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
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 7,2020

New Delhi, Apr 7: The death toll due to novel coronavirus rose to 114 and the number of cases in the country climbed to 4,421 on Tuesday, according to the Union Health Ministry.

While the number of active COVID-19 cases stood at 3,981, as many as 325 people were cured and discharged, and one had migrated, it stated. The total number of cases include 66 foreign nationals.

According to the ministry's data updated at 9 am, three new deaths were reported from Rajasthan, while Tripura recorded its first coronavirus case.

Maharashtra has reported the most coronavirus deaths at 45, followed by Gujarat at 12, Madhya Pradesh nine, Telangana and Delhi seven each, Punjab six and Tamil Nadu five fatalities.

Karnataka registered four deaths, while West Bengal, Uttar Pradesh, Andhra Pradesh and Rajasthan have recorded three fatalities each. Two deaths each have been reported from Jammu and Kashmir and Kerala. Bihar, Himachal Pradesh and Haryana have reported one fatality each, according to the health ministry data.

However, a PTI tally based on figures reported by states directly on Monday night showed at least 138 deaths across the country, while the confirmed cases reached 4,683. Of them, 359 have been cured and discharged.

There has been a lag in the Union Health Ministry figures, compared to the numbers announced by different states, which officials attribute to procedural delays in assigning the cases to individual states.

The highest number of confirmed cases are from Maharashtra at 748, followed by Tamil Nadu at 621 and Delhi with 523 cases. Kerala reported 327 COVID-19 cases, Telangana 321, Uttar Pradesh 305 and Rajasthan 288 cases. Andhra Pradesh reported 226 coronavirus cases.

Novel coronavirus cases have risen to 165 in Madhya Pradesh, 151 in Karnataka and 144 in Gujarat. Jammu and Kashmir has 109 cases, West Bengal has 91, Haryana 90 and Punjab 76 cases of the infection.

Thirty-two people were infected with the virus in Bihar while Uttarakhand has 31 patients and Assam 26. Odisha reported 21 coronavirus cases, Chandigarh 18, Ladakh 14 and Himachal Pradesh 13 cases.

Ten cases each have been reported from the Andaman and Nicobar Islands and Chhattisgarh. Goa has reported seven COVID-19 infections, followed by Puducherry with five cases. Jharkhand has reported four cases and Manipur two. Tripura, Mizoram and Arunachal Pradesh have reported one case of the infection each.

"State-wise distribution is subject to further verification and reconciliation," the ministry said on its website.

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News Network
February 11,2020

New Delhi, Feb 11: As the counting of votes for the Delhi Assembly polls began, Congress leader Digvijaya Singh on Tuesday raised doubts on EVMs, alleging that no machine having a chip is tamper-proof.

He called upon the Election Commission and the Supreme Court to take a fresh look at the use of EVMs in the country.

"No machine (which) has a chip is tamper-proof. Also please do for a moment think, why no developed country uses EVM," Singh said in a tweet.

"Would CEC and Hon Supreme Court please have a fresh look on EVM voting in India? We are the largest democracy in the world, we can't allow some unscrupulous people to hack results and steal the mandate of 1.3 billion people.

"If they match the votes in the counting unit. Declare the result. If they don't match then count the ballots of all polling booths in the assembly. It would convince everyone and save time also as this has been the consistent argument of CEC in favour of EVM," the Congress leader said.

Polling for the 70-member Delhi Assembly polls was held on Saturday.

The Election Commission on Sunday announced that the final voter turnout was 62.59 per cent, five per cent less than 2015.

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