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The receptacle of 24 lakhs crores is just a zephyr

Why this topic has sprung up?

From the last 24 ampere-hours, there is a plan going on Self-reliant India” now what it means for India.

On 13 May 2020 FM said

 MSME Areas Neil card

  • Finance Minister Nirmala Sitharaman said that the poor are constantly being helped. He said food grains worth 18 thousand crores were given.
  • Finance Minister Nirmala Sitharaman said that 6 major steps are being taken for MSME. MSME will be given a loan of 3 lakh crore rupees.
  • Finance Minister Nirmala Sitharaman said that principal money will not have to be repaid for one year. 45 lakh MSME units will benefit from this. Those who have not repaid loans will also be given loans.
  • Rs 50,000 cr. equity infusion for MSMEs through Fund of Funds; to be operated through a Mother Fund and few daughter funds; this will help to expand MSME size as well as capacity: Finance Minister Nirmala Sitharaman.
  • Finance Minister Nirmala Sitharaman said that Micro Small and Medium Enterprises (MSME) will be given an automatic loan of Rs. 3 lakh crore without guarantee. This will benefit 45 lakh MSME units.
  • Finance Minister Nirmala Sitharaman said that small and medium industries will be able to take 20% of the outstanding loans through banks and non-banking financial institutions under the emergency credit line.
  • A provision of 20 thousand crores has been made. This will benefit 2 lakh cottage industries. In this, the NPA and the stressed MSME will be benefited. Those MSMEs doing well, who want to expand, will be able to make a profit of 50 thousand crores through Funds of Fund.

MSME receive another vulgar alleviation 

  • Nirmala Sitharaman said that the definition of MSME has been changed. Investment limit is being increased.
  • Now the unit with an investment of 1 crore rupees will also be considered as micro. Similarly, a production-based industry with an investment of 10 crores and a turnover of 50 crores will be considered as small scale industry.
  • Tenders up to 200 crores will not be global tender in government procurement. This will help MSME to do business with enthusiasm.
  • Also, it will help them to increase Make in India. E-market links will be made available to MSME. In the next 45 days, all the outstanding bills of MSME government undertakings and the government will be cleared.

For Urban Poor…

  • Finance Minister Nirmala Sitharaman has also announced for the urban poor.
  • He said that the states were allowed to spend from the State Disaster Management Fund.
  • The central government gave Rs 11002 crore to the states to strengthen the SDRF.
  • Shelters were made with this, in which three meals were made available.
  • 12 thousand self-help groups produced 30 million masks and 1.20 lakh litres of sanitizer. Since March 15, 7200 thousand new self-help groups were formed.

Migrant labourer.

Regarding MNREGA, Finance Minister Nirmala Sitharaman said that 14.62 crore working days work has been made available till May 13, 2020. 10 thousand crores have been spent. 40 to 50 per cent more people were given work than last year. The remuneration paid has been increased to Rs 202 from 185 as compared to last year.

Obvious support for the Migrant workers… 

  • Finance Minister Nirmala Sitharaman said that migrant labourers will get free food grains for the next two months. Those without cards will be given five kg ration.
  • Finance Minister Nirmala Sitharaman said that the welfare of workers is at the top of our agenda. The minimum wage currently only applies to 30% of workers. We want to execute it for everyone.
  • Finance Minister Nirmala Sitharaman said that they will develop affordable rental housing complex for the migrant labourers in the cities at affordable prices. 
  • You will be able to get a house on rent at the place of work. Can be brought under the Prime Minister Housing Scheme. If industrialists build such houses, they will be given the benefit.

Under the Mudra Shishu Loan Yojana, people taking loans up to 50 thousand rupees will be assisted in interest. These people were given a discount on EMI payments for 3 months. After this, 2 per cent interest subsidy will be given on their EMI for the next 12 months. It is expected to benefit about 3 crore people.

Street Hucksters

  1. Sitharaman said that a loan of Rs 5000 crore will be arranged to 50 lakh street vendors.
  2. This plan will be launched in a month. Every street vendor will get a loan of 10 thousand

Finance Minister Nirmala Sitharaman said that the government has started a plan of Rs 10,000 crore for Micro Food Enterprises (MFE). This scheme will strengthen the PM’s ‘Vocal for Local’ campaign?

Fish production.

  1. Finance Minister Nirmala Sitharaman said that the government has started the scheme of Rs 20,000 crore Pradhan Mantri Sampada Yojana topromote marine and inland fisheries.
  2. 55 lakh people are expected to get employment from this scheme.

Dairy industry.

Nirmala Sitharaman said that Rs 15,000 crore animal husbandry infrastructure expansion fund will be started. This will help people connected with animal husbandry.

Finance Minister Nirmala Sitharaman said that 500 crore rupees will be spent on beekeeping. This will help more than two lakh beekeepers.

To promote online education in the field of education, the government today announced the One Nation One Digital Platform. Finance Minister said that Swayam Prabha was the first 3 in DTH channel, 12 more new channels are being added to it. Work is also being done so that live interactive channels can be added. States have been requested to provide 4-hour content, which can be shown on live channels. 200 new textbooks were added to the e-school. 100 universities of the country will start online courses by May 30.

The Finance Minister had announced an economic package of 1.70 lakh crore rupees under the Pradhan Mantri Garib Kalyan Yojana, with which other allanas were merged, then they were declared worth 1 lakh 92 thousand 800 crores. Apart from these, a total of Rs 8, 01,603 crore of cash has come into the system due to the steps already taken by the Reserve Bank of India. In this way, if all the steps taken by the government are combined, then this total relief package sits at 20 lakh 97 thousand 53 crores which were announced by Prime Minister Narendra Modi. 

However, Moody’s Investors Service, the world’s leading rating agency, feels that the negative impact of Kovid-19 will not be completely eliminated by this economic package. At the same time, American brokerage company Goldman Sachs believes that the Indian economy will decline by five per cent during the current financial year. This will be India’s worst performance of a year.

What did Moody’s say?

  • Moody’s Investors Service said that the recently announced economic package of Rs 20 lakh by the government will reduce the risk of assets for financial institutions, but the negative impact of Kovid-19 will not be completely eliminated.
  • Moody’s said, “Government measures will help reduce the risk of assets to the financial sector, but they will not be able to completely overcome the negative effects of the coronavirus epidemic.”

Regarding the MSME package, the rating agency said that the area was under stress even before the outbreak of the Coronavirus and cash woes would increase as economic growth slowed. At the same time, in the comments regarding the measures of non-banking companies, Moody’s said that this help is much less than the immediate needs of these companies.

The economy will decline by 5%

According to US brokerage firm Goldman Sachs, India’s performance on the economic front will be the worst in any one year. India’s gross domestic product (GDP) may fall by 45 per cent in the first quarter (April-June) compared to the fourth quarter (January-March) quarter of the previous financial year. This situation has arisen due to continuous shutdown of economic activities due to lockdown.

Rating agency Fitch Solutions said the economic stimulus package Kovid bucks to tide over the crisis -19 20.97 million announced by the government is not able to meet the immediate concerns.

According to Fitch Solutions, the actual fiscal stimulus given under the package is only one per cent of GDP, while it has been claimed that it is 10 per cent of GDP. Let me tell you that many agencies are forecasting a decline in the Indian economy. Even after the Prime Minister has given a package of 20 lakh crore rupees, he is likely to fall.

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