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<ul><li>PM Modi launched '<keyword id="9423041" type="UNKNOWN" weightage="20" keywordseo="Garib-Kalyan-Rojgar-Abhiyan">Garib Kalyan Rojgar Abhiyan</keyword>' on June 18 to boost livelihood opportunities in rural India, especially in 116 districts in six states. </li><li>These six states are Bihar, Uttar Pradesh, Madhya Pradesh, Rajasthan, Jharkhand, and Odisha. </li><li>Under this scheme, the government says it will provide 25 kinds of employment to migrant labourers. </li></ul>PM Modi is set to launch 'Garib Kalyan Rojgar Abhiyan' officially on June 20 to boost livelihood opportunities in rural India, Prime Minister’s office announced today claiming that the campaign of 125 days across 116 districts in 6 states will help <keyword id="64595" type="PERSON" weightage="20" keywordseo="migrant-workers">migrant workers</keyword>. These six states are Bihar, Uttar Pradesh, Madhya Pradesh, Rajasthan, Jharkhand, and Odisha. These 116 districts are those where at least 25,000 migrant workers have returned in each case. <div type="image" title="slide 2" msid="76444156" hostid="261"></div> Under this scheme, the government says it will provide 25 kinds of employment to migrant labourers — who went back home to different states during lockdown. The government earlier announced that it will spend ₹50,000 crore and involve 12 different ministries — Panchayati Raj, Railways, Petroleum and natural gas, Telecommunication and agriculture among others. <div type="image" title="slide 3" msid="76444195" hostid="261"></div> <div type="image" title="slide 4" msid="76444198" hostid="261"></div> <div type="image" title="slide 5" msid="76444210" hostid="261"></div> These are the highlights from Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword>’s press conference on June 18: <ul><li>“What this abhiyan that the PM will be launching from the Khagaria district Bihar will do is to, nearly 25 schemes of the government will be brought together, and we will reach saturation level for all these programmes in 125 days,” Finance Minister Nirmala Sitharaman said.</li><li>We are pooling ₹50,000 crore from these 25 projects, migrant workers who have returned will all be used to complete these projects in 125 days. Some projects may be affected due to monsoons, e.g. road construction. Some of the projects will continue post monsoons too. </li></ul>

What is Garib Kalyan Rojgar Abhiyan — the ₹50,000 crore which aims to provide jobs to migrant workers in India

The <keyword id="74452" type="ORGANIZATION" weightage="20" keywordseo="Haryana-government">Haryana government</keyword> on Thursday decided to regulate interstate movement of people who are coming from other states for a stay of more than three days, based on health related reasons due to the increasing number of <keyword id="8785701" type="UNKNOWN" weightage="20" keywordseo="COVID-19-cases">Covid-19 cases</keyword>. Giving more details about this, an <keyword id="197956" type="POSITION" weightage="20" keywordseo="official-spokesman">official spokesman</keyword> said that self-registration on the portal www.saralharyana.gov.in and downloading of Aarogya Setu app is mandatory for all travellers entering Haryana for a stay of more than three days (72 hours). He said the travellers have to share their <keyword id="9426137" type="UNKNOWN" weightage="20" keywordseo="complete-details">complete details</keyword>, including name, address and mobile number (use of same mobile number for multiple registrations not allowed, except in the case of a family). Besides this, business visitors are required to give details, including name, mobile and address of persons in Haryana they intend to meet and date of return. Visitors might be visiting Haryana and staying as house guests with friends or relatives, etc. In such an eventuality, it shall be mandatory for the persons hosting the visitors to register their details on the portal immediately, on the same day of their arrival, the spokesman said. The spokesman said that health screening of all such travellers at border check-posts, railway stations and bus stands would be done at the entry point of the district or city or village, as the case may be, where the person intends to visit. He said that if any traveller is found symptomatic on arrival, then he or she will report to the nearest health facility and will be assessed for clinical severity. On testing, if found positive, he or she will be shifted to home isolation or COVID Care Centre, depending upon the severity; and if negative, no further test/self-isolation will be required. SEE ALSO: <a href="https://www.businessinsider.in/india/news/what-is-garib-kalyan-rojgar-abhiyan-the-50000-crore-which-aims-to-provide-jobs-to-migrant-workers-in-india/articleshow/76443834.cms" data-type="tilCustomLink">What is Garib Kalyan Rojgar Abhiyan — the ₹50,000 crore which aims to provide jobs to migrant workers in India</a> <a href="https://www.businessinsider.in/business/ecommerce/news/from-pubg-t-shirts-to-bihar-love-for-heels-here-are-the-quirky-trends-that-define-the-way-indians-shop/slidelist/76439898.cms" data-type="tilCustomLink">From PUBG t-shirts to Bihar’s love for heels – Here are the quirky trends that define the way Indians shop</a>

