13th and 14th Most Important News

Govt tries to ease cash crunch, help small businesses restart

Union finance minister Nirmala Sitharaman spelt out plans to provide liquidity to small and medium enterprises and also initiate reforms that would redefine the sector. The package focused largely on providing cash for the MSME sector, NBFCs, housing finance firms and micro finance companies. While the Rs 3-lakh-crore automatic loan for businesses and MSMEs is backed by government guarantee, the burden will be felt by PSBs. Similarly, the Rs 90,000-crore liquidity infusion for distribution companies will be handled by entities such as Power Finance Corporation and Rural Electrification Corporation. Nirmala Sitharaman on Wednesday announced Rs 3 lakh crore collateral-free automatic loan for businesses, including MSMEs. This will benefit 45 lakh small businesses, she said detailing parts of the Rs 20 lakh crore economic stimulus package. The loan will have 4-year tenure and a 12-month moratorium. Rs 20K cr subordinate debt will be provided for stressed MSMEs.

Government lowers employee, employer’s EPF outgo

The change does not increase the employee’s total income, but only ensures that a part of the income that was earlier deposited with the high interest generating EPF, will now be paid up front. A person with a monthly salary of Rs 25,000, the contribution to EPF at 12% would be Rs 3,000.

PM Modi’s stimulus seen doing little to boost demand in economy

Equity strategists and economists are concerned that PM Narendra Modi’s $265 billion stimulus to cushion the economