Union Finance Minister Nirmala Sitharaman on Saturday said that the Rs 100 crore credit guarantee scheme for MSMEs which was announced in the budget this year will soon be placed before the Union Cabinet for approval.
Highlighting the five announcements made in this budget for MSMEs she said, "the introduction of a special credit guarantee corpus to help MSMEs will be very helpful during the time of distress...."
"The Rs 100 crore credit guarantee scheme will soon be placed before the cabinet. Immediately after getting approval from cabinet, the scheme that will provide guarantee through MSME ministry and banks will be implemented," the Union Finance Minister said, while attending the National MSME Cluster Outreach Programme here.
"The grievance, which has been there for a very long time, is that the MSMEs can get working capital from banks but they don't get term loans, loans for plant and machinery. Now the guarantee will be provided under the scheme," she explained.
Further stat

Nirmala Sitharaman, Nirmala

India's export of fuels like diesel to the European Union jumped 58 per cent in the first three quarters of 2024, with a bulk of them likely coming from refining discounted Russian oil, according to a monthly tracker report.
The EU/G7 countries in December 2022 introduced a price cap and an embargo on the imports of Russian crude oil in a bid to cripple Kremlin's revenue and create a vacuum in its funding for the invasion of Ukraine.
However, a lack of a policy on refined oil produced from Russian crude meant that countries not imposing sanctions could import large volumes of Russian crude, refine them into oil products and legally export them to the price-cap coalition countries.
India has become the second biggest buyer of Russian crude oil since the invasion, with purchases rising from less than one per cent of the total oil imported in the pre-Ukraine war period to almost 40 per cent of the country's total oil purchases.
The rise was primarily because Russian crude oil was ...

India imported crude oil worth $14.7 billion from Russia in the June quarter (Q1), according to government data. This was 25 per cent more than the same period last year, with higher availability and India's growing appetite for Russian crude vis-à-v

The exodus of foreign investments from Indian equity markets continued unabated, with FPIs pulling out nearly Rs 20,000 crore in the last five trading sessions on higher valuations of domestic stocks and shifting their allocation to China.
As a result, foreign portfolio investors (FPIs) have turned net sellers in the equity market, with total outflows reaching Rs 13,401 crore for 2024 so far.
Going ahead, the FPI selling trend is likely to continue in the near term till data indicate the possibility of a trend reversal. If the Q3 results and leading indicators reflect a recovery in earnings, the scenario can change with FPIs reducing selling and even turning buyers. Investors will have to wait and watch for the data, VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said.
With the newly elected US president not assuming office until January 2025, the Indian market's near-term direction will be more influenced by domestic factors like the Maharashtra assembly ..

FPI, Foreign portfolio investment

State-owned NHPC on Thursday reported a 37 per cent fall in consolidated net profit to Rs 1,069.28 crore in the September quarter compared to the year-ago period due to exceptional expenses.
It had posted a Rs 1,693.26 crore net profit for the period ended September 2023, the company said in an exchange filing.
The company's total income increased to Rs 3,402.09 crore from Rs 3,113.82 crore in the second quarter of 2023-24.
Expenses increased to Rs 1,831.08 crore in the second quarter of FY25 from Rs 1,573.54 crore in the year-ago quarter.
According to the company filing, NHPC paid interest on contractor claims settled under the Vivad se Vishwas Il, Scheme (Contractual Disputes) of the government during the quarter and half year ended September 30, 2024 amounting to
Rs 203.12 crore and Rs 350.03 crore, respectively.

NHPC, Hydro power

In a significant move, an Indian delegation met Afghanistan's acting Defence Minister Mullah Mohammad Yaqoob and offered the use of Chabahar Port in Iran to businesses in his country, and also discussed extending humanitarian assistance to Kabul.
The delegation was led by J P Singh, the Joint Secretary of the Pakistan-Afghanistan-Iran division in the External Affairs Ministry.
During a weekly media briefing here, External Affairs Ministry spokesman Randhir Jaiswal said that apart from Mohammad Yaqoob, the delegation also met with former President Hamid Karzai and other senior ministers, along with the heads of UN agencies.
"They had discussions on India's humanitarian assistance, also how the Chabahar Port can be utilised by the business community in Afghanistan for transactions and for export and import and any other thing that they would like to do," Jaiswal said in response to a question.
India does not recognise the Taliban regime that has been ruling Afghanistan since 2021.
I

chabahar port

Setback for Vedanta, Vi, Adani Enterprises, Canon, and 104 others

Supreme Court, SC

BJP MP Dhananjay Mahadik has kicked up a controversy by allegedly warning women who received Rs 1,500 under the Mahayuti government 'Majhi Ladki Bahin' scheme against attending rallies of the Congress party.
The Majhi Ladki Bahin has been one of the major initiatives of the BJP-led Mahayuti this election year. In its manifesto for the November 20 state polls, the ruling alliance has promised to increase the aid to Rs 2,100 from Rs 1,500 if it is voted to power.
The Kolhapur district collector, who is the district election officer, has issued a show cause notice to Mahadik for his statement under section 179 of BNS for violating the model code of conduct.
Addressing a campaign rally here on Saturday, Mahadik said, "If you spot women who received Rs 1,500 under the Ladki Bahin Yojana in Congress rallies, take their photographs, and we will see them. Taking aid from our government and praising others will not be allowed."
The Rajya Sabha MP drew flak from the opposition Maha Vikas Agh

Congress BJP flags

A Junior Commissioned Officer (JCO) of the Army's special forces laid down his life on Sunday, while three more soldiers were injured in a gunfight with terrorists in a remote forest area in Jammu and Kashmir's Kishtwar district, officials said.
The operation comes amid an intensified hunt underway since the killing of two Village Defence Guards (VDGs) recently.
The Army identified the fallen hero as Naib Subedar Rakesh Kumar of 2 Para and saluted his supreme sacrifice.
The encounter broke out around 11 am when joint search parties of the Army and police intercepted the terrorists in the Keshwan forest, a few kilometres from the spot where the bullet-riddled bodies of VDGs Nazir Ahmad and Kuldeep Kumar were found.
A massive search operation was launched in the forests of Kuntwara and Keshwan on Thursday evening after the terrorists abducted and killed the VDGs.
The Army's Jammu-based White Knight Corps said in a post on X, "Based on specific intelligence input regarding the presen

Terrorist attack, Terrorism, Kathua Terrorist attack, Army, Indian Army

Prime Minister Narendra Modi on Sunday attacked the Congress, accusing that its 'shahi parivar' (royal family) is hell-bent on breaking the ST-SC-OBC unity to "snatch reservations under an evil design".
Addressing an election rally at Gumla, he accused the JMM-led coalition of looting the state's rich resources such as minerals, forest, sand and coal, putting 'Roti-Beti-Mati' (bread, land and daughter) at grave threat. He also accused the ruling dispensation of facilitating illegal immigration.
"The Congress knows that if STs, SCs and OBCs are united, they will pose a threat to the party's existence. This is the reason the Congress 'shahi parivar' is hell-bent on break their unity... They want to snatch reservations.
"The Congress is trying to pit one tribal community against another... Munda against Oraon, Lohra against Kharia, Kharwar against Korwa etc. with an agenda to break the tribal society's strength," he said.
The Congress cannot tolerate tribals in higher posts, which is 

Modi, Narendra Modi

The rating agency's arm said that India's recent consumer price inflation at around 5 per cent was without clear evidence of a trend towards slowing price pressures

Most GCCs in India support critical business goals by using AI, data analytics, robotic process automation, and cloud services

India ranked third globally in terms of funding raised by fintech companies, behind the US and China, the report said

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BJP MP warns Ladki Bahin recipients against Cong rallies; EC sends notice

Army JCO killed, 3 soldiers injured in gunfight with terrorists in J-K

Congress 'shahi parivar' hell-bent on breaking OBC-ST-SC unity: PM Modi

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Govt to decide soon on Rs 100 crore credit guarantee scheme for MSMEs: FM

Russian oil finds way to Europe; India now biggest exporter of fuel to EU

FPIs withdrew around Rs 20,000 cr from equities in last 5 trading sessions

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