Haryana to regulate interstate movement for people visiting for more than 72 hours

New Delhi, Jun 20 () Union Home Minister Amit Shah on Saturday said the employment scheme, launched by Prime Minister Narendra Modi, will help migrant workers and the poor facing challenges due to the coronavirus pandemic. In a series of tweets in Hindi, Shah also said that the 'Garib Kalyan Rozgar Abhiyaan' will ensure job opportunities to people near their homes based on their skills. "The #GaribKalyanRojgarAbhiyaan worth Rs 50,000 crore was launched today by the Modi government to help and empower the migrant labourers and the poor facing challenges due to the Corona pandemic. I thank PM @narendramodi ji for this visionary campaign," he said. The home minister said the scheme will be implemented in villages of 116 districts in six states to provide employment and inclusive development opportunities in rural India and 25 such schemes, which are being run by the central government, will be added to it. "Earlier people used to go to the city in search of employment but now through 'Garib Kalyan Rojgar Abhiyaan', they will be provided employment near their homes based on their skills," he said. Shah said people's talent will be used in the development of the rural sector, which will give more strength to the rural economy. "The Modi government is fully committed to the development of our villages, the livelihood and self-respect of the migrant workers and the poor. "Under the leadership of Prime Minister @NarendraModi ji, the 'Garib Kalyan Rozgar Abhiyaan' will play an important role in the country's move towards a 'self-reliant India'," he said. Modi on Saturday launched an employment scheme with an outlay of Rs 50,000 crore for migrant workers who returned to their home states during the coronavirus-triggered lockdown. Launching the scheme, Modi said during the nationwide lockdown, the talent from cities returned to villages and it will now give a boost to development of rural areas. The 'Garib Kalyan Rozgar Abhiyaan' will be implemented on a mission mode in 125 days in 116 districts of six states -- Bihar, Madhya Pradesh, Uttar Pradesh, Rajasthan, Jharkhand and Odisha -- that received the maximum numbers of migrant workers back. It will help expedite implementation of 25 public infrastructure works and those related to augmentation of livelihood opportunities. These 25 works are related to rural housing for the poor, plantations, provision of drinking water through the Jal Jeevan Mission, and construction of panchayat bhavans, community toilets, rural mandis, rural roads, cattle sheds and 'anganwadi bhavans', according to the Ministry of Rural Development, which is the nodal ministry for the project. ACB SKL KJ KJ

New employment scheme to help migrant workers, poor facing challenges due to COVID-19: Shah

The Covid-19 induced economic contraction will significantly hurt micro, small and <keyword id="126907" type="COMPANY" weightage="20" keywordseo="Medium-Enterprises">medium enterprises</keyword> across sectors, ratings agency Crisil said on Thursday. It said that India Inc is expected to head towards a 15 <keyword id="9284574" type="UNKNOWN" weightage="20" keywordseo="per-cent-decline">per cent decline</keyword> in revenue and a 25 per cent fall in earnings before interest, taxes, depreciation and amortisation (Ebitda). For <keyword id="6393272" type="PERSON" weightage="20" keywordseo="MSMEs">MSMEs</keyword>, the rating agency said the fall in revenue will be steeper at 17-21 per cent, while Ebitda margin will shrink 200-300 basis points to 4-5 per cent as weak demand gnaws away gains from lower commodity prices. "A sharp decline at the operating level will also impact creditworthiness, aggravating the liquidity stretch these units have been grappling with, particularly on the working capital front," the ratings agency said. "In the process, average interest service coverage ratio could slide to 1-1.5 times from 2.4 times seen between fiscals 2017 and 2020, even after factoring in the benefit of moratorium on interest payments announced by <keyword id="102024" type="COMPANY" weightage="20" keywordseo="The-Reserve-Bank-of-India">the Reserve Bank of India</keyword> (RBI)." "Sans moratorium, the ratio would have gone below 1." Besides, it pointed out that challenges would be the hardest for micro enterprises, which account for 32 per cent of the overall MSME debt, and are facing material stress in terms of revenue growth, Ebitda margins and working capital stretch. "Previous downturns have shown that micro and small enterprises are unable to manage transient working capital challenges as easily as their large and medium peers. To that extent, the measures announced by the Ministry of Finance and the RBI, nudging banks and other institutions to lend more, will help them tide over tapered cash flows," the rating agency said. The bigger issue, however, is demand, it said, which needs to revive for growth to improve sustainably. "As for sectors, Crisil sees consumer discretionary, construction, and export-linked ones bearing the brunt. Small real-estate contractors into EPC (engineering, procurement, construction) projects, and ceramics and textiles makers have been significantly impacted so their credit profiles are the most vulnerable." SEE ALSO: <a href="https://www.businessinsider.in/india/news/what-is-garib-kalyan-rojgar-abhiyan-the-50000-crore-which-aims-to-provide-jobs-to-migrant-workers-in-india/articleshow/76443834.cms">What is Garib Kalyan Rojgar Abhiyan — the ₹50,000 crore which aims to provide jobs to migrant workers in India</a> <a href="https://www.businessinsider.in/business/ecommerce/news/from-pubg-t-shirts-to-bihar-love-for-heels-here-are-the-quirky-trends-that-define-the-way-indians-shop/slidelist/76439898.cms">From PUBG t-shirts to Bihar’s love for heels – Here are the quirky trends that define the way Indians shop</a>

