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Introduced by the Ministry of Housing and Urban Poverty Alleviation in June 2015, <keyword id="2910604" type="PERSON" weightage="20" keywordseo="Pradhan-Mantri-Awas-Yojana">Pradhan Mantri Awas Yojana</keyword> (PMAY) is a <keyword id="3269615" type="PERSON" weightage="20" keywordseo="Credit-Linked-Subsidy-Scheme">Credit Linked Subsidy Scheme</keyword> for realizing the objective of <keyword id="2481158" type="PERSON" weightage="20" keywordseo="Housing-for-All">Housing For All</keyword>. The scheme seeks to provide loans on highly subsidized interests to meet the purchase, construction, extension, and improvement of the houses by three categories of people namely Economical Weaker Section (EWS), Lower Income Group (LIG), and Middle Income Group (MIG). The main objective of the PMAY scheme is to make housing loan affordable to all. The value of the subsidy depends on the category of income that the customer belongs to and the size of the property that is being financed. The benefits given for the different income groups are as follows: EWS/LIG category LIG (Lower Income Group and EWS (Economically Weaker Section) categories can be understood as those households whose annual income falls between Rs. 3 lakhs and Rs. 12 lakhs. The beneficiaries in this group are eligible to receive a maximum interest subsidy of 6.5%. To avail of this facility, it is mandatory that the building constructed or purchased must not exceed the carpet area of 60 square meters or 645.83 square feet (approx.). The interest subsidy will be given to a maximum loan amount of Rs. 6 lakh. In the year 2017, this scheme was extended to cover the middle income groups (MIG-1 and MIG-2) as given under. MIG 1 category MIG 1 category refers to those households whose incomes is more than Rs. 6 lakhs per annum, but does not exceed Rs. 12 lakh. The beneficiaries falling under the MIG- 1 category are eligible to receive a maximum interest subsidy of 4 % under the condition that the building constructed or purchased under this scheme does not exceed the carpet area of 160 square meters or 1,722.23 square feet (approx.). This maximum amount of loan that can be given under this subsidized interest is Rs. 9 lakh with a tenure of up to 20 years. MIG 2 category MIG 2 category refers to the category of households that have an annual income above Rs. 12 lakh but below Rs. 18 lakhs. The beneficiaries under this scheme are eligible for a maximum interest subsidy of 3%. The scheme mandates that the houses purchased or constructed under this scheme must not exceed a carpet area of 200 square meters or 2,152.78 square feet (approx.). The upper limit placed on the loan under this kind of subsidized interest is Rs. 12 lakh with a tenure of up to 20 years. Pradhan Mantri Awas Yojana Eligibility It is mandatory that the beneficiary family must not own a pucca house in the name of any of the family members in any part of the country. When a married couple applies for this loan, either one of the spouse or both the people together (joint ownership) are eligible for a single subsidy. The beneficiary family must not have received any kind of assistance from the central government under any other housing scheme of any benefits given under the PMAY.

What is the eligibility for Pradhan Mantri Awas Yojana scheme?

New Delhi, Feb 26 () The Centre has decided to include non-scheduled urban and district central cooperative banks in three big ticket schemes to facilitate access to finance for the MSME sector. These schemes include the credit guarantee fund trust for micro and small enterprises, credit linked capital subsidy scheme and interest subvention. The initiative is expected to expand the outreach of the schemes considerably which in turn shall help address the crucial requirement of access to finance of the MSME sector. "The NBFCs have about 13 per cent share in MSME lending, and extend hassle-free credit to MSME sector, especially in the remote areas. The inclusion of NBFCs, scheduled and non-scheduled urban cooperative banks and district central cooperative banks in these schemes will spread the outreach and easy access of credit," Union MSME Minister Nitin Gadkari told . He said the step will also create uniformity and competitiveness across lenders in the financial sector, as the borrower will have the option to choose the lender in accordance with their convenience and approach. "These schemes have been serving the sector but there was a need to take them to next level. Therefore, the ministry has decided to include the non-scheduled urban cooperative banks and district central cooperative banks in the the credit guarantee fund trust for micro and small enterprises; credit linked capital subsidy scheme; and interest subvention scheme," Gadkari said. RSN MKJ

