Key 26/11 conspirator Abu Hamza arrested at IGI airport in Delhi

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.

Eminent river engineer and former professor of civil engineering at IIT in the Banaras Hindu University (BHU) Prof. U.K. Choudhary has said that the judicious use of river technology can help resolve the Coronavirus crisis as well as the plight of Ganga river.

Choudhary, who is also founder of Ganga Research Centre at IIT (BHU), said: "The Ganga water contains a significantly higher proportion of bacteriophages - a kind of virus that kill bacteria. Our ancient scriptures like Vedas, Puranas and Upanishads say that Ganga jal is medicinal water. Scientists later found that Ganga water has bacteriophages capable of killing pathogens."

Explaining further, he said, "Let us analyze the source of bacteriophages. If we take three rivers of Himalayan origin having sources at different heights -the Ganga (Gomukh), Yamuna (Yamunotri) and the Sone river, we find the colours of waters are different. The whitish colour of Ganga water, greenish colour of Yamuna water and the brownish colour of Sone water is also indicative. As Gomukh is the highest among the three, its water comes from lowest depth of aquifer as compared to Yamunotri and Sone river," he explained.

Thus, the quality of river water is proportional to height of origin point. This defines the genetic character of Ganga water. The balanced flow of this water in entire length of the Ganga defines the medicinal property of Ganga water," he stated.

Prof Chaudhary said that the bacteriophages in the Ganga can curb the spread of coronavirus through soil, water and air.
He suggested that the idea is to preserve the medicinal value of Ganga water and to use it to fight Corona. He said that this can be done by opening the gates of all the dams and barrages in a way that the discharge through each is similar to the water at Gomukh. In this way, the concentration of bacteriophage will be enhanced in Ganga water making it more effective against pathogens.

"With increasing diffusion of bacteriophages in water and soil, the spread of Coronavirus will be impacted and reduced. This methodology and technique can also help maintain the quality of Ganga water later when the problem of Corona ends," he said.

New Delhi, Mar 5: Retirement fund body EPFO on Thursday lowered interest rate on provident fund deposits to 8.5 per cent for the current financial year, said Labour Minister Santosh Gangwar on Thursday.

The EPFO had provided 8.65 per cent rate of interest on EPF for 2018-19 to its around six crore subscribers. The decision was taken at a meeting of the the Employees' Provident Fund Organisation's (EPFO) apex decision making body -- the Central Board of Trustee.

"The EPFO has decided to provide 8.5 per cent interest rate on EPF deposits for 2019-20 in the Central Board of Trustees (CBT) meeting today," Gangwar told reporters after the meeting here.

Now, the labour ministry requires the finance ministry's concurrence on the matter. Since the Government of India is the guarantor, the finance ministry has to vet the proposal for EPF interest rate to avoid any liability on account of shortfall in the EPFO income for a fiscal.

The finance ministry has been nudging the labour ministry for aligning the EPF interest rate with other small saving schemes run by the government like the public provident fund and post office saving schemes.

The EPFO had provided 8.65 per cent rate of interest to its subscribers for 2016-17 and 8.55 per cent in 2017-18. The rate of interest was slightly higher at 8.8 per cent in 2015-16.

It had given 8.75 per cent rate of interest in 2013-14 as well as 2014-15, higher than 8.5 per cent for 2012-13.