MSMEs to be hurt significantly by economic contraction due to coronavirus: Crisil

<ul><li>After an unprecedented decline of -19% in the Jan-Mar quarter, FMCG industry displayed signs of recovery in Q3’20 with a 1.6% growth (versus Q3 ‘19).</li><li>FMCG witnessed a double digit growth of 10.6% in Q3’20 in Rural India, while the bigger cities (&gt;1 Lakh population including metros and Town Class 1) played catch-up. </li></ul>Nielsen India’s latest report gives us an insight into the consumers’ brains, <keyword id="34529" type="ORGANIZATION" weightage="20" keywordseo="fmcg-sector">FMCG sector</keyword>’s performance and how different parts of our countries are dealing with the current situation. With the pandemic achieving stability and markets and economy opening up, green shoots were visible in the July-August-September quarter for the year. There was an appreciable improvement in the performance of manufacturing, witnessed with an arrest of the declining Index of Industrial Production (IIP) from -57.3% in April’20 to +0.2% in Sep’20. Drop in unemployment rate from 23.7% at its peak in April’20 to 6.7% in Sep’20. Some of the macro variables still reflect the overall economic scenario with inflation rate continuing to rise and the Consumer Confidence Index (RBI) dropping to a low 49.9 in Sep’20 from a 85.6 in March’20 The above-mentioned positivity was reflected in the FMCG industry too. After an unprecedented decline of -19% in the Jan-Mar quarter, FMCG industry displayed signs of recovery in Q3’20 with a 1.6% growth (versus Q3 ‘19). Using proprietary Nielsen Retail Audit data, this note will further delve into the trends of Q3’20 and the outlook for 2020: FMCG INDUSTRY MOVES INTO A POSITIVE GROWTH SPACE The FMCG slowdown in Q2’20 saw a value decline of 19% as compared to the same period of 2019. This was fueled by massive disruptions in the production and supply chain, and low consumer confidence. The unlock from Q3’20, saw a revival in the industry with a growth of 1.6% versus a year ago. The revival was aided by businesses opening up with the pandemic reaching stable levels. Markets started opening up in a phase-wise manner and store closures came down to an average of 3 days a month in Q3’20 from an average of 9 days a month in Q2’20. After being cooped at home for a long time, consumers also started looking at resuming normal consumption levels. RURAL CONTINUES TO DRIVE GROWTH With easing of pandemic and markets unlocking in various phases in the third quarter of the year, we saw recovery across town classes with the rural and Rest of Urban (ROU) regions continuing to lead growth. FMCG witnessed a double digit growth of 10.6% in Q3’20 in Rural India, while the bigger cities (&gt;1 Lakh population including metros and Town Class 1) played catch-up. The rural markets have bounced back handsomely on the back of support provided by the government as well as good agriculture, reverse migration and a lower unemployment rate. Various favorable macro-environment factors have helped drive rural revival in Q3’20 <ol><li>Government dialing up on rural stimulus in the form of increased MGNREGA allocation- <ol><li>11% increase in average wages at an All India level (Sep vs Mar’20).</li><li>83L new households joined MGNREGA labour force </li></ol></li><li>'Garib Kalyan Rojgar Abhiyan’, support to agriculture and upskilling programs for migrant workers that returned to their villages.