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

Jehanabad, Jan 28: Anti-CAA activist Sharjeel Imam, who was on the run after sedition charges were slapped against him for allegedly making inflammatory statements, was arrested from Bihar's Jehanabad district on Tuesday, the state's police chief Gupteshwar Pandey said.

The JNU scholar was wanted by police of several states, including Uttar Pradesh, Assam, Manipur, Arunachal Pradesh and Delhi.

"Sharjeel Imam has been arrested from his native Kako village in Jehanabad," Bihar's director-general of police Gupteshwar Pandey said.

Earlier in the day, Sharjeel Imam’s brother was picked up by police in a fresh attempt to trace the anti-CAA activist.

Police had raided his ancestral home on Sunday as it went hunting for him but Imam eluded the dragnet.

He is likely to be produced in a Bihar court where police will seek his remand for questioning. It is not yet clear whether he will be questioned in Bihar or taken to the national capital.

A graduate in computer science from IIT-Mumbai, Imam had shifted to Delhi to pursue research at the Centre for Historical Studies at Jawaharlal Nehru University.

He was slapped with a sedition case after a video of his purported speech went viral on social media in which he was heard speaking about "cutting off" Assam and the Northeast from the rest of India.

"If five lakh people are organised, we can cut off the Northeast and India permanently. If not, at least for a month or half a month. Throw as much 'mawad' (variously described as pus or rubbish) on rail tracks and roads that it takes the Air Force one month to clear it.

"Cutting off Assam (from India) is our responsibility, only then they (the government) will listen to us. We know the condition of Muslims in Assam....they are being put into detention camps," he was shown in the video as saying.

Meanwhile, reacting to Imam's arrest, Bihar chief minister Nitish Kumar said people have the right to protest but nobody can talk about the country's disintegration.

Kumar told reporters that police must have acted in accordance with law in arresting Imam and now the courts will take appropriate action.

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News Network
June 11,2020

New Delhi, Jun 11: Union Minister Kiren Rijiju on Thursday said the religious and constitutional rights of minorities are absolutely safe in India and it does not need any certificate from anyone as communal harmony and tolerance are in the DNA of the country and its majority community.

Comments of Rijiju, a Buddhist, came after a top Trump administration official has said that the US is very concerned about what is happening in India in terms of religious freedom.

"India doesn't need certificate on communal harmony and tolerance which is in the DNA of India and the majority community in India," Rijiju, who holds the charge of the Union minister of state for minority affairs besides being the union sports minister, said in a statement.

Rijiju said the social, religious and constitutional rights of minorities are absolutely safe in the country.

"A few politically intolerant people are trying to create an atmosphere of fear and intolerance. As a member of the minority community, I feel India is the best country in the world for the minorities," he said.

Samuel Brownback, the US Ambassador-at-Large for International Religious Freedom, said on Wednesday that India has been a country area that spawned four major religions itself.

"We do remain very concerned about what's taking place in India. It's historically just been a very tolerant, respectful country of religions, of all religions," he said.

The trendlines have been troubling in India because it is such a religious subcontinent and seeing a lot more communal violence, Brownback said.

His comments came after the release of the '2019 International Religious Freedom Report'.

Mandated by the US Congress, the report documenting major instances of the violation of religious freedom across the world was released by Secretary of State Mike Pompeo at the State Department.

India has previously rejected the US religious freedom report, saying it sees no locus standi for a foreign government to pronounce on the state of its citizens' constitutionally protected rights.

"India is proud of its secular credentials, its status as the largest democracy and a pluralistic society with a longstanding commitment to tolerance and inclusion", the government had said earlier.

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News Network
March 24,2020

Ahmedabad, Mar 24: The Gujarat police has detained 426 people in the last 24 hours for violating lockdown rules in force in the state to combat the novel coronavirus outbreak, a senior official said on Tuesday.

They include those who came out despite being advised home quarantine, state Director General of Police Shivanand Jha said.

"The lockdown met with around 90 per cent success. We are taking strict measures to implement the lockdown in the remaining 10-15 per cent areas. We have lodged 238 cases related to the violation of police notification and 127 cases related to quarantine rule violation. In all, we have detained 426 persons across the state," Jha told reporters in Gandhinagar.

"For better implementation of the lockdown and to address issues concerning people, we have set up a dedicated 24-hour control room and appointed two additional DGP rank officers to supervise operations. Three teams under them would work to resolve issues across the state," said Jha.

He said police commissioners and districts SPs have been asked to enforce the lockdown in an effective manner.

Essential services like vegetable and milk shops are allowed to remain open, he said, and asked people not to flock in large numbers to such shops.

The state has so far reported 33 COVID-19 cases, and one person has died of the infection.

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