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The Hindu

28 Jun, 10 tweets, 6 min read

@tragicosmicomic

Just in: "Today, we announce some relief measures. There are about 8 such measures being announced in the category of relief, four of which are absolutely new. One item is specific to health infrastructure," said Finance Minister #NirmalaSitharaman. | reports @tragicosmicomic

@tragicosmicomic

@tragicosmicomic Ms. Sitharaman said, "There are 8 other items that pertain to growth in general, exports and employment, and in that, 6 are totally new." - via @tragicosmicomic

@tragicosmicomic

@tragicosmicomic "A Rs. 1.1 lakh crore guarantee for COVID-affected sectors, and in that, health sector with Rs. 50,000 crore cover receives attention for scaling up #medical infrastructure," she said. | @tragicosmicomic

@tragicosmicomic

@tragicosmicomic "Other than 8 metropolitan cities, the health and medical infrastructure in all other areas will be looked at. Here, the guarantee coverage will be for totally new projects (upto 75%) and projects underway (upto 50%)," the Finance Minister said. | via @tragicosmicomic

@tragicosmicomic

@tragicosmicomic She said, "A maximum loan of Rs.100 crore will be given with a capped interest rate of 7.95% and guarantee provided for three years. Without a guarantee, it would have cost 9-10%." | reports @tragicosmicomic

@tragicosmicomic

@tragicosmicomic "For other sectors, the interest cap is 8.25% with the same conditions," Ms. Sitharaman said.

As they progress, we will evolve the description and coverage of the scheme as their needs evolve, she added.

- @tragicosmicomic

@tragicosmicomic

@tragicosmicomic Finance Minister #NirmalaSitharaman said, "An additional Rs. 1.5 lakh crore has been granted under the Emergency Credit Line Guarantee Scheme, which was announced last year. This will be over and above the existing Rs 3 lakh crore corpus of the scheme." - reports @tragicosmicomic

@tragicosmicomic

@tragicosmicomic "A new scheme is being launched to facilitate loans through micro-finance institutions. We aim to reach out to 25 lakh smallest borrowers from MFIs and would give them a maximum loan of ₹1.25 lakh and the rate will be at least 2% below the maximum rate prescribed by the RBI."

@tragicosmicomic

@tragicosmicomic The focus of this new credit guarantee scheme will be on new lending, not existing loans. This scheme will be in place till March 31, 2022 or upto the exhaustion of the Rs. 7,500 guarantee being extended under the scheme. - reports @tragicosmicomic

@tragicosmicomic

@tragicosmicomic Read here for more updates on the relief measures announced by Union Finance Minister #NirmalaSitharaman to boost health infrastructure and exports among others:
thehindu.com/business/nirma…

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3 Jun

@tragicosmicomic

Just in: India’s Services exports grew by 6.44% in May 2021 to $17.85 billion, while Services imports grew just 0.3% to $10 billion, as per initial estimates, Commerce Secretary Anup Wadhawan said on Thursday. | reports @tragicosmicomic

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@tragicosmicomic Services trade has consequently recorded a 15.4% higher surplus in May 2021 over May 2020, he said. - reports @tragicosmicomic

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@tragicosmicomic With merchandise exports rising 67% over last year as well as 8% over the pre-pandemic month of May 2019, Mr. Wadhawan said that there is a comprehensive recovery in India’s #exports over April and May. | via @tragicosmicomic

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The Hindu

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2 Jun

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Taking on former Finance Minister #PChidambaram’s criticism of the state of the economy, Union Minister of State for Finance Anurag Thakur said that India’s economy is resilient and will rebound in the times ahead. via @tragicosmicomic

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The Hindu

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1 Jun

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