Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

<keyword id="125045" type="COMPANY" weightage="20" keywordseo="Fitch-Ratings">Fitch Ratings</keyword> on Thursday said the safe reopening of economy will be key to recovery of non-bank financial institutions (NBFIs).In a statement on the stimulus measures announced by Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword>, Fitch said the 100 per cent guarantee for MSME loans and farm support schemes were the two main highlights from the announcements. "Both are fairly significant in size and will help to support the more vulnerable borrower segments for the NBFIs. The NBFC/MFI debt guarantee schemes target the right issues but are not large enough to address the sector's funding strains," it added. The government on Wednesday announced about Rs 6 lakh crore package comprising Rs 3 lakh crore of collateral-free loans for small businesses and a Rs 30,000 crore lifeline to non-bank and housing finance companies. On Thursday, it announced a Rs 3.16 lakh crore package comprising free foodgrains for migrant workers, Rs 2 lakh crore concessional credit to farmers and working capital for street vendors in a bid to help those hit hard by the nationwide <keyword id="91743" type="PERSON" weightage="20" keywordseo="lockdown">lockdown</keyword>. "Ultimately, however these measures can only serve to prop up the segments that are under distress. The safe reopening of the economy more than anything else will be the key to recovery for the NBFIs," Fitch said. A nationwide lockdown to contain the spread of COVID-19 disease is in place since March 25. The lockdown date has been extended twice and will now scheduled to end on May 17. See Also: <a href="https://www.businessinsider.in/finance/news/bajaj-finance-shares-surge-as-sanjiv-bajaj-cheers-msme-nbfc-stimulus/articleshow/75729879.cms">Bajaj Finance shares surge as Nirmala Sitharaman’s cash injection for both NBFCs and small businesses will benefit Sanjiv Bajaj’s company</a> <a href="https://www.businessinsider.in/policy/economy/news/moodys-warns-that-india-government-debt-may-rise-sharply/articleshow/75616605.cms">India’s government debt could mount to 81% of GDP by 2024 even at the pre-COVID rate of growth, warns Moody’s</a>

Fitch makes a case for ending lockdown ⁠— says stimulus isn't enough to save the financial sector

Kolkata, May 13 () West Bengal Finance ministerAmit Mitra on Wednesday accused the Centre of misleadingpeople over the announced Rs 20 lakh crore special package,saying that the actual dole is about 2 per cent of thecountry's GDP.In a big push to revive the economy, Prime MinisterNarendra Modi on Tuesday announced a Rs 20 lakh crore package,which combined the government's recent announcements onsupporting key sectors as also measures rolled out by theReserve Bank of India.About the financial package, the prime minister hadsaid it will be around 10 per cent of the GDP and will addressproblems of a wide range of sectors as well as difficulties ofmigrant workers."People must know the truth and the Centre's actualnew announcement is just Rs 4.2 lakh crore or 2 per cent ofGDP," Mitra said after Union Finance minister NirmalaSitharaman unveiled a major booster dose on Wednesday.Mitra said, the previous interventions by the Centralbank and the Union Finance ministry amounting to Rs 10 lakhcrore are included in the Rs 20 lakh crore package, believedto be a blockbuster stimulus.The RBI in four tranches since February 6, had infusedRs 8 lakh crore of liquidity into the financial system.Sitharaman had, earlier, announced a Rs 1.7 lakh croresupport."The government has set a borrowing limit of Rs 4.2lakh crore. Thus the real package is of Rs 4.2 lakh crore,which is 2 per cent of the GDP," he added. BSM SCHMM MM

Centre's spl package actually 2pc of GDP: Bengal FM Amit Mitra

New Delhi, May 17 () Finance Minister Nirmala Sitharaman on Sunday said the Rs 20 lakh crore economic stimulus package to deal with the fallout of COVID-19 includes Rs 8.01 lakh crore of liquidity measures announced by the Reserve Bank since March. The stimulus totals to Rs 20.97 lakh crore, she said, adding this also comprises the Rs 1.92 lakh crore package of free foodgrain and cooking gas to poor and cash to some sections announced in March. The five part stimulus package announced beginning May 13 comprised Rs 5.94 lakh crore in the first tranche that provided credit line to small businesses and support to shadow banks and electricity distribution companies. The second tranche included free foodgrain to stranded migrant workers for two months and credit to farmers, totalling Rs 3.10 lakh crore. Spending on agri infrastructure and other measures for agriculture and allied sectors in the third tranche totalled to Rs 1.5 lakh crore. The fourth and fifth tranches that dealt mostly with structural reforms totalled to Rs 48,100 crore, she said. DP ANZ ABMABM

