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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Agencies
February 23,2020

Panaji, Feb 23: A MiG-29K aircraft crashed off Goa during a routine training sortie on Sunday morning, the Indian Navy said in a statement.

"The pilot ejected safely and has been recovered. An enquiry into the incident has been ordered," the statement said.

On November 16, a MiG-29K trainer flight had crashed after a bird hit, soon after it took off the Dabolim International airport, which functions out of the Indian Navy base INS Hansa.

Both pilots had managed to safely eject themselves to safety after both the engines of their jet failed.

According to data tabled in the recent budget session of the Goa Assembly, every ten days, at least one aircraft landing or taking off at Goa's Dabolim international airport faces dangers involving birds or stray dogs near the runway.

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News Network
March 10,2020

Tehran, Mar 10: Twenty-seven people have died from methanol poisoning in Iran after rumours that drinking alcohol can help cure the novel coronavirus infection, state news agency IRNA reported on Monday. The outbreak of the virus in Islamic republic is one of the deadliest outside of China, where the disease originated.

Twenty have died in the southwestern province of Khuzestan and seven in the northern region of Alborz after consuming bootleg alcohol, IRNA said.

Drinking alcohol is banned in Iran for everyone except some non-Muslim religious minorities. Local media regularly report on lethal cases of poisoning caused by bootleg liquor.

A spokesman for Jundishapur medical university in Ahvaz, the capital of Khuzestan, said 218 people had been hospitalised there after being poisoned.

The poisonings were caused by "rumours that drinking alcohol can be effective in treating coronavirus," Ali Ehsanpour said.

The deputy prosecutor of Alborz, Mohammad Aghayari, told IRNA the dead had drunk methanol after being "misled by content online, thinking they were fighting coronavirus and curing it." If ingested in large quantities, methanol can cause blindness, liver damage and death.

Iran has been scrambling to contain the spread of the COVID-19 illness which has hit all of the country's 31 provinces, killing 237 people and infecting 7,161.

According to IRNA, 16 out of 69 confirmed cases have died of coronavirus infection in Khuzestan as of Sunday.

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News Network
April 14,2020

Thiruvananthapuram, Apr 14: The Kerala government on Monday requested Prime Minister Narendra Modi to arrange special flights to the Gulf to bring back non resident Keralites stranded there due to the lockdown.

In a letter to Modi, Chief Minister Pinarayi Vijayan said many Keralites who had gone on visit visas and in search of employment were finding it difficult to continue there without jobs.

"While we appreciate the constraints faced in allowing international travel as the threat of COVID-19 has not yet receded, it is requested that special consideration to their needs be given and at an earliest opportune time, the Government of India consider arranging special flights to bring these people back," Vijayan said in the letter.

All International health protocols can be followed while extending this facility, he said and assured that testing and quarantine needs of Keralites who are returning would be undertaken by the state government. During the video conferencing the Prime Minister had with Chief Ministers on April 11, this matter had been broght to Modi's notice, Vijayan said.

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