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
April 28,2020

Kozhikode, Apr 28: The remains of seven people who died in the Gulf countries were airlifted from Dubai by a cargo flight which arrived here Tuesday, ending the uncertainty over bringing back the bodies of those who died following non-Covid-19 reasons.

Airport sources said the flight reached the airport by around noon.

The bodies include natives of Kerala, one each of people from Goa and Sivaganga in Tamil Nadu.

"Karipur in among the few airports where cargo flights are operating in South India.

This is the reason why the bodies of those belonging to Goa and Sivaganga and other parts of Kerala have all been brought here for onward transport to respective destinations by road," an airport official said.

"As per information received from the airport, the bodies are of John Johannan of Kollam, David Shamy of Punnakkal, Kannur, Sathyan of Cheranelloor, Thrissur, O C Mathai and Sijo Joy, both of Pathanamthitta, Sreenivasan of Sivaganga and Henrick D Soza of South Goa," said Thomas, Assistant Sub Inspector, Special Branch CID, Malappuram.

Special passes have been issued to ambulances to transport the bodies to their destinations after the formalities at the airport are over, a senior police officer said.

There had been some confusion on bringing back the bodies from the Gulf region for about a week for want of clearance from the embassy authorities.

Chief Minister Pinarayi Vijayan had written to Prime Minister Narendra Modi last week seeking his intervention in ensuring that bodies of Keralites, who die in Gulf countries due to no non COVID-19 reasons, should be broughtto the state without any delay forenabling family members to perform their last rites.

Vijayan also wanted Modi to direct Indian Embassies to issue necessary clearances without seeking individual approvals from the Ministry of Home Affairs and avoid any delay.

The mortal remains are now being broughtin cargo planes as passenger flights are not being operated due to the COVID-19 lockdown.

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News Network
February 17,2020

New Delhi, Feb 17: Indian officials denied entry to British lawmaker Debbie Abrahams on Monday after she landed at New Delhi's Indira Gandhi International Airport.

Debbie Abrahams, a Labour Party Member of Parliament who chairs a parliamentary group focused on the Kashmir, was unable to clear customs after her valid Indian visa was rejected, her aide, Harpreet Upal, told The Associated Press.

Abrahams and Upal arrived at the airport on an Emirates flight from Dubai at 9 am. Upal said the immigration officials did not cite any reason for denying Abrahams entry and revoking her visa, a copy of which, valid until October 2020, was shared with the AP. A spokesman for India's foreign ministry did not immediately comment.

Abrahams has been a member of Parliament since 2011 and was on a two-day personal trip to India, she said in a statement.

"I tried to establish why the visa had been revoked and if I could get a 'visa on arrival' but no one seemed to know," she said in the statement.

"Even the person who seemed to be in charge said he didn't know and was really sorry about what had happened. So now I am just waiting to be deported ... unless the Indian Government has a change of heart. I'm prepared to let the fact that I've been treated like a criminal go, and I hope they will let me visit my family and friends."

Abrahams has been an outspoken critic of the Indian government's move last August stripping Jammu and Kashmir of its semi-autonomy and bifurcating the state into two Union Territories.

Shortly after the changes to Kashmir's status were passed by Parliament, Abrahams wrote a letter to India's High Commissioner to the UK, saying the action "betrays the trust of the people" of Kashmir.

India took more than 20 foreign diplomats on a visit to Kashmir last week, the second such trips in six months.

Access to the region remains tight, with no foreign journalists allowed.

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News Network
February 9,2020

Panaji, Feb 9: Archbishop of Goa and Daman, Rev Filipe Neri Ferrao, has urged the central government to "immediately and unconditionally revoke the Citizenship Amendment Act" and stop quashing the "right to dissent".

He also appealed to the government not to implement the proposed countrywide National Register of Citizens (NRC) and the National Population Register (NPR).

Diocesan Centre for Social Communications Media, a wing of the Goa Church, in a statement on Saturday said, "The Archbishop and the Catholic community of Goa would like to appeal to the government to listen to the voice of millions in India, to stop quashing the right to dissent and, above all, to immediately and unconditionally revoke the CAA and desist from implementing the NRC and the NPR."

The CAA, NRC and NPR are "divisive and discriminatory" and will certainly have a "negative and damaging effect" on a multi-cultural democracy like ours, the church said.

There is serious concern that NRC and NPR will result in "direct victimisation of the underprivileged classes, particularly Dalits, adivasis, migrant labourers, nomadic communities and the countless undocumented people who, after having been recognised as worthy citizens and voters for more than 70 years, will suddenly run the risk of becoming stateless and candidates for detention camps," it said.

There has been widespread discontent and open protests throughout the country and even abroad against the CAA, NRC and NPR, which are "forecasting a systematic erosion of values, principles and rights" that have been guaranteed to all citizens in the Constitution, the release said.

Eminent citizens, including top intellectuals and legal luminaries, have taken a studied and unequivocal stand against the CAA, NRC and NPR, it noted.

Goa also witnessed several protests, which transcended the confines of religious and caste affiliation and brought people from all walks of life together on one united platform, said the statement.

It said Christians in India have always been a peace-loving community and deeply committed to the ideals of justice, liberty, equality and fraternity, enshrined in the Constitution.

"We have always taken great pride that our beloved country is a secular, sovereign, socialist, pluralistic and democratic republic," the church said.

The very fact that CAA uses religion goes against the secular fabric of the country, it said. "It goes against the spirit and heritage of our land which, since times immemorial, has been a welcoming home to

all, founded on the belief that the whole world is one big family," the church said.

"We pray for our beloved country, that good sense, justice and peace prevail in the hearts and minds of all," it added.

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