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
June 24,2020

Kolkata, Jun 24: Trinamool Congress (TMC) MLA Tamonash Ghosh, who had tested positive for Covid-19 in May, died at a hospital here on Wednesday, party sources said.

He was 60.

The three-time MLA from the Falta assembly constituency in South 24 Parganas district was admitted to a hospital after he tested positive for the disease, they said.

He had several complications related to the heart and the kidney, the sources said.

"Very, very sad. Tamonash Ghosh, 3-time MLA from Falta & party treasurer since 1998 had to leave us today. Been with us for over 35 years, he was dedicated to the cause of the people & party. He contributed much through his social work," West Bengal Chief Minister and TMC supremo Mamata Banerjee tweeted.

"He has left a void that will be difficult to fill. On behalf of all of us, heartfelt condolences to his wife Jharna, his two daughters, friends and well-wishers," she added.

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News Network
May 21,2020

London, May 21: Working mothers in Europe and the United States are taking on most of the extra housework and childcare created by lockdown - and many are struggling to cope, a survey showed on Thursday.

Women with children now spend an average 65 hours a week on the unpaid chores - nearly a third more than fathers - according to the Boston Consulting Group, which questioned parents in five countries.

"Women have been doing too much household work for too long, and this crisis is pushing them to a point that's simply unsustainable," Rachel Thomas, of U.S.-based women's rights group LeanIn.Org, said in response to the data.

"We need a major culture shift in our homes and in our companies ... We should use this moment to build a better way to work and live – one that's fair for everybody."

Researchers say fallout from the pandemic weighs on women in a host of ways, be it in rising domestic violence or in lower wages, as some women cut paid work to take on the new duties.

With lockdowns shutting schools and keeping citizens at home, creating a mountain of domestic work, public campaigns from Georgia to Mexico have urged men to do their fair share.

But women, who on average already do more at home than men, are now shouldering most of the new coronavirus burden, too, said the survey of more than 3,000 working parents in the United States, Britain, Italy, Germany and France.

Women's unpaid hours at home have nearly doubled to 65 hours a week, said the survey, against 50 logged by an average father.

British women are more likely to support others in the COVID-19 pandemic and are finding it harder to stay positive, according to separate analysis released this week by polling firm Ipsos MORI and feminist organisation The Fawcett Society.

It is "no surprise" to see women do more childcare and housekeeping on top of their day jobs, Jacqui Hunt of women's rights group Equality Now, told the Thomson Reuters Foundation.

However, there are "hopeful signs" that men in West Africa are sharing more childcare during the pandemic in a shift in social norms, found a small rapid analysis by humanitarian organisation CARE International released on Wednesday.

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News Network
February 21,2020

Patna, Feb 21: The country is paying the price for failure to send Muslims to Pakistan and bring Hindus to India after the Islamic state came into being at the time of Independence, Union minister Giriraj Singh has said, triggering a fresh controversy.

The BJP leader made the remark in Purnea district in the Seemanchal region of Bihar which has a sizeable Muslim population and where the Begusarai MP was canvassing in favor of the Citizenship (Amendment) Act.

Highlighting the need for such a legislation, he told reporters late Thursday "when our forefathers were fighting for Independence from British rule, Jinnah was pushing for the creation of an Islamic state".

"Our forefathers, however, committed a mistake. Had they ensured that all our Muslim brothers were sent to Pakistan and Hindus brought here, the need for such a move (CAA) would not have arisen. This did not happen and we have paid a heavy price for it," the outspoken BJP leader said.

The CAA, which seeks to fast-track granting citizenship to non-Muslim refugees from Pakistan, Bangladesh and Afghanistan who might have fled their home countries because of religious persecution, has become a major bone of contention since it is feared that a country-wide National Register for Citizens (NRC) may follow.

The Narendra Modi government, which had formerly hinted that a country-wide NRC was on the anvil, seems to have put it on the backburner though a section of citizens across the country, especially Muslims, have been organizing protests out of fear that, if implemented, the NRC may result in a large number of people becoming stateless.

Singh has often been in the crosshairs of the opposition for placing his foot in the mouth. This time, however, his words were frowned upon even by NDA ally Lok Janshakti Party, founded by his cabinet colleague Ram Vilas Paswan and now headed by his son Chirag Paswan.

The young LJP chief, who kicked off a state-wide "Bihar First-Bihari First" yatra here Friday morning, to project the NDAs progressive face ahead of the assembly polls due later this year, expressed strong disapproval of Singh's utterance and noted the coalition had to suffer in the Delhi polls because of "divisive" remarks by BJP leaders.

"We are an NDA constituent but many times our coalition partners say things which the LJP does not at all agree with. This one (Giriraj Singhs statement) is such an example. Had a person of my party spoken in this fashion, I would have taken responsibility and acted," Paswan said.

He said he had placed his view repeatedly on record that the coalition had to suffer on account of divisive remarks, Paswan said in apparent reference to inflammatory speeches by BJP leaders like Union minister Anurag Thakur and BJP MP Parvesh Verma, among others.

"The people of Delhi voted on the basis of performance. We wish they do so again in Bihar and real issues don't get drowned in political cacophony.

"The Nitish Kumar government has accomplished a lot, though much more needs to be achieved. We wish to reach out to people with our vision for the future, said Paswan, before he embarked on the yatra on a customized bus decorated like a chariot in front of which he offered prayers and smashed a coconut.

Meanwhile, Giriraj Singh who loves to wear his Hindu nationalism on the sleeves was busy joining issue with Asaduddin Owaisi's AIMIM which has been under attack for controversial remarks by its leader Waris Pathan.

Sharing video of an old speech by Owaisis brother Akbaruddin which had landed him in jail, besides Pathan's recent remark, Singh asked the opposition RJD-Congress combine in Bihar and the "tukde tukde gang" whether they wanted to "convert India into Pakistan".

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