BUSINESS
Post 2nd wave mayhem, government enhances funds for health infra
Accordingly, Finance Minister Nirmala Sitharaman announced an additional outlay of Rs 23,220 crore for public health. Addressing the media, Sitharaman said that the new scheme would be focused on short-term emergency preparedness with special emphasis on children and paediatric care and paediatric beds.
Domestic tractor volumes expected to grow 1-4% YoY in FY22: ICRA
"Even as uncertainty with regard to the evolution of the pandemic exists, the underlying demand drivers for the industry remain intact. Expectations of healthy rabi cash flows, continuation of various Government support programmes, healthy financing availability and a normal monsoon forecast, are likely to aid farm sentiments," the agency said.
NCLT grills IDBI Bank over settlement with Siva Industries: Report
The bench last week questioned the alacrity being shown by the lead lender IDBI Bank as CBI has charged C Sivsasankaran in a loan fraud case of IDBI Bank. The bench also asked the bank consortium in what capacity did the proposer give the settlement plan and the "real intent" behind the one-time settlement offer.
Covid relief: Measures worth over Rs 6 lakh cr announced
Accordingly, Finance Minister Nirmala Sitharaman announced eight relief measures worth Rs 6,28,993 crore. These measures entail enhancement of existing relief schemes such as ECGLS and support for state governments. Besides, a total of four new measures were announced to provide loans to micro credit borrowers as well as tourism industry.
Govt extends PLI for large-scale electronics manufacturing till FY26
The participating companies will get the option of choosing any five years for meeting their production targets under the scheme. Further, investments made in 2020-21 will continue to be covered. The scheme provides incentive of 6 per cent to 4 per cent on incremental sales of goods under target segments that are manufactured in India, for a period of five years.
Vedanta rolls out scheme for MSMEs under 'Saathi' programme
Under the company's Vedanta Saathi programme, MSMEs can avail a discount of Rs 500 per tonne on the first 500 tonnes of purchase in Aluminium, Zinc, Lead, Silver, Steel and Pig Iron, on first come first served basis. The scheme will be live for this week, ending on July 3, 2021. For eligibility, MSMEs must have manufacturing operations in the metals business.
Centre makes another bid to reform state discoms with Rs 3.03 lakh cr aid package
Announcing an economic relief package in the wake of Covid-19 disruptions, Union finance minister Nirmala Sitharaman unveiled
a Rs 3.03 lakh crore reform-based, results linked power distribution scheme as yet another attempt to restore the financial health of discoms by cutting down losses.
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.
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