Page 38 - Msmes

Govt exploring new lending institutions to help small-scale units: Gadkari

Nitin Gadkari requested all the stakeholders to work in tandem and urged the industry to maintain a positive attitude to tide over this crisis

Top biz headlines: ATMs to become virtual bank branches, Airtel deal & more

Here are the top 10 headlines on Tuesday morning

Delhi govt asks departments not to issue global tenders up to Rs 200 cr

In an order, the Delhi Finance Department forwarded the Central government's amendment for "information and necessary action"

Bank of Maharashtra sanctioned Rs 2,789 cr in loans to MSMEs in 3 months

The bank said it was now gearing up to extend the stimulus package announced by Finance Minister Nirmala Sitharaman to restart business activities

Industry asks for more

But the government's economic package has a lot going for India's private sector

We are sitting on some cash to take advantage of volatility: J Jaipuria

We are currently seeing a triple shock - medical shock and consequent supply shock and demand shock. Finding a medical solution to Covid-19 is going to determine the shape of the markets

Cement being bought mostly in villages, tier-II cities: Shree Cement MD

H M Bangur expects demand to return once Covid-19 cases subside and the stimulus package ensures a robust supply side

Who will monitor the stimulus schemes?

There is a serious need for an independent mechanism to continuously monitor the performance of the programmes and their efficacy

Defence more aggravated than other sectors amid coronavirus: Rajnath Singh

The Minister was addressing, via video conference, MSMEs E-conclave, jointly organised by SIDM, Confederation of Indian Industry (CII) and Department of Defence Production

Poor, farm sector likely to be FM Nirmala Sitharaman's next focus

Some of the sectors which have been worst affected by the pandemic and the lockdown include hospitality, tourism, aviation, logistics, e-commerce, automobiles, manufacturing and others

India faces economic catastrophe, PMO can't handle it by itself: Rajan

Says PMO can't tackle crisis on its own, must consult opposition talent; questions the way some states propose to suspend labour laws and Centre's micro-management of states to undertake reforms

Between a stimulus package and a hard place

So, while we have achieved some success on the health front, are the steps taken to revive the economy adequate?

MSMEs to get loans at 9.25% under Centre's Rs 3-trillion package

100 per cent guarantee coverage will be provided by National Credit Guarantee Trustee Company (NCGTC) for additional funding of up to Rs 3 trillion to eligible MSMEs and interested MUDRA borrowers

Interest rates charged by banks capped at 9.25% under MSME package

Interest rate ceiling for NBFCs loan at 12%; caps are much lower than the normal interest rates charged by these lenders

I've to be careful, am answerable to Parliament: FM Nirmala Sitharaman

Nirmala Sitharaman tells Indivjal Dhasmana & Nivedita Mookerji that the government has made sure that mistakes committed during 2008-2013 are not repeated while announcing the Rs 20-trillion package.

Covid-19 woes: Exodus of skilled migrant labourers badly hits MSMEs in Pune

Many of the workers had taken payments of March and April and still they had left for their homes

Economic package won't fully offset negative impact of Covid-19: Moody's

While these measures will help ease asset risks for the financial sector, they will not fully offset the negative impact from the coronavirus outbreak, Moody's said

BSE, NSE slash listing fee for SMEs by 25% amid Covid-19 crisis

The fee rebate has been declared following Finance Minister Nirmala Sitharaman's several announcements to rescue the ailing MSME sector

The stimulus that wasn't

The bulk of Ms Sitharaman's proposals addressed supply problems, with only occasional and cursory references to demand, mostly as an afterthought

Unemployment rate remains at 24%, but hard times ahead for labour

The small relaxations in the lockdown since April 20 have not had any positive impact on the unemployment rate, yet