Eco stimulus package includes Rs 8 lakh cr liquidity measures by RBI: FM

New Delhi, May 22 () Finance Minister Nirmala Sitharaman on Friday held a review meeting with CEOs of public sector banks (PSBs) and asked them to implement the mega 'Aatmanirbhar' relief package to revive the COVID-hit economy. The meeting via video conferencing took place in the backdrop of the Rs 21 lakh crore stimulus package announcement and the Reserve Bank coming out with fresh measures, including interest rate cuts. The Union Cabinet headed by Prime Minister Narendra Modi on Wednesday gave its nod for many of the schemes announced as part of 'Aatmanirbhar Bharat Abhiyan' package to prop up the economy reeling under the COVID-19 crisis. "Finance Minister Smt.@nsitharaman chairing the review meeting, through VC, with the chief executives of PSBs today to review the readiness of banks in implementing 'Aatmanirbhar' relief package," the Finance Ministry said in a tweet. "To operationalise the announcements made by Hon'ble FM @nsitharaman ji under #AatmanirbharBharat, review meeting through VC was held with all PSBs. Everyone aligned on the need for quickly addressing the needs of MSMEs &amp; other customers. Operational details to be released soon," the Department of Financial Services, Ministry of Finance, said in a tweet. The finance minister has emphasised on the quick disbursal of additional loans to MSMEs, to simplify process, formats and documentation, Indian Bank managing director Padmaja Chunduru said after the meeting. Since the Union Cabinet has already given approval to various schemes announced under the package, operational guidelines have been issued to banks. The most important among them is the Emergency Credit Line Guarantee Scheme (ECLGS) worth Rs 3-lakh crore for MSMEs hit hard by the coronavirus crisis. The 100 per cent guarantee scheme at the concessional rate of 9.25 per cent was the second-biggest component of the Rs 20 lakh crore comprehensive package announced by Sitharaman last week. Currently, the rate of interest on loans given by banks to the MSME sector varies from Rs 9.5 per cent to 17 per cent, depending on the risk perception. The MSME sector is considered as the backbone of country's economy as the sector contributes over 28 per cent of the GDP and more than 40 per cent of exports, while creating employment for about 11 crore people, second highest after agriculture. The scheme is expected to benefit 45 lakh MSME units. Other scheme to help the stressed MSME sector also included Rs 20,000 crore subordinate debt for stressed or loan defaulting MSMEs, which could benefit 2 lakh such businesses. A fund of funds for MSME is also being created, which will infuse Rs 50,000 crore equity in MSMEs with growth potential. After the meeting, Central Bank of India managing director and CEO Pallav Mohapatra said the finance minister took stock of the situation and reviewed the progress of various schemes. "All the banks are very-very optimistic about the schemes that have been announced in the recent past by the government to support the economy. State-run banks sanction in the COVID-19 period is more than the corresponding period last year, which was a normal year," he said. "Loans worth over Rs 6.68 lakh crore were sanctioned by PSBs during March 1 - May 19 for 59.79 lakh accounts from MSME, Retail, Agriculture &amp; Corporate sectors. A steady increase in credit availability for each of these vital sectors" the finance ministry had tweeted earlier in the day. "Public Sector Banks sanctioned over Rs 1.07 lakh crore as emergency credit lines &amp; working capital enhancements in the period March 20 to May 19, with Rs 25,527 crore of this amount already being availed by customers," it said. Later, in an interview with DD News, the finance minister said the meeting with the public sector banks was "very good". She commended the work done by the public sector banks for the implementation of the Rs 1.70 lakh crore PM Garib Kalyan Yojana, which was an announcement made within two days after the lockdown was announced. "I must give credit to the public sector banks for having done a splendid job in implementing PM Garib Kalyan Yojana. So now with that same spirit this (Rs 20 lakh crore) package we have come up with, a partial guarantee, full guarantee for all enterprises... which banks will have to do. I was very reassured that the banks spoke in a very positive way," she said. On the credit guarantee scheme, Mohapatra said the government's commitment is for the entire Rs 3 lakh crore. "The commitment on the government under this Rs 3 lakh crore collateral free loans is 100 per cent." During deliberations, Indian Bank's Chunduru said, "Banks decided to focus also on Tier Ii and Tier III towns in all states to ensure needy MSMEs get the succour. CEOs of PSBs welcomed the Rs 3 lakh crore fully guaranteed loan component to MSMEs and assured the FM that all eligible units will get these loans promptly." Central Bank's Mohapatra said, "Risk aversion, to a great extent, has gone. No actions are being taken for any commercial decision going wrong because of other reasons." The meeting also took stock of interest rate transmission to borrowers by banks and progress on moratorium on loan repayments. The RBI has increased the moratorium on loan repayment by another three months till August 2020 to provide relief to borrowers whose income has been hit due to the crisis. DP MKJ

