BUSINESS
Atmanirbhar Bharat Rozgar Yojana extended till March 2022
The scheme was so far valid till June 30, 2021. With an approved outlay of Rs 22,810 crore, the scheme entails subsidy for two years to new employees drawing monthly wages of less than Rs 15,000. The government would subsidise both employers' and employees' share of provident fund (PF) contribution, amounting to 24 per cent of wages for establishment having strength of up to 1,000 employees.
Govt to give tourist visa free of charge to 5 lakh travellers
As part of the financial relief package for the travel industry, finance minister Sitharaman announced that once visa issuance is restarted, the first 5 lakh tourists' visas will be issued free of charge. She said that this has been one of the demands of the travel industry which the government has accepted. The financial implication of the move is expected in the range of Rs 100 crore.
ECLGS gets additional Rs 1.5 lakh cr
Accordingly, overall cap of admissible guarantee under the scheme has been raised from Rs 3 lakh crore announced in May 2020 to Rs 4.5 lakh crore now. The ECGLS was launched in May 2020 as part of Atmanirbhar Bharat package. So far in three packages, credit disbursal of Rs 2.69 lakh crore has already been given to 1.1 crore units by banks and NBFCs.
Stock Talk: Top 5 paint companies stocks on market today
India is the hub of top-quality paints, and the leading paint companies are based in this country. Some of the brands originate from western countries; they manufacture Indian style paint for the population.
Dr Reddy's announces commercial launch of 2-DG
2-DG manufactured by Dr. Reddy's has a purity of 99.5% and is being sold commercially under the brand name 2DG, the Hyderabad-based pharma major said. The maximum retail price (MRP) of each sachet has been fixed at Rs. 990,with a subsidized rate offered to government institutions. Enquiries for 2DGTMcan be sent to [email protected].
FM announces Rs 1.1 L cr loan guarantee scheme for Covid affected sectors
The scheme would include Rs 50,000 crore loan to the health sector aimed at scaling medical infrastructure targeting underserved areas. The scheme would entail guarantee cover for expansion and new projects related to health and medical infrastructure in cities other than eight metropolitan cities. For aspirational districts, the guarantee cover would be 75 per cent for both new projects and expansion.
In major Covid relief, Centre's monetary support for several sectors
Accordingly, Finance Minister Nirmala Sitharaman announced these measures here. The schemes entail enhancement of existing relief measure such as ECGLS and support for state governments. Besides, a total four new measures were announced to provide loans to micro finance credit users as well as tourism industry.
Robust earnings growth seen in mid, small-cap space over FY21-23
"Given the significant loss pools in the small and midcap indices, earnings growth expectations over FY21 -23 are steep and not comparable to the NIFTY50 growth," said an ICICI Securities report. However, removing the loss to profit companies the growth expectations of mid and small caps appear stronger than Nifty50 especially in FY23, it added.
GoM may consider privatisation of IOB, Central Bank this year
Sources said that the high level panel of secretaries met in the middle of last week to thrash out the regulatory and administrative issues concerning the PSU bank privatisation and have identified banks that would be put up disinvestment. The panel will now send the names of the shortlisted PSU banks to the group of ministers on disinvestment or Alternative Mechanism (AM) for approval.
slice raises $20mn to challenge credit card industry in India
slice has raised this amount from existing investors Gunosy, Blume Ventures among others. "The banking industry in India has always viewed credit cards as a loan product rather than a high frequency payment instrument. Therefore, banks' main focus is to optimise the fees related to credit cards and there are portfolio teams to increase the loan book," Rajan Bajaj, Founder & CEO, slice, said in a statement.
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