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
February 2,2020

Lucknow, Feb 2: In an early morning firing at Lucknow's Hazratganj, the city centre, Vishva Hindu Mahasabha state president Ranjit Bachchan was killed while he was out on a morning walk on Sunday.

Ranjit Bachchan was taking a stroll in Hazratganj in the morning when bike-borne assailants opened fire on him and killed him on the spot. The Mahasabha leader was shot in the head multiple times.

The incident took place near the CDRI building in Lucknow's Hazratganj.

In the firing, Ranjit Bachchan's brother also suffered bullet injuries. He has been rushed to the trauma centre. Ranjit Bachchan was a resident of Gorakhpur.

The early morning shootout in the Uttar Pradesh capital's central area has caused tension in the area.

Dinesh Singh, DCP Central Lucknow, said, "The body has been identified as of Ranjit Bachchan, who had gone out on morning walk when some unknown assailant shot him. A police team has been formed and further investigation is being carried out."

Before being associated with the Mahasabha, Ranjit Bachchan was a Samajwadi Party member and was often spotted with former UP chief minister Akhilesh Yadav.

The Samajwadi Party has hit out at the Yogi Adityanath government over the law and order situation in the state and demanded immediate resignation of the government.

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News Network
March 30,2020

Thiruvananthapuram, Mar 30: Kerala reported 32

fresh cases of coronavirus on Monday, with the worst affected Kasaragod district alone accounting for 17 cases.

Kannur reported 15 cases, while Wayanad and Idukki reported two each, Chief Minister Pinarayi Vijayan told reporters here after a COVID-19 review meeting.

Of the 32 cases, 17 had come from abroad and 15 had been infected through contact.

A total of 213 people are presently under treatment in Kerala.

At least 1.50 lakh people are under surveillance in the state and 623 are in isolation wards of various hospitals.

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News Network
February 21,2020

Nagpur, Feb 21: Former Maharashtra chief minister and senior BJP leader Devendra Fadnavis on Friday condemned AIMIM leader Waris Pathan's reported remarks that 15 crore Muslims are more than a match for the country's 100 crore Hindus, and asked the latter not to mistake the majority community's tolerance for weakness.

Pathan has been widely condemned for reportedly stating that "15 crore hain lekin 100 crore pe bhari hain".

He purportedly made these comments while addressing an anti-Citizenship (Amendment) Act rally in Kalaburagi in north Karnataka on February 16. The AIMIM leader has claimed he was quoted out of context.

Speaking to reporters in Nagpur, Fadnavis demanded an apology from Pathan and asked the Uddhav Thackeray government to take action.

"We condemn the statement made by Waris Pathan and demand an apology. In case he does not apologise, the state government must take action against him," he said.

Fadnavis said Pathan should understand that minorities were safe and enjoyed full freedom in India because 100 crore Hindus live in the country.

He said no one would dare utter such a statement in a Muslim-majority nation, adding that the "Hindu community is tolerant but its tolerance should not be mistaken for weakness".

"Pathan should apologise to the nation and the Hindu community," he said.

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