Prime Minister Shri Narendra Modi today launched the technology platform CHAMPIONS which stands for Creation and Harmonious Application of Modern Processes for Increasing the Output and National Strength. As the name suggests,the portal is basically for making the smaller units big by solving their grievances,encouraging, supporting, helping and handholding.It is a real one-stop-shop solution of MSME Ministry.
Finance Minister Nirmala Sitharaman announced the third tranche of the economic package for agriculture and allied sectors such as fisheries, dairy and animal husbandry. FM in her second press conference further unveiled details of the Rs 20 lakh crore economic package to help the Atmanirbhar Bharat Abhiyan (India’s self-reliant campaign). She said the new initiatives focus on migrant workers, street vendors, small traders, the self-employed and small farmers.
Finance minister Nirmala Sitharaman on Wednesday announced credit guaranteed loans to micro, small and medium enterprises (MSMEs), expected to help about 4.5 million units to get back to business. Announcing the details of the ₹20 trillion fiscal stimulus package, Sitharaman said the collateral free, automatic loans will benefit MSMEs with up to ₹25 crore outstanding loans and ₹100 crore sales.
In an hour-long interview to Cogencis, Das said even though there is an animated discussion on the subject of the central bank monetising the government’s budget deficit amidst the ongoing fight against COVID-19 pandemic, he has not taken a view on the issue.
On April 17th 2020 RBI Governor Shri Shakti Kanta Das announced the second series of measures to give boost to ailing economy by providing relief to various sectors and financial institutions including NBFC. The measures were aimed to (i) maintain adequate liquidity in the system and its constituents in the face of COVID-19 related dislocations; (ii) facilitate and incentivise bank credit flows; (iii) ease financial stress; and (iv) enable the normal functioning of markets.
Things are moving fast with the COVID-19 novel coronavirus. On March 12 WHO declared that the virus is now a pandemic and President Trump announced 30 day ban on all travel from EU to the US. If the virus spread continues the Analysts fear that the Global Economy may slip into recession. If the Economy slips into recession it will slip for two consecutive quarters i.e. six months period. The Supply chains are affected. Various sectors such as Chemical, Pharmaceutical, Service, Transportation, Tourism, Hospitality industry etc will badly impacted. Digital Banking and Online Shopping will increase.
A day after Modi govt began its economy rescue in right earnest with a Rs 1.70 lakh crore coronavirus counter, the Reserve Bank of India joined the big fight today with a host of measures aimed at minimising the damage from Covid-19.
These measures come just hours after Moody’s Investors Service cut India’s growth forecasts for 2020 calendar year to 2.5% from 5.3%. The MPC decided by 4-2 majority to reduce repo rate by 75 basis points to 4.4 per cent. The reverse repo rate was cut by 90 bps to 4 per cent, creating an asymmetrical corridor.
Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman unveiled EASE 3.0, the Public Sector Bank (PSB) Reforms Agenda 2020-21 for smart, tech-enabled banking, and the PSB EASE Reforms Annual Report 2019-20 on February 26, 2020 during an event in New Delhi.
The Union Budget has been structured on the overall theme of “Ease of Living.” The Finance Minister said that the Union Budget Aims: To achieve seamless delivery of services through Digital governance; To improve physical quality of life through National Infrastructure Pipeline; Risk mitigation through Disaster Resilience; Social security through Pension and Insurance penetration.
The budget is woven around three prominent themes:
Aspirational India in which all sections of the society seek better standards of living, with access to health, education and better jobs. Economic development for all, indicated in the Prime Minister’s exhortation of “SabkaSaath, SabkaVikas, SabkaVishwas”. Caring Society that is both humane and compassionate, where Antyodaya is an article of faith.
The three broad themes are held together by
Corruption free – policy-driven good governance
Clean and sound financial sector.
The three components of Aspirational India are- a) Agriculture, Irrigation and Rural Development , b) Wellness, Water and Sanitation and c) Education and Skills
To boost liquidity in the market, the government has cleared dues worth more than 60% of 32 CPSEs in the last two months.
Smt. Nirmala Sitharaman, Union Minister for Finance & Corporate Affairs, held a press conference on the measures taken to boost economy. Chief Economic Adviser K. Subramanian, gave a presentation on Major Interventions to Boost Economy.Rs 20kcr proposals likely to get nod in 2 weeks; FM promises support to any sector that needs help. Finance minister Nirmala Sitharaman promised support to any other sector that may need help following a finance ministry presentation on ‘Major Interventions to Boost the Economy’ in the Capital on Friday.