</li><li>A bountiful <a href="https://www.livemint.com/topic/indian-monsoon">monsoon </a>also brought cheer to farmers with a record output in the kharif crop season. </li></ol> HEALTH &amp; HYGIENE DOMINATES THE NEW LAUNCHES There have been a higher number of new launches per se during the Covid period and a higher number in the non-foods space. As Covid has prompted consumers to re-frame their habits into health and hygiene, more new launches have been made in the health &amp; hygiene basket including categories like hand sanitisers, floor cleaners, toilet cleaners, antiseptic liquids. New launches in the health &amp; hygiene space contributed to 37% (in value) of all new launches in the COVID period. The value contribution of new launches in the health &amp; hygiene category was higher during Covid period at 2.9% OUTLOOK 2020 (Including Traditional Trade, Modern Trade and E-Commerce) After the FMCG industry had a double digit drop in Q2’20 due to intense lockdown stressing the overall economy, it bounced back to positive +1.6% growth in Q3’20 which reflects the onset of green shoots. While the market has initiated a recovery, the demand and supply disruptions caused by the world’s severest lockdown from end-March have severely curtailed economic activity. It is gradually returning to normal as restrictions are relaxed. However, continued spread of the pandemic is keeping the economy watchful. Given the significant headwind built in the start of COVID-19 pandemic in March’20, <keyword id="10336754" type="UNKNOWN" weightage="20" keywordseo="Nielsen-forecast">Nielsen forecast</keyword> for 2020 to remain in the negative single digit (-3% to -1%). The key factors influencing the growth trajectory so far and the forecast for the future include: COVID-19 Impact On The Economy: Annual consumer price inflation in India increased to 7.5 percent in September of 2020 It is the highest rate since May 2014. Food inflation went up to 11.07 percent from 10.68 percent, the highest since January and ahead of the festival season impacting the overall expenditure and consumer confidence muted. The trajectory of the FMCG industry once again reinforces the inherent strength of the consumption story in India irrespective of the fact that we had a GDP which shrank 23.9% year-on-year in the second quarter of 2020. There are steps being actioned by the Government that can help counter these changes in the coming quarter in the farm sector and has sought to deliver labour market flexibility: <ul><li>The Interest-On-Interest waiver is expected to bring some relief and additional cash in hand for individuals and MSME businesses</li><li>The cash voucher scheme for central government employees is expected to boost spending in big proportions in upcoming months</li><li>About 83 lakh households enrolling from April to August under MNREGA saw an all time high providing livelihood in Rural</li></ul>A bountiful monsoon has brought cheer to farmers, with a record output expected in the kharif crop season. With reservoirs filled to the brim, output is expected to be high in the rabi season as well. Increasing purchasing power in the hands of farmers is expected to increase rural demand. There has also been an appreciable improvement in the performance of both manufacturing and service sectors in October. FMCG Q3’20- TO SUM UP <ul><li>AFTER A DISMAL PERFORMANCE IN Q2 (AMJ’20), FMCG INDUSTRY MOVES INTO A POSITIVE GROWTH SPACE</li><li>BHARAT (SMALL TOWNS &amp; RURAL), NORTH ZONE &amp; SMALL MANUFACTURERS DRIVING GROWTH</li><li>CONSUMER PREFERENCE FOR AFFORDABLE OFFERINGS CONTINUE</li><li>INNOVATION (NEW PRODUCTS LAUNCHED) DOMINATED BY HEALTH &amp; HYGIENE CATEGORY</li><li>NIELSEN OUTLOOK FOR FMCG INDUSTRY GROWTH FOR 2020 REVISED TO THE RANGE OF -1 TO -3%</li></ul>