FM meets PSU bank chiefs, prods them to implement 'Aatmanirbhar' relief package

New Delhi, May 15 () The stimulus packages announced by the government so far to mitigate the economic impact of COVID-19 will dent the fiscal deficit by 0.6 per cent of the GDP or Rs 1.29 lakh crore in the ongoing financial year, said a report by State Bank of India (SBI).With the announcement of an economic package focussing vulnerable sections of the society on Thursday, the government has so far provided a stimulus totalling Rs 16.45 lakh crore. This implies that the remaining nearly Rs 3.54 lakh crore of the Rs 20 lakh crore package announced by Prime Minister Narendra Modi on May 12 is yet to be announced. "All in all, the direct fiscal hit after the announcement of three packages is only 0.6 per cent of GDP at approximately Rs 1.29 lakh crore. However, support has been provided to the needy by facilitating their access to food and credit."Of the total announcement of Rs 3.16 lakh crore (on Thursday), the total cash outlay for the Government will be around Rs 14,500–14,750 crore. The impact of Thursday's package on fiscal deficit is expected to be a miniscule at 0.07 per cent of GDP," SBI's 'Ecowrap' report said.It further said the recent crisis has shown how important it is for a huge country like India to have an infrastructure which promotes inter-operability between States and the Centre. "The mission mode implementation of One Nation One Ration Card is a step in the right direction. So is making available the portability of welfare benefits for migrant workers and those having no ration card. "The changes in labour laws that are being mulled over in Parliament if implemented properly could bring positive changes in the status of the labourers in this country," it said. The Centre and States should, however, work in tandem to achieve these objectives within the mandate of overall labour welfare, the report stressed. As per the Economic Survey of India 2017, the magnitude of inter-state migration in India was close to 9 million annually between 2011 and 2016, while Census 2011 pegs the total number of internal migrants in the country (accounting for inter and intra-state movement) at a staggering 139 million. NKD CS ANUANU

Stimulus packages will have impact of Rs 1.29 lakh cr on fiscal deficit: SBI Report

Mumbai, Apr Economists at SBI on Wednesday said a bulk of the Rs 1.75 lakh crore coronavirus aid package announced by the Cecludes budgeted elements and pitched for a Rs 3 lakh crore top-up to help the economy tide over the COVID-19-related challenges.Only Rs 73,000 crore of the Rs 1.75 lakh crore package announced by Finance Minister Nirmala Sitharaman last month is fresh money as the rest was already budgeted for, the economists said, adding a "large fiscal package" for affected industries" is necessary at this point.The already sagging economic growth is expected to go down further due to the COVID-19 pandemic, which has led to a three-week lockdown across the country starting March 25. Some analysts believe GDP growth will come at 2 per cent for FY21."... given labour and capital income loss of around Rs 3.60 lakh crore, the minimum subsistence fiscal package must be scaled up by Rs 3 lakh crore, over and above the incremental Rs 73,000 crore that was unleashed in the first phase," an SBI economist said in a note.The note said 98 per cent of the banking system's outstanding credit is in the 284 districts of the country affected by the COVID-19 and asked for needful attention to be given to the banking system.Joining other watchers, the economists at the country's largest lender also called for some relief to the troubled NBFCs sector, which has been excluded from the three-month moratorium on loan repayments to financial institutions, and warned that if things deteriorate there will be an erosion of capital for such entities.Similarly, from a labour perspective, the dent is maximum in the hotels, trade, education, petroleum and agriculture sectors, while self-employment accounts for 30 per cent of the GDP, it said."A fiscal package is imperative now," it reminded the policymakers. In what can be said as a brighter side, the economists estimated credit offtake has increased in the final fortnight of March across various verticals, despite the COVID-19 scares, which illustrates confidence within businesses of a surge in demand post-lockdown.They estimated the incremental credit offtake at Rs 2.10 lakh crore in March, of which agriculture will be Rs 10,000 crore, industry Rs 1.20 lakh crore, services Rs 60,000 crore and personal loans Rs 20,000 crore.The note welcomed talk of a staggered pullout from the lockdown and pitched for top preference to be given to agriculture and procurement, followed by inland transport (both roads and railways), a trading activity that supports over 25 crore households, hotel services and limited construction activity to be allowed in the unaffected areas.From a demographic perspective, they said the population should be divided into the hospitalised, immunity compromised, and healthy individuals and we should have a well-defined strategy for each group as there is no herd immunity in the population for COVID-19. AA MR

You Searched For "20 lakh crore package" and got 6 results

Fitch makes a case for ending lockdown ⁠— says stimulus isn't enough to save the financial sector

PTI

Centre's spl package actually 2pc of GDP: Bengal FM Amit Mitra

PTI

Eco stimulus package includes Rs 8 lakh cr liquidity measures by RBI: FM

PTI

FM meets PSU bank chiefs, prods them to implement 'Aatmanirbhar' relief package

PTI

Stimulus packages will have impact of Rs 1.29 lakh cr on fiscal deficit: SBI Report

PTI

Economists pitch for Rs 3 lakh cr additional package to tide over COVID crisis

PTI

Popular Keywords

Buying Guides