This will help expand the distribution channels, said Subhash Chandra Khuntia, chairman of the insurance regulatory and development authority of India.
The National SC/ST Hub, under the micro, small and medium enterprises ministry, with an initial outlay of Rs 490 crore, will work towards strengthening market access/linkage, monitoring, capacity building, leveraging financial support schemes and sharing industry-best practices.
While the directorate general of foreign trade has completed consultations with the industry and exporters, it will start interacting with the different ministries like agriculture, finance, micro, small and medium Enterprises, steel and environment. Revenue department in the finance ministry holds the key for extending benefits to exporters who are facing the brunt of recession in several major economies.
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.
FMCG firms such as ITC, Parle Products, Marico, Emami, PepsiCo India and CG Corp Global on Wednesday assured uninterrupted supply of their products based on the learnings from the last year's lockdown, even as surge in COVID-19 cases in India forced Maharashtra to declare a 15-day curfew while other states also imposing various restrictions.
The government and the Reserve Bank are discussing the matter on a constant basis and is likely to come out with a decision in the near future, secretary to the ministry of micro, small and medium enterprises, Dinesh Rai told reporters. Presently, banks are required to keep atleast 40 per cent of their total loan disbursal to the priority sector which includes the micro-institutions in the country.
This was the one Budget that required radical departures on all these fronts, when it had none, asserts, Shreekant Sambrani.
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.
Congratulatory messages poured in for 37-year-old Gambhir from fellow cricketers on social media.
The stimulus package is expected anytime this week and will be aimed at the urban and rural poor; disadvantaged sections of society; MSMEs and some of the worst-affected sectors.
First-generation entrepreneurs of micro and small enterprises are facing the problem of inadequate credit flow. H P Kumar, chairman and managing director, National Small Industries Corporation, tells Business Standard about the recent initiatives taken by the corporation to tackle it.
Officers across departments and ministries have been asked to speak to people across sectors for 'SWOT' analysis of issues for revival of the economy.
The case is related to the alleged irregularities in granting clearance by the Foreign Investment Promotion Board to INX Media, once owned by Peter and Indrani Mukherjea, for receiving overseas funds to the tune of Rs 305 crore.
The scheme aims to enhance the capabilities and competitiveness of MSMEs, besides promoting the use consultancy services by entrepreneurs.
Thackeray said he was in constant touch with the Centre over the issue of running more trains to ferry migrant labourers, stranded due to the coronavirus-enforced lockdown, to their native places.
Even with the Rs 20,000 crore distributed among states, it will still be a fraction of what they have been demanding in financial support and clearance of pending dues.
A task force formed by Prime Minister Manmohan Singh on Thursday discussed steps to enhance credit to MSMEs, which contribute 45 per cent to the country's industrial production.
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.
Our precipitous decline is being noticed and recorded abroad with alarm. It is strange that within India we are carrying on as if it is business as usual, observes Aakar Patel.
There will be around 4,000 security personnel at the Red Fort and they will stand in adherence with social distancing norms.
There are over 26 million MSMEs in the country that provide employment to around 60 million people.
The death toll rose to 5,394 after a record single-day spike of 230 fatalities in the 24 hours since Sunday 8 am, the Union Health Ministry said in its morning update. It showed the number of confirmed cases rising by 8,392 to 1,90,535. However, a PTI tally of figures announced by states and union territories, as of 9.35 pm, showed a higher death toll of 5,501.
The finance minister chaired a meeting through video conference with major private banks and NBFCs to ensure effective rollout of ECLGS and uninterrupted liquidity to Indian MSMEs in this difficult time.
Rather than going through the tedious, hit-or-miss process of physically designing hull forms and superstructures for warships and then determining how visible they are to radar, the company will simulate this process on supercomputers.
Finance Minister Nirmala Sitharaman on Tuesday held a review meeting on credit guarantee scheme with heads of public sector banks, and asked them to expedite loan disbursement under the Rs 3-lakh crore ECLGS for MSME sector, hit hard by coronavirus-induced lockdown. The meeting on Emergency Credit Line Guarantee Scheme (ECLGS) was held through video conference, and the minister appreciated the efforts of banks in execution of the scheme.
Last year in January at Amazon's flagship event Smbhav, Infosys Co-founder N R Narayana Murthy had to shorten his keynote speech from 20 minutes to about five because the event was delayed by 1.5 hours. "I will try to finish it in five minutes, because I am not used to delays," said Murthy, while addressing hundreds of micro, small and medium enterprises (MSMEs) about building businesses that last. In the audience was Amazon founder Jeff Bezos. Murthy referred to Bezos' prediction that the 21st century will be the Indian century. "That confidence enhances our enthusiasm," said Murthy. The relationship between Murthy and Bezos dates to 2014, when Prione, a 49:51 joint venture (JV) between Amazon and Murthy's venture capital company Catamaran, was formed.
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.
Drones are being used for carrying out a host of tasks like surveillance to ensure that people are maintaining social distancing, spreading awareness about COVID-19 in densely populated areas, spraying disinfectants and checking people's temperature
The six Congress ministers in the West Bengal government met Chief Minister Mamata Banerjee at the Writers' Building in Kolkata on Saturday and handed their resignation letters.
Defence Research and Development Organisation is developing an ultra lightweight Unmanned Aerial Vehicle which can be used by troops for reconnaissance of their area of operation.
The meeting, which would have representation from the ministries of finance, external affairs and micro and small and medium enterprises, would suggest steps to prepare the way for the annual supplement to the Foreign Trade Policy (2009-2014), expected to be unveiled in April.
#Budget2018 resulted in over 14 lakh conversations on Twitter.
Work on a dozen decisions to start by next week.
A paper authored by Rajan said, state-linked banks can be a first step in altering the ownership structure of some PSBs, where the government brings down its stakes to below 50 per cent, creating distance from operations of banks, and improving governance along the way.
In an interview to PTI, WhatsApp head Will Cathcart said the Facebook-owned company remains committed to privacy and security of users across India and will continue to explain to users that their messages are end-to-end encrypted.
Those who have not seen poverty and go to learn about it at Kalavati's house in the darkness of night, say there are no jobs, Singh said.
The meeting assumes significance as Swedish furniture retailer IKEA, which plans to invest Rs 10,500 crore (Rs 105 billion) to set up its own stores in India, had sought relaxation in certain conditions related to the mandatory 30 per cent sourcing from micro and small enterprises.
A total of 16 secretaries have been appointed to various central government departments.
Of the three major Budget announcements related to the banking sector, privatisation of PSBs is the most audacious, says Tamal Bandyopadhyay.
There is talk of a fresh approach to a new labour code as well as reforming land acquisition laws in such a way as to be politically.
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