In her Budget 2023-24 presentation, she also said the Centre will launch the 'Dekho Apna Desh' initiative to promote domestic tourism.
The banking sector could see better loan growth in the third quarter of financial year 2026 (Q3FY26) with improved net interest margins (NIMs), though the full impact of latest rate cuts will be largely felt in the fourth quarter. There may be lower slippage in unsecured loans and microfinance institutions (MFIs) along with steady recovery trends, which should lower credit cost.
The additional amount will be exclusively earmarked for the hospitality and related segments to help them recover to pre-pandemic levels. Presenting the Budget 2022-23 in Parliament, the finance minister said the Credit Guarantee Trust for Micro and Small Enterprises (CGTMSE) scheme will be revamped with required infusion of funds.
The MSME sector, which is employment-intensive, accounts for 45 per cent of the country's manufacturing, 40 per cent of exports and nearly 8 per cent of gross domestic product.
The plan includes step-wise expansion of a crucial credit guarantee net, establishment of an unprecedented number of functional clusters and increased government procurement from MSMEs.
The new agri-infra fund, the duration of which will be 10 years till 2029, aims to provide medium-to-long term debt financing facility for investment in viable projects for post-harvest management infrastructure and community farming assets through interest subvention and financial support.
As the FM said, this is a Budget that lays the foundation for the next 25 years, observes Kumar Mangalam Birla.
Mudra Bank will be a Rs 20,000-crore institution, which would "primarily be responsible for refinancing all micro-finance institutions.
Finance Minister Nirmala Sitharaman presents her fourth Budget in Lok Sabha on Tuesday.
Union Finance Minister Nirmala Sitharaman on Monday said banks need to focus more on being customer-friendly so that the process of availing credit becomes more hassle-free for borrowers. However, the minister made it clear that banks do not have to be lenient on credit underwriting standards by taking any adverse risks on a proposal. At a meeting between industry representatives and the finance minister, a startup founder in the baking business suggested for credit to be available hassle-free, to which largest lender SBI's chairman Dinesh Kumar Khara said a startup's worries are more on the equity side and assured full support in lending if sufficient equity is on the table.
'The last year's growth is a foretaste of things to come in the retail credit market.'
Assuming we still have a Modi-led majority government after May 2024, there is no guarantee that reforms will move at anything more than a snail's pace, though we must be thankful even for that, notes R Jagannathan.
Did you know that women can avail for a loan of upto Rs 20 crores to set up a manufacturing business?
Not only has the Mudra loan mela generated no jobs, it has frittered away trillions of taxpayers' money and it's time to bury the scheme, argues Debashis Basu.
Life Insurance Corporation of India has over Rs 7,000 crore in tax demand pending against it, the biggest across various categories.
In his first poll rally for the April 6 assembly polls, Modi rooted for the Tamil language, culture and invoked the welfare legacies of M G Ramachandran and J Jayalalithaa, late chief ministers and All India Anna Dravida Munnetra Kazhagam icons.
There will be different ways of returning the money, depending on the profile of the depositors and the amount, predicts Tamal Bandyopadhyay.
'I have tried to make it easier for the small scale entrepreneur to do business and cut through the red tape.'
PM extended some old schemes and finally said yes to one that was legally mandated for past 2 years.
Education, jobs, health and more: Experts share their wishlist.
'India is the only country whose economy is strong and growing fast.'
'We feel there is definitely something murky in the system.' 'Will anyone believe that Nirav Modi will go to a branch and bribe a low-level officer?' 'Just look at the people with whom he had moved around.'
Following is the full text of Prime Minister Narendra Modi's address from the ramparts of the Red Fort on the 73rd Independence Day.
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