82 crore old age persons, widows and disabled persons and Rs 3,492.57 crore financial support was given to 2.20 crore building and construction workers.

Moreover, foodgrain has been distributed, covering 60.33 crore beneficiaries in all 36 Union Territories and states till April and 12.39 crore beneficiaries by 22 states/UTs for May. Pulses have been distributed so far to 5.21 crore household beneficiaries out of 19.4 crore such beneficiaries.

Over 5 crore cylinders have been booked under the Pradhan Mantri Ujjwala Yojana (PMUY) and 4.82 crore free cylinders already delivered to beneficiaries.

While 9.6 lakh members of Employees' Provident Fund Organisation (EPFO) has taken benefit of online withdrawal of non-refundable advance from EPFO account amounting to Rs 2,985 crore, 24 per cent EPF contribution transferred to 44.97 lakh employees account amounting to Rs 698 crore.

In the current financial year, 5.97 crore person's man-days of work generated under MNREGA scheme and Rs 21,032 crore were released to states to liquidate pending dues of both wage and material.

Insurance scheme for health workers in government hospitals and health care centres has been operationalised by New India Assurance covering 22.12 lakh health workers.

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News Network
February 29,2020

New Delhi, Feb 29: Amid the raging communal violence in the entire north-east Delhi earlier this week, there were people who were trying to save persons and families from the "other community" from the fury of the mobs of their own community.

Naeem Ali Pradhan, 34, from Shiv Vihar, helped at least 7-8 Hindus on the night of February 24 -- when the violence was at its peak-- escape to safer locations. Shiv Vihar is one of the worst affected areas in the violence.

According to Naeem Ali, that night mobs attacked dozens of shops on the road and later tried to enter inside the residential areas.

Suddenly, he spotted a group of youth who were looking hassled and frantically asking for directions.

"I saw them. Thye were Hindus who were trying to escape a mob looking to target them. They had lost their way inside the streets of our colony. I along with other Muslim men escorted them to the nearby Hindu locality," Naeem, who is also a member of the Aman Committee constituted by the Delhi police, told ANI.

"Several shops which were on the roads including some showrooms were attacked by a group. These Hindus were worried as a mob which was on the main road was attacking people. They asked me the address of a colony as they were unable to find their way," Naeem said.

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