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......

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
February 18,2020

New Delhi, Feb 18: Election strategist-turned-politician Prashant Kishor on Tuesday questioned the Nitish Kumar government's development model, even as he sneered at the chief minister for making ideological compromises to stay in an alliance with the BJP.

Kishor, who has been vocal about his opposition to the Citizenship (Amendment) Act (CAA), said Kumar needs to spell out whether he is with the ideals of Mahatma Gandhi or those who support Nathu Ram Godse.

"Nitish ji has always said that he cannot leave the ideals of Gandhi, JP and Lohiya... At the same time, how can he be with the people who support the ideology of Godse? Both cannot go together. If you want to stay with the BJP, I don't have any problem with it but you cannot be on both sides," he said.

"There has been a lot of discussion between me and Nitish-ji on this. He has his thought process and I have mine. There have been differences between him and me that the ideologies of Godse and Gandhi cannot stand together. As the leader of the party you have to say which side you are on," he added.

In a direct assault on Kumar's model of governance, Kishor said Bihar was the poorest state in 2005 and continues to be so.

"There has been development in Bihar during the last 15 years, but the pace has not been as it should have," he added.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
March 23,2020

Thiruvananthapuram, Mar 23: Amid a spurt in coronavirus cases, Kerala chief minister Pinarayi Vijayan has asked the Centre to give the states authority to give clearances for manufacturing masks, gloves and sanitisers.

In a letter addressed to prime minister Narendra Modi, Vijayan said during the crisis, masks and sanitisers are needed in large numbers.

"As an interim, states must be given authority to give clearances of manufacturing of items related to medical devices, sanitisers, chemicals, etc. which are needed for fighting Covid-19," Vijayan said in the letter.

He also sought permission for the state home department to use drones for the relevant applications related to Covid-19.

"In China and elsewhere in the world, drones have been used extensively in minimising human contact, disinfection, etc. Unfortunately, with the current laws pertaining to the use of drones, none of these is possible in India," the chief minister said.

He also sought permission to access and use facilities available with all central institutions and research labs operating in the state.

The chief minister shared the letter on his Twitter handle.

With 15 new positive cases of Covid-19, the total number of infected persons in Kerala had gone up to 67, including the three who were discharged after recovery last month.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
January 31,2020

Jan 31: Twenty-three children aged between six months and 15 years, who had been taken hostage by a murder accused after inviting them to his daughter's birthday party, were rescued late on Thursday night after police killed their captor in a village here.

The hostage drama began at Kasaria village in the afternoon and continued for about eight hours.

"The accused was killed and there were about 23 children who were rescued safely," Additional Chief Secretary (Home) Awanish Awasthi told reporters at a hurriedly called press conference at 1.20 am.

"The accused had invited the children for the birthday party of his daughter and held them hostage. It started about 5.45 pm on January 30 and continued for about eight hours," Director General of Police (DGP) O P Singh said, adding that in the entire operation they had tried to "engage" the accused and were successful.

He said the accused, identified as Subhash Batham, had initially released a six-month-old girl by handing her over to his neighbour from a balcony.

Eyewitnesses said a restive crowd gathered outside the house where the children were kept with some women wailing and praying for their safe release.

The crowd broke open the door of the house to rescue the children, they said.

As the accused opened fire, the police retaliated killing him on the spot.

In the exchange of fire, the captor's wife was injured, but none of the children suffered any injury.

A man and two policemen also suffered bullet injuries.

The motive of the accused was not known immediately.

Chief Minister Yogi Adityanath monitored the situation in Farrukhabad, which is nearly 200 km from state capital Lucknow.

"The CM as soon as he got to know about the incident called a meeting of the crisis management group and personally monitored the situation and ensured children are rescued safely," Awasthi said.

Earlier, a team of NSG (National Security Guard) commandos had taken a special aircraft to reach Farukhabad, a senior security official in Delhi said.

Police said Batham, a murder accused, seemed to be mentally unstable.

Inspector-General of Police, Kanpur Range, Mohit Agarwal, said, "The man called the children for a birthday party and held them hostage in the basement of the house. He fired six shots from inside the building."

Batham initially wanted to talk to the local MLA, but refused to speak to the leader when he arrived, Agarwal said.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.