The government will address the credit needs of the tiny and small firms, while a separate fund for enterprises in the unorganised sector is proposed, new Minister for Micro, Small and Medium Enterprises Dinsha Patel said after taking charge.
In a festival gift to borrowers, the finance ministry on Wednesday approved guidelines for a scheme for grant of ex-gratia payment of the difference between compound interest and simple interest for six months of loans up to Rs 2 crore.
Gandhi also called upon the government to immediately put money into the hands of the poor and provide a financial package to the industry to help revive the economy.
According to a communication by the ministry to the heads of PSBs, it will be a bottom-up consultative process from the branch level onwards which will involve discussions at the branch or regional level, state level and national level.
Three years and Rs 28,710 crore worth of transactions later, it has more than double the number of sellers than Flipkart.
Lockdown relaxations by Kerala amounts to dilution of its lockdown guidelines, says the Union home ministry.
'India never tried to grab land of its neighbours like Bhutan and Bangladesh'
Prime Minister Narendra Modi and his Japanese counterpart Yoshihide Suga met in Washington, DC, on Thursday to discuss ways to further cement the bilateral strategic ties ahead of the first in-person Quad meeting to be hosted by US President Joe Biden.
'We completed Rs 17 trillion worth of projects in the first term and currently Rs 9 trillion worth of contracts are under construction.'
Union Minister Nitin Gadkari said opening of transport and highways will go a long way in instilling confidence among the public and cautioned towards maintaining social distance and adopting all safety measures like hand wash, sanitizing, face masks, etc while operating buses and cars.
It is mind-boggling to find our prime minister putting exports on the back-burner, says Jayanta Roy.
Sectors, which, recorded healthy export growth included electronics, engineering, chemicals, pharma and tea.
Modi, after delivering his sixth straight address to the nation on Independence Day from the ramparts of the Red Fort in New Delhi, went into a brainstorming session with Sitharaman and all top officials in her ministry, sources privy to the development said. T
A crucial meet of the Reserve Bank's central board is underway amid a rift between the central bank and the government over future course of policies. Expectations of a positive outcome boosted market mood after the meeting began.
After the Insolvency and Bankruptcy Code came into force, which calls for an auction of assets of loan defaulting entities, recoveries have picked up, said Jaitley.
He dropped those perceived to be non-performers or whose integrity came into question, and also where it was felt they needed to learn a lesson or two in humility.
With the world's worst outbreak of COVID pandemic stalling a nascent economic recovery, the government has begun assessing the impact of the second wave of infections on different sectors and may look at providing support at an appropriate time to segments requiring fiscal help. Some of the economic indicators, including the Goods and Services Tax (GST) collections, still provide confidence and incoming data will throw some more light on the state of the economy, sources said. Services sectors like hospitality, tourism and aviation which had just started recovering were hit hard by the second wave of COVID, the sources said, adding these segments might need some support on an urgent basis from the government.
Exports of petroleum products, chemicals, pharmaceuticals, gems and jewellery, and engineering goods registered a positive growth.
All schools and colleges in West Bengal will remain closed till June 10, she added. The Trinamool Congress supremo said she raised the issue of a financial package for the state and clearing its dues.
The government, in February, had released the draft national e-commerce policy proposing setting up a legal and technological framework for restrictions on cross-border data flow and also laid out conditions for businesses regarding collection or processing of sensitive data locally and storing it abroad.
'If some measures are implemented quickly, they can help revive growth.'
Relations with the government, the bank's majority owner, are a tricky issue for all SBI chiefs, and, like all his predecessors, Khara will be closely watched for his equations with the finance ministry representative on the SBI board.
As the government plans to take sector-specific steps to tackle the slump, Finance minister Nirmala Sitharaman will soon hold talks with representatives from various sectors to get and take steps so that the confidence of those sectors can be restored.
Seen as a major initiative, the 'strategic partnership model' aims to create a vibrant defence manufacturing ecosystem in the country through involvement of both the major Indian corporates as well as the MSME sector.
'It was like a doctor giving some simple pain killers to a patient in dire requirement of chemotherapy.' 'There was no sense of urgency or desperation in this particular Budget.'
Iron ore deposits in the Donimali mine are estimated at 143 million tonnes and worth around Rs 40,000 crore. NMDC had leased the mine in 1968 for a period of 50 years. The lease expired on November 3, 2018.
While the number of active COVID-19 cases stood at 7,409, as many as 764 people have been cured and discharged, and one had migrated, it said. Of the total 273 deaths, Maharashtra tops the tally with 127 fatalities, followed by Madhya Pradesh at 36, Gujarat at 22 and Delhi at 19.
'We see the defence industry as one of the leading sectors, which will significantly contribute to the growth of the Indian economy, but more importantly, bring atmanirbharta to national security.'
Finance Minister Arun Jaitley on Friday hinted at not raising tax rates and providing incentives for manufacturing.
Central Bank of India's 21.5 per cent assets are either bad or have been restructured.
RBI may also be open to injecting liquidity through open market purchases of bonds but is resisting relaxing capital buffers for banks.
Listing of LIC will help bring in greater transparency, public participation and also deepen the equity market.
'I have tried to make it easier for the small scale entrepreneur to do business and cut through the red tape.'
The chamber has sought clarity from government to remove uncertainty among businesses
The 'Smart Cities' project is one that has faced many hurdles.
'The Modi government is about privatising profits and nationalising losses.'
The Budget emphasises on capacity building and empowerment of marginalised sections of society including farmers.
Work on a dozen decisions to start by next week.
Stressed MSME borrowers would be eligible for restructuring of debt, if their accounts were classified standard.
RBI Governor Raghuram Rajan on Tuesday said the Finance Ministry's decision to provide more capital to PSU banks will lower the borrowing cost and increase their capacity to lend, besides promoting investments.