Govt to include non-scheduled urban, district co-op banks in 3 schemes for MSMEs

New Delhi, Feb 27 () The government has asked banks to clear by March 15 about 1.18 lakh pending loan applications under the Prime Minister Employment Generation Programme (PMEGP), which promotes self-employment through setting up of micro enterprises, an official statement said on Thursday. At a meeting held on Wednesday, MSME Minister Nitin Gadkari and Finance Minister Nirmala Sitharaman discussed with senior management of banks the issue of restructuring of stressed loans to MSMEs, an official statement said. The ministers commended the work done by banks in supporting and setting up a large number of enterprises under the credit linked subsidy scheme PMEGP over the past year, which has seen a two-fold increase in the last financial year when more than 73,000 micro enterprises were assisted. To give further boost to the scheme, the target in the current year has been increased to support the establishments of 80,000 units. In the current year, more than 46,000 units have already been provided with loans by the various banks and additionally 22,000 loan applications have also been sanctioned and are awaiting disbursement, the release said. "Banks were requested to release the loans in such approved cases immediately. Besides, the banks were requested to take up about 1.18 lakh pending loan applications latest by March 15, with special emphasis on North Eastern Region (NER)," it said. Heads of the banks, the release added confirmed that they will clear all pending cases by March 15. Data analysis of applications rejected by banks revealed that 11 per cent of the proposals are rejected because the targets given to local banks under PMEGP are met. To address this issue, banks were requested to increase lending under the scheme and revise their policy of fixing minimum targets so that all eligible applications can be considered for sanction. Similarly, it was found that 11 per cent of the applications are also rejected since the applications received by the banks were outside their service jurisdiction. Accordingly, banks were also asked to devise a mechanism whereby such an application can be automatically transferred to other appropriate branches in the area. Besides, discussions were also held with banks on increasing the reach of credit guarantee scheme, the release said. The government has set a target of increasing the credit guarantee to Rs 50,000 crore under the scheme, which is a jump of about 67 per cent over the last year. RSN NKD MKJ

Govt asks banks to clear 1.18 lakh pending PMEGP loan applications by Mar 15

The Production-Linked Incentive (PLI) Scheme for <keyword id="19899038" type="General" weightage="20" keywordseo="drones" source="keywords">drones</keyword> and drone components is a kickstarter for the sector to progress and should not be considered as a permanent subsidy scheme by the government, according to Union Minister <keyword id="19895367" type="General" weightage="20" keywordseo="Piyush-Goyal" source="keywords">Piyush Goyal</keyword>. "The <keyword id="19981334" type="General" weightage="20" keywordseo="PLI-scheme" source="keywords">PLI scheme</keyword> is not an end to itself, infect the purpose of the PLI is to kickstart the industry. This is not a permanent subsidy. The aim is not to make the industry dependent on the subsidy of the government," Goyal said. The Union Minister's remaks came during his address at the International Innovation Conclave organised by the <keyword id="22293565" type="General" weightage="20" keywordseo="PHD-Chamber-of-Commerce-Industry" source="keywords" meta.keywordsubtype="org" meta.entityname="PHD Chamber of Commerce &amp; Industry" meta.hostid="329" meta.entityid="PHD Chamber of Commerce &amp; Industry">PHD Chamber of Commerce &amp; Industry</keyword> (PHDCCI) in New Delhi on Thursday. Goyal noted that technological progress in the drone industry will help farmers in getting higher quality crops and will also help in increasing the yield of crops, The minister pointed out that drones will help in combating erratic weather patterns. Praising the development of technology and growth in the drone industry on the strength of innovation, he asserted that the development of the drone ecosystem and deploying them in villages across the nation aligns with the PM's 'NAMO Drone Didi' initiative that will help empower the women in the agriculture sector. "In the third term of the PM's administration we will work at triple the speed, ensure three times the result and hope to become the third largest economy in the world", said the Union Minister. He further stated that drones have the ability to contribute to the cooperative sector, Self-Help Groups (SHGs) and to Farmers Producer Organisation (FPOs) as a shared facility with the help of agri-infra funds in delivering fertilisers and reducing wastage and expenses of the farmers. The Union Minister said that for financing and mentoring of the drone ecosystem, (Small Industries Development Bank of India) SIDBI can be roped in to promote the sector. On the startup ecosystem, the Minister said that 18 Initial Public Offerings (IPOs) have already been offered in the first half of 2024 and 17 IPOs were offered in 2023. Goyal added that under the guidance of <keyword id="19899320" type="General" weightage="20" keywordseo="PM-Modi" source="keywords">PM Modi</keyword>, the country has seen windfall investments from foreign investors and there has been a massive push for infrastructure. He further stated that easing of regulations and compliance burden on startups along with enabling Ease of Doing Business (EoDB) have been the primary focus of PM Modi's government. The minister also added that infrastructure growth has a multiplier effect on the economy that leads to demand for goods and services and increases consumption in the country. He stated that PM's infra push has enabled growth of industry and generation of employment that has put the nation on a virtuous cycle of growth. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-july-2024/slidelist/111304902.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-july-2024/slidelist/111304902.cms" target="_blank">Upcoming smartphones launching in India in July 2024</a><a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-july-2024/slidelist/111341281.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-july-2024/slidelist/111341281.cms" target="_blank">Upcoming cars launching in India in July 2024</a><a href="https://www.businessinsider.in/tech/news/hp-envy-x360-14-review/articleshow/111407165.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/hp-envy-x360-14-review/articleshow/111407165.cms" target="_blank">HP Envy x360 14 review – feature-packed laptop with a sleek design</a>

