Modi cannot lead India effectively: NYT Editorial Board

Mumbai, May 22: The Reserve Bank of India (RBI) on Friday reduced repo rate by 40 basis points to 4 per cent in an effort to further boost liquidity in the economy which has been reeling under the impact of COVID-19 induced countrywide lockdown.

As a result, the reverse repo rate stands at 3.35 per cent, said RBI Governor Shaktikanta Das. The six-member monetary policy committee (MPC) voted 5:1 in favour of the decision.

Repo rate is the rate at which a country's central bank lends money to commercial banks, and the reverse repo rate is the rate at which it borrows from them. 

Dirbrugarh, Feb 4: Three persons, including two BJP activists, have been arrested for allegedly attacking the residence of Union minister Rameswar Teli during anti-CAA protests in Assam, police said on Monday.

The house of Teli, Union Minister of State for Food Processing, in Upper Assam's Duliajan town was attacked on December 11 during the statewide stir against the contentious Citizenship (Amendment) Act, 2019.

"Based on CCTV footages, Debajit Hazarika, Vicky Sonar and Arup Kahar were arrested. We had picked them up on Sunday," Dibrugarh Superintendent of Police, Sreejith T told PTI.

A total of 18 persons have been arrested so far for allegedly attacking Teli's house, he said.

"These three persons were also involved in pelting stones on a police party during protests in Duliajan," Sreejith said.

A BJP source confirmed that Debajit Hazarika and Vicky Sonar are party activists.

Family members of the accused have given statements to the police on the arrested persons' alleged role in violence and attacking Teli's house, sources said.

When contacted, Teli said, "I do not know for what reasons they were apprehended. But if police arrested them after proper investigation, then there must be some truth. The trio stays near my house. They always attended my programmes with their families."

A total of 88 people have been arrested so far from Dibrugarh district for their alleged involvement in violence during protests against the Act.

Kochi, May 28: In these pandemic times, when the businesses are gravely affected and the MSMEs are particularly feeling the heat, a Kerala institute has come up with an initiative to help the distressed industry. The Institute of Small Enterprises and Development (ISED) has come out with a unique platform -- 'business clinic' for extending advisory services to the COVID-19 affected MSMEs in the state.

The Kochi based ISED's multi-disciplinary team of experts will offer free guidance to entrepreneurs to make a self-evaluation for improving their performance.

It will serve the interests of the MSMEs, entrepreneurial aspirants, such as the returning migrants, start-ups, educated unemployed, and women entrepreneurs.

ISED director, PM Mathew said COVID-19 pandemic has shattered the budgets and operations of most SMEs, globally, as also in India.

"Post-lockdown, the operational problems are likely to get aggravated. Beyond the broad macro level projections and debates, it is now time to act at the grassroots level. Many entrepreneurs need appropriate clinical assessment, and moral and psychological support, said Mathew.

According to the work force participation data at the national level, Kerala is ranked 31 in terms of the number of self employed, and placed in second rank in relation to the size of casual labour.

The Kerala Enterprise Development Report, brought out by the ISED states while the number of the unregistered enterprises is sizeable, constituting 76.85 % of the total, the respective share of registered MSMEs is only 9.53 %.

The constraints to these enterprises today are, poor sales, large inventory, delayed payments, damage of stock, wage bill arrears, unreliable labour supplies, fund diversion due to exigencies, GST related problems, and NPA/poor credit score.

"For all businesses, unlike in a sporadic recession in the economy, the danger today is circular and cumulative. Both from the demand side, and the supply angle, there is a serious contraction of business activities, which essentially means a glut in the cash flow. Corporate businesses, obviously, will come out of the mess due to their relative advantages of high reserve funds, liberal credit offerings, and easier access to alternative sources of finance," said Mathew.