Nielsen predicts degrowth in the FMCG sector by 1 to 3% in Q3’20

<keyword id="1325511" type="PERSON" weightage="20" keywordseo="government-consumption">Government consumption</keyword> is expected to continue "pandemic-proofing" of demand, the Reserve Bank said on Tuesday. In its Annual Report 2019-20, the <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> said that when the demands gets stabilised, private consumption is likely to lead the recovery. "Going forward, government consumption is expected to continue pandemic-proofing of demand, and private consumption is expected to lead the recovery when it takes hold, with non-discretionary spending leading the way unt il a durable increase in disposable incomes enables discretionary spending to catch up," it said. An assessment of aggregate demand during the year so far suggests that the shock to consumption is severe, and it will take quite some time to mend and regain the pre-Covid momentum, as per the report. It noted that private consumption has lost its discretionary elements across the board, particularly transport services, hospitality, recreation and cultural activities and behavioural restraints may prevent the normalisation of demand for these activities. The Reserve Bank's survey for the month of July indicates that consumer confidence fell to an all-time low, with a majority of respondents report ing pessimism relating to the general economic situation, employment, inflation and income; however, respondents indicated expectations of recovery for t he year ahead. "Urban consumption demand has suffered a bigger blow - passenger vehicle sales and supply of consumer durables in Q1: 2020-21 have dropped to a fifth and one third, respectively, of their level a year ago; air passenger t raffic has ground to a halt. Rural demand, by contrast, has fared better,a it said. Among underlying indicators, tractor sales picked up by 38.5 per cent in July, spurred by the robust pace of kharif sowing, while the contraction in mot orcycle sales eased in July -- from 35.2 per cent in June to 4.9 per cent in July. The decline in production of consumer non-durables turned positive in June. A fuller recovery in rural demand is, however, being held back by muted wage growth which is still hostage to the migrant crisis and associated employment losses. Initiative under the Pradhan Mantri Garib Kalyan Rojgar Abhiyaan is likely to generate employment in rural areas. Along with increased wages under the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA), they should provide a fillip to rural incomes, said the RBI report. On production activity, RBI noted that Indian agriculture is undergoing a distinct transformation, notwithstanding headwinds. "Going forward, shifting the terms of trade in favour of agriculture is the key to sustaining this dynamic change and generating positive supply responses in agricultural production. Experience shows that in periods when the terms of trade remained favourable to agriculture, annual average growth in agricultural gross value added (GVA) exceeded 3 per cent," the report said. "Hitherto, the main instrument of incentive has been minimum support prices, but the experience has been that price incentives have been costly, inefficient and even distortive. India has now reached a stage in which surplus management has become a major challenge. The priority is to move to pol icy strategies that ensure a sustained increase in farmers' income alongside reasonable food prices for consumers. An efficient domestic supply c hain becomes critical here. As per the report, India's manufacturing has been locked in a structural slowdown for "quite some time". "Reversing this decline warrants a complete rethink. The quality and efficiency of the physical infrastructure, which still significantly lags behind the global median, has to be enhanced to help manufacturing take off," RBI said in the report. "Benchmarking systems and procedures with the best in the world could galvanise growth in the sector, aided by cleaning up of stressed balance sheets of corporates by raising the efficiency of bankruptcy and solvency procedures." In addition, the RBI cited the need to unlock entrepreneurial energies and risk appetite by improving the business environment. "Faster enforcement of contracts, including through expansion of judicial and insolvency capacities, would be a game changer," the report said. "Property registrations can be speeded up from the current 58 days, and a centralised website can provide real time information on all regulatory compliance requirements." "In general, the compliance burden can be streamlined substantial. The COVID-19 crisis can be converted into an opportunity by using online provision of education and training to implement reforms in the social infrastructure by skill development and reskilling so as to prepare a labour force equipped to keep pace with a big thrust on infrastructure." SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/without-huawei-and-zte-in-india-airtel-and-vodafone-ideas-battle-against-jio-to-become-tougher/articleshow/77734889.cms">Without Huawei and ZTE in India, Airtel and Vodafone-Idea's battle against Jio to become tougher</a> <a href="https://www.businessinsider.in/business/telecom/news/airtel-wants-to-increase-data-prices-to-100-per-gb-sunil-mittal-asks-subscribers-to-prepare-to-pay-a-lot-more/articleshow/77734318.cms">Airtel wants to increase data prices to ₹100 per GB, Sunil Mittal asks subscribers to ‘prepare to pay a lot more’</a> <a href="https://www.businessinsider.in/business/startups/news/india-startup-founders-are-opting-for-money-in-the-bank-instead-of-high-valuations-as-they-look-to-survive-this-pandemic/articleshow/77733965.cms">India's startup founders are opting for money in the bank instead of high valuations as they look to survive this pandemic</a>

Government consumption will continue to 'pandemic-proof' India's demand says RBI

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

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What is Garib Kalyan Rojgar Abhiyan — the ₹50,000 crore which aims to provide jobs to migrant workers in India

BI India Bureau

Haryana to regulate interstate movement for people visiting for more than 72 hours

IANS

New employment scheme to help migrant workers, poor facing challenges due to COVID-19: Shah

PTI

MSMEs to be hurt significantly by economic contraction due to coronavirus: Crisil

IANS

Nielsen predicts degrowth in the FMCG sector by 1 to 3% in Q3’20

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Government consumption will continue to 'pandemic-proof' India's demand says RBI

IANS

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

PTI

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