Page 4 - Financial Aid

India to give financial aid to firms for setting up semiconductor fabs: PM

Technology firms will be given 50 per cent financial assistance for setting up semiconductor manufacturing facility the country, Prime Minister Narendra Modi said on Friday, as he announced that his government has rolled out the red carpet for semiconductor industries. Speaking after inaugurating Semicon India 2023 conference in Gandhinagar, Modi said India is establishing an entire ecosystem for the semiconductor industry to grow in the country. We were offering incentives as part of the Semicon India programme. It has been increased, and now technology firms will get 50 per cent financial assistance to set up semiconductor manufacturing facilities in India, Modi said. The semiconductor industry will witness exponential growth in India, Modi said. A year ago, people used to ask why should they invest in the Indian semiconductor sector. Now they ask why not invest in India, he added. India is becoming a grand conductor for investments in the semiconductor sector, Modi said. The

Odisha CM announces Rs 56 cr incentives for kendu leaf pluckers, binders

Odisha Chief Minister Naveen Patnaik has announced Rs 56-crore financial assistance for over 8 lakh kendu leaf puckers and others engaged in such a trade. In the third phase of the 2022 crop year, a 25 per cent bonus will be given to 7.75 lakh kendu leaf pluckers and a 5 per cent incentive to 40,000 binders and temporary workers, according to a release issued by the Chief Ministers' Office on Wednesday. A total amount of Rs 56.23 crore will be given to the kendu leaf workers, it said. In the first phase of the 2022 crop year, Rs 1,000 was given to each kendu leaf plucker, and Rs 1,500 to each binder and temporary worker, the CMO release said, adding that Rs 83.34 crore of financial assistance was provided then. Similarly, in the second tranche, Rs 1,000 was given to each kendu leaf plucker along with Rs 200 for water bottles and Rs 160 for chappals. During this phase, binders and temporary workers were given Rs 1,500 each, and thus the total financial aid was Rs 111.21 crore, the .

Delhi govt to give financial aid of Rs 10,000 to flood-hit families

Chief Minister Arvind Kejriwal on Sunday announced the Delhi government will provide a financial aid of Rs 10,000 each to the flood-affected families. Taking to Twitter, he said many poor families living along the Yamuna banks have lost their homes in the floods and some have lost all their belongings. "A financial aid of Rs 10,000 will be provided to each family affected by the floods," Kejriwal said.

Cash-strapped Pakistan assures IMF of $8 bn external payments: Report

Cash-strapped Pakistan has provided the IMF with a financing plan for external payments, in which it has informed the global lender that it will arrange USD 8 billion for the purpose instead of USD 6 billion, according to a media report on Saturday. The Pakistan government and the International Monetary Fund (IMF) reached a long-awaited staff-level agreement on June 29 to inject USD 3 billion Standby Arrangement (SBA) into the ailing economy after months-long negotiations that pushed the country to the brink of default. The Executive Board of the IMF will meet on July 12 to review the SBA for Pakistan According to sources in the finance ministry, the IMF had asked Pakistan for assurances of USD 6 billion for external payments, The Express Tribune newspaper reported. However, the sources added that Pakistan had given the IMF assurances of USD 8 billion for external payments. The sources said China would provide USD 3.5 billion to Pakistan of which Islamabad would keep USD 2 billion

Kin of AP blast victims seek compensation from pharmaceutical company

Relatives of two persons who died in an explosion at a pharma company in Anakapalli district are demanding compensation from the employer. The duo succumbed to chemical burns they suffered in the blast at Sahiti Pharma company, while undergoing treatment at a hospital in Visakhapatnam on Friday evening. "Around 30 relatives of the deceased persons are at the company now. They are demanding compensation from the company side," a police official said on Saturday. The government has announced ex-gratia of Rs 25 lakh lakh each for the deceased persons. Meanwhile, four injured persons were shifted from KGH Hospital to Indus Hospital for better treatment, said Anakapalli district superintendent of police K. V. Murali Krishna, adding that one person continues to undergoing ICU treatment at KGH Hospital. The company officials are in touch with the family members of the injured persons to provide support for their treatment. Further, he said the company has insured its employees and there

Ukraine to receive $1.5 bn from World Bank to support reconstruction

Ukraine is rebuilding schools, hospitals, roads and bridges and implementing repairs in the energy sector despite continued fighting in the south and east of the country

Pakistan clinches initial approval from IMF for $3 bn loan programme

The staff-level agreement is subject to approval by the IMF Executive Board, with its consideration expected by mid-July, the Washington-based lender said in a statement

IMF deal expected in next 24 hours: Pakistan Finance Minister Ishaq Dar

The agreement, which would be subject to approval by the IMF board, has faced an eight-month delay

Mizoram seeks Rs 5 cr aid for relief to displaced people from Manipur

The Mizoram government has sought Rs 5 crore assistance from the Centre to provide immediate relief to people who have taken shelter in the state from violence-hit Manipur, a senior official said on Tuesday. People from Manipur, affected by ethnic conflict, continued to flock to Mizoram, and the number rose to 8,282 till Monday, state home department commissioner and secretary H Lalengmawia said. "A letter seeking monetary assistance of Rs 5 crore as immediate relief for the internally displaced people was sent to the Ministry of Home Affairs last week. We are hopeful that the Centre will provide the assistance as the displaced people are none other than Indian citizens," the state home secretary told PTI. Notably, Union Home Minister Amit Shah is on a four-day visit to strife-torn Manipur. The majority of the displaced people are lodged at temporary shelters in several villages, while many are residing at their relatives' residences, Lalengmawia said. According to the Mizoram hom

India extends $1 billion credit line to Sri Lanka by another year

India on Tuesday extended its USD 1 billion credit line to Sri Lanka by another year to help the island nation hit hard by an unprecedented economic crisis procure much-needed food, medicine and other essential items. An agreement was signed between the State Bank of India (SBI) and the Sri Lankan government for USD 1 billion credit facility in March last year. India extended the credit line to Sri Lanka at the height of the country's economic crisis. "India reaffirms its commitment to the people of Sri Lanka. The Amendment Agreement signed in presence of Hon.Minister @ShehanSema today will enable Sri Lanka to use the USD 1 billion Indian credit facility for the procurement of medicine, food, and other essentials for one more year," the Indian High Commission in Sri Lanka tweeted. "Beyond the original duration, that is, till March 2024. The facility was extended by India through @TheOfficialSBI in response to a specific request from GOSL and forms a part of the multi-pronged ...

Union Minister slams Kerala FM over his claims on financial grants

Muraleedharan pointed out that according to the RBI figures, in the country, Kerala is there in the list of five states which have the highest debts in the country

Ports & shipping ministry to give financial aid to promoting green shipping

The Ministry of Ports, Shipping and Waterways (MoPSW) on Monday announced that it will provide 30 per cent financial support for the promotion of green shipping and a single-window portal will be developed to facilitate and monitor river and sea cruises. Ports, Shipping and Waterways Minister Sarbananda Sonowal made five major announcements, focusing on green shipping and digitisation of the ports at the end of the ministry's second Chintan Shibir held in Munnar, Kerala. "The Panch Karma Sankalp' includes--- MoPSW to provide 30 per cent financial support for the promotion of Green Shipping; Deendayal Port and VO Chidambaranar Port, Tuticorin to be developed as Green Hydrogen Hub Jawaharlal Nehru Port and VO Chidambaranar Port, Tuticorin to become smart port by next year," an official statement said. The ministry on Sunday started its Chintan Shivir in Munnar, Kerala, to determine the targets and deliberate upon the ideas of making India Atmanirbhar in maritime. According to the ...

Telecom industry's financial health needs to improve: Bharti Enterprises

The telecom industry's financial health needs to improve if India's dream of digital connectivity across the country has to be fulfilled, Bharti Enterprises Vice-Chairman Akhil Gupta said on Tuesday. Very poor return on capital is a big hindrance in telecom development in India today and unless it changes, investments will dry up at some point or the other, he said while speaking at the Times Network India Digital Fest here. However, due to competitive reasons increasing average revenue per user (ARPU) has been difficult and the industry players need to work together so that the ARPU goes up to Rs 300 in a phased manner in the next few years. "The big hindrance in telecom development in India today is the very poor return on capital, which this industry has, and at some point in time, that will have to change because otherwise, the investments will dry up at some point or the other," Gupta said. Return on capital is a big hindrance today and that's the reason why "a very big and a

Over 1,000 students benefited from DU's fee waiver scheme so far: Official

More than a thousand students from poor financial background studying at the Delhi University have received the benefit of the varsity's fee waiver scheme so far, an official said on Friday. Eighty per cent of them have received full waiver of their fees, the official told PTI, adding that the benefits amount to more than Rs 1 crore. The DU announced the fee-waiver scheme in November last year. The waiver includes all components of the fees paid by the students barring those for examination and hostel. Under the Financial Support Scheme (FSS) launched by the University of Delhi, so far more than 1,009 needy students have received benefits of about Rs 1 crore, DU's Dean of Students Welfare Pankaj Arora told PTI. The Dean of the Students Welfare Office collected the necessary data from the deserving candidates. Around 1,700 applications were received for the scheme for financially weak students, an official said on Friday. "After due verification, which includes the home visit of th

NBFC Moneyboxx Finance secures Rs 20 cr term loan from Maanaveeya

NBFC Moneyboxx Finance on Friday said it has secured a Rs 20 crore term loan from Maanaveeya Development & Finance, and the funds will be used for onward lending to micro entrepreneurs. Maanaveeya is an Indian subsidiary of Oikocredit. Moneyboxx is supported by 24 lenders, including SBI, IDFC First Bank, DCB Bank, AU SFB, and has raised cumulative debt of close to Rs 400 crore. With planned equity raise and continuous support from lenders and co-lending partnerships, the company is targeting asset under management (AUM) of Rs 1,000 crore by 2023-24 from current AUM of Rs 290 crore as of February 2023, it said in a release. "The loan from Maanaveeya will help boost our efforts in fostering financial inclusion by addressing the unmet and growing need for credit in the Rs 1-10 lakh small business loan segment," said Deepak Aggarwal, Co-Founder, Moneyboxx. The BSE-listed NBFC focuses on impact financing by providing business loans to micro entrepreneurs in Tier-III cities and below. .

Credit Suisse gets lifeline of $54 bn. Now it's time to win back clients

The bank has consistently said it has sufficient liquidity, a position the backstop only strengthens

Credit Suisse shares soar by 30% after Swiss central bank aid announced

Credit Suisse's shares soared 30 per cent on Thursday after it announced it will move to shore up its finances by borrowing up to nearly USD 54 billion from the Swiss central bank, bolstering confidence as fears about the banking system moved from the US to Europe. It was a massive swing from a day earlier, when shares of Switzerland's second-largest commercial bank plunged 30 per cent on the SIX stock exchange after its biggest shareholder said it would not put more money into the Swiss lender. That dragged down other European banks after the collapse of some US banks stirred fears about the health of the global banks. Credit Suisse, which was beset by problems long before the US bank failures, said Thursday that it would exercise an option to borrow up to 50 billion francs (USD 53.7 billion) from the central bank. This additional liquidity would support Credit Suisse's core businesses and clients as Credit Suisse takes the necessary steps to create a simpler and more focused bank

No evidence of fraud so far in weapons to Ukraine, says Pentagon IG

The Pentagon's inspector general said on Tuesday that to date his office has found no evidence that some of the billions of dollars in weapons and aid to Ukraine has been lost to corruption or diverted into the wrong hands, but cautioned that those investigations are only in their early stages. Keeping military aid to Ukraine protected from waste or fraud has become a critical part of keeping continued support for Ukraine intact in Congress, where some lawmakers have already begun to question why the US is spending so much to help Kyiv. Robert P. Storch was pressed by Congress members several times about any fraud findings. He said that a number of tips and allegations have come in to a new hotline, but that there have been limited findings to date, with many reports pending. Storch, who was testifying with other Pentagon leaders before the House Armed Services Committee, repeatedly said he did not want to talk about investigations that have not yet been completed. Rep. Mike Rogers

Assam govt launches 'Orunodoi 2.0', scheme to benefit over 1 mn people

Assam Chief Minister Himanta Biswa Sarma launched the second version of 'Orunodoi', the flagship scheme of the state government aimed at providing financial security to disadvantaged families

Ukraine gets $1.5 bn in grant aid from US to counter war's economic impacts

The World Bank has mobilised close to $17.8 billion in emergency financing to support Ukraine amid the economic impacts of the Russia-Ukraine conflict, according to the bank's website