Production Linked Incentive scheme for drones to kickstart industry, not permanent subsidy: Piyush Goyal

Mumbai, May 13 () The Reserve Bank on Wednesday said a scheme providing interest subsidy for post and pre-shipment export credit has been extended by a year till March 31, 2021, a move which would provide relief to exporters. Exporters get the subsidy under the 'Interest Equalisation Scheme for pre and post shipment Rupee Export Credit'. The scheme ended on March 31 this year. "...Government of India has approved the extension of Interest Equalisation Scheme for pre and post shipment Rupee export credit, with same scope and coverage, for one more year i.e. upto March 31, 2021," the RBI said in a notification. The extension shall take effect from April 1, 2020 and end on March 31, 2021, covering a period of one year, it added. In November 2018, the interest subsidy was increased to 5 per cent from 3 per cent with an aim to boost MSME sector exports. Later, the government included other merchant exporters too under the scheme and allowed them interest equalisation at the rate of 3 per cent on credit for export of certain products. Exporters had been demanding extension of the scheme, particularly at a time when they are facing huge problems due to the COVID-19 crisis. Welcoming the decision, Federation of Indian Export Organisations (FIEO) Director General Ajay Sahai said this is a huge relief to exporters as the cycle of exports has elongated with slowdown in demand and liquidity. "The exporters have to borrow for longer period and therefore reduction in interest rate by 5 per cent to MSME manufacturers and 3 per cent for all in selected tariff line is very timely," he said. Council for Leather Exports (CLE) Chairman P R Aqeel Ahmed said the move will greatly help exporters to be competitive at this critical juncture. India's exports dropped by a record 34.57 per cent to USD 21.41 billion in March, while it declined by 4.78 per cent to USD 314.31 billion for 2019-20. NKD RR ABM ABMMRMR

RBI extends interest subsidy scheme for exporters till March 31, 2021

New Delhi, Dec 25 () Realty firm MRG World on Wednesday said it will invest Rs 200 crore to develop its new affordable housing project in Gurugram in the affordable price category of Rs 23-27 lakh.
 The company, which is into financial services, agro-trading and education, recently made a foray into the real estate sector. This is the third affordable housing project of the company.
 MRG World has launched a new residential project 'Ultimus' in Gurugram, Haryana. The company will construct 720 apartments in this 5-acre project, the company said in a statement.
 The selling price has been fixed at Rs 4,000 per sq ft and will be priced between Rs 23.4 lakh and Rs 26.8 lakh.
 The project would entail an investment of Rs 200 crore, which will be met by internal accruals and the proceeds from sale.
 The construction work has already commenced and the project would be delivered by 2023.
 In its first housing project 'Balcony' that was launched in June this year, the company is developing 731 apartments in Gurugram under the affordable housing policy of the Haryana government.
 Last month, MRG World started its second affordable housing project 'The Meridian' in Gurugram.
 The company will develop 755 units in this 5.5-acre project.
 Real estate developers across the country are focusing on the affordable housing segment to boost sales and beat a demand slowdown.
 Even the government is promoting this segment by charging only 1 per cent GST and offering an additional tax deduction of Rs 1.5 lakh on interest paid on home loans for units priced Rs 45 lakh and below. An interest subsidy up to Rs 2.67 lakh is also available under the credit linked subsidy scheme. MJH HRS

MRG World to invest Rs 200 cr to build another affordable housing project

<keyword id="19896016" type="General" weightage="20" keywordseo="new-delhi" source="keywords">New Delhi</keyword>, The Delhi government on Tuesday appealed to citizens to not fall prey to misinformation being spread by "notorious elements" who are trying to "take advantage" of the situation arising from the arrest of Chief Minister Arvind <keyword id="19895701" type="General" weightage="20" keywordseo="kejriwal" source="keywords">Kejriwal</keyword>. A statement issued by the <keyword id="20097855" type="General" weightage="20" keywordseo="planning-department" source="keywords">Planning Department</keyword> said "speculations and rumours are being spread by notorious elements with vested interests in Delhi" that welfare schemes and subsidies will be stopped. "Even as the law takes its own course in the process of criminal investigation, it merits clarification that administration of schemes and governance are never specific to individuals and shall continue in normal course, as in the past," it read. Sources in the AAP dispensation said the statement was issued following directions from Kejriwal. All public services, social welfare schemes and subsidies currently given by the Delhi government will continue uninterrupted, it said, asking people not to be misled by "any fear-mongering and malicious disinformation in this regard". "Appeal to all citizens of Delhi to stay away from any rumour mongers, who would try to take advantage of situation arising from the arrest / remand of Hon'ble Chief Minister of Delhi by <keyword id="19895344" type="General" weightage="20" keywordseo="enforcement-directorate" source="keywords">Enforcement Directorate</keyword> on 21 March, 2024, by spreading misinformation," it said. Kejriwal was arrested by the Enforcement Directorate last week in connection with the money laundering case linked to the now-scrapped Delhi excise policy. He is in ED custody till March 28. In the statement, Planning Secretary Niharika Rai said "such rumours create an atmosphere of fear within the general public". "There shall be no disruption of any kind in disbursement of admissible subsidies, pensions, welfare benefits etc. Social welfare schemes are funded with public money through the consolidated fund, backed by budgetary allocations." The statement clarified that social welfare funds are "neither the personal property of any individual or political entity nor funded by an individual or entity's personal money". "There is an architecture of civil services and processes laid down in the National Capital Territory of Delhi, which continues as usual. Hence, these public services, social welfare schemes and subsidies are not at all affected by the arrest/remand of Hon'ble Chief Minister," it stressed.

Don't fall prey to rumours about discontinuation of schemes: Delhi govt to citizens

International credit rating agency <keyword id="6462970" type="CITY" weightage="100" keywordseo="Moodys">Moody's</keyword> Investor Service has said that the reforms that were recommended in <keyword id="146885" type="UNKNOWN" weightage="100" keywordseo="food-subsidy">food subsidy</keyword> will reduce inflation and fiscal deficit in India. 
 
"We expect the recommendations to prompt policies that will improve the efficiency of India's food supply chain, a credit positive because it will reduce inflationary pressures and the government's fiscal deficit, two key constraints on the sovereign's credit quality," as per Moody's Sovereign Risk Group. 
 
It is pertinent to mention here that a government-appointed panel had recommended reforms in food subsidy and its distribution system on January 21. The recommended reforms include decentralisation of grain procurement, providing food and fertiliser subsidies through direct cash transfer scheme and lowering the population to be covered under the National Food Security Act to 40% of the total population from 67% at present. 
 According to the rating agency, the consumer price index (<keyword id="6355865" type="ORGANIZATION" weightage="100" keywordseo="CPI">CPI</keyword>) inflation has been around 9% on an average over the last five years. 
 
“The loss of grain stocks through inefficiency or corruption has raised costs and lowered the socio-economic benefits of the system,” said Moody's. 
 Moody’s expressed hope that more transparency and efficiency will help in curbing <keyword id="67286" type="UNKNOWN" weightage="100" keywordseo="Food-inflation">food inflation</keyword> in the country.

Food Subsidy Reforms Will Reduce Inflation In India:
Moody's

New Delhi, Feb 4 (IANS) Focus on the rural economy in the budget has been waning over the years and in such a scenario a revival of the rural economy would take time, <keyword id="45949" type="General" weightage="100" keywordseo="jm-financial" source="Orion">JM Financial</keyword> said in a report. In the absence of a specific focus on the rural economy in the <keyword id="6360189" type="General" weightage="50" keywordseo="union-budget" source="Orion">Union Budget</keyword> for 2023-24, analysts don't see immediate triggers for revival in the rural economy. Moreover in the absence of specific or enhancement of allocation towards the rural economy, we believe that the rural environment would have to revive on its own. Hence we would view businesses dealing with price sensitive low ticket items as less likely to benefit, JM Financial said. An attempt is made to make the new tax regime more attractive after getting a low response in FY23, however we believe the benefits in the form of tax saving on enhanced no-tax limit (INR 0.2mn) is unlikely to spur demand in a meaningful manner, JM Financial said in a report. Unlike the anticipation by a section of the market, rural focus was missing in the budget announcements. The expectations of a populist budget was linked to 9 state elections in 2023, moreover with FY24 being the last full year budget before the general elections in CY24. However, we believe that the schemes relating to empowerment of women <keyword id="75772" type="General" weightage="50" keywordseo="self-help-groups" source="Orion">Self Help Groups</keyword>, artisans and setting up of digital infra for agriculture and farmer centric solutions would provide opportunities in the rural economy to improve their livelihood, JM Financial said. Moreover, the budgetary allocation towards rural centric schemes like <keyword id="6361863" type="General" weightage="50" keywordseo="mgnrega" source="Orion">MGNREGA</keyword> and PM <keyword id="865803" type="General" weightage="50" keywordseo="gram-sadak-yojana" source="Orion">Gram Sadak Yojana</keyword> has been declining ever since FY22. Even the sentiments as collated by CMIE show a declining trend in the rural economy ever since June '22 whereas the sentiments in the urban economy seem to be holding up well, JM Financial said. In the absence of a specific focus on the rural economy, we don't see immediate triggers for revival in the rural economy, the report said. The latest rabi sowing has been progressing well even on a higher base of last year, except in the case of wheat. Subsidy burden has been the major pain point in India's fiscal, led by rising fertilizer and food prices. Fertilizer subsidy was increased by INR 1.1tn in FY23 over and above the budgeted figures of INR 1.05tn. Allocation towards fertilizer subsidy has been made to the extent of INR 1.75tn in FY24. We believe with easing inflationary pressures, the government could have limited the allocation to INR 1.4tn, as fertilizer prices have moderated by 40% from its peak. However, the geo-political situation is still in a flux and the government's higher allocation seems prudent at this juncture. Food subsidy has been pegged at INR 1.97tn (vs INR 2.9tn FY23RE), as the outlay would be reduced with the discontinuance of the PM Garib Kalyan Yojana. On an overall level, subsidies form 1.2% of GDP vs 1.9% in FY23RE. Past data indicates that the exuberance or otherwise relating to the budget day normalizes within a month in the equity markets. Moreover, a substantial positive performance in Nifty was witnessed in the week following the budget day only during FY16, FY20 and FY21. The personal income tax changes in the Union Budget affect many but the impact is low, Credit Suisse said in a report. The split of salary income by income groups shows that while the number of filings is mostly by low-income groups, the bulk of the taxes come from high income. 56% of the filers belong to the low-income group but they add to just 2% of the tax collected. People earning more than Rs 10mn are less than 1%, but they add to 10% of the tax collected, the report said. Inflows from small savings deposits have shrunk considerably. Small saving deposits for government have been declining, and at the current pace, can be 20% YoY lower for FY23. This may still be marginally better than budgeted, though these flows are generally larger nearer to the year-end. While bank deposit rates have risen considerably, NSSF rates remained low for most of FY23, were raised in Jan-2023. The Centre continues to remain dependent on small savings flows to fund the deficit, Credit Suisse said.

Revival of rural economy to take time in the absence of triggers: JM Financial

New Delhi, Dec 30 () Fitch Solutions on Monday said it expects the country's residential and non-residential buildings sector to expand by 6.6 per cent, in real terms, next year, driven by fiscal support and a continued focus on the provision of affordable housing in urban areas.
 "Short-term expansion of India's building sector will be driven by a mixture of fiscal support and government policies supporting the housing market, as well as heightened activity within the logistics, retail and industrial buildings sectors," it said in a statement.
 Long-term growth, on the other hand, will mainly be driven by country's massive population, which requires continued investments into residential building construction sector, the statement said.
 Instances of stalled housing projects have been on the rise over the course of 2019, due to a credit crunch sparked by a series of defaults by non-bank financial companies, resulting in a decreased access to funding for both developers and homebuyers.
 In response, the government "approved a Rs 10,000 crore package in November 2019 aimed to aid stalled housing projects, with an additional Rs 15,000 crore to be contributed by state-run financial institutions."
 With funds more readily available, it expects a portion of stalled housing projects to resume construction, and this will feed into its forecasts for India's buildings sector growth in the short term.
 Opportunities in the construction of affordable housing units will remain strong over the coming years, driven by Prime Minister Narendra Modi's Pradhan Mantri Awas Yojana (Urban) initiative.
 Introduced back in 2015, Pradhan Mantri Awas Yojana aims to provide affordable housing to all urban poor by 2022, targeting more than 4,000 towns handpicked by the government.
 To provide financial support to homebuyers, various complementary schemes, such as the credit-linked subsidy scheme, were introduced alongside Pradhan Mantri Awas Yojana.
 "Though PMAY(U) is expected to boost growth of the residential buildings sector, we believe the government is unlikely to achieve its goal within the stated time frame due to the continued growth of India's urban population, which creates a greater demand for affordable housing, as well as delays in land acquisition and construction," it said.
 It further said that the "PMAY(U)-related construction is expected to carry on beyond 2022, contributing to growth of the residential buildings sector in the short to medium term".
 On a separate note, there exists a considerable amount of unsold housing inventory, mostly medium to high-end luxury units in urban areas that will limit the growth potential of the high-end residential buildings sector, it noted. SID DRR

You Searched For "Credit Linked Subsidy Scheme" and got 10 results

What is the eligibility for Pradhan Mantri Awas Yojana scheme?

BI India Bureau

Govt to include non-scheduled urban, district co-op banks in 3 schemes for MSMEs

PTI

Govt asks banks to clear 1.18 lakh pending PMEGP loan applications by Mar 15

PTI

Production Linked Incentive scheme for drones to kickstart industry, not permanent subsidy: Piyush Goyal

ANI

RBI extends interest subsidy scheme for exporters till March 31, 2021

PTI

MRG World to invest Rs 200 cr to build another affordable housing project

PTI

Don't fall prey to rumours about discontinuation of schemes: Delhi govt to citizens

PTI

Food Subsidy Reforms Will Reduce Inflation In India: Moody's

BI India Bureau

Revival of rural economy to take time in the absence of triggers: JM Financial

IANS

India's buildings sector to expand by 6.6 pc next yr driven by fiscal support, govt policies: Fitch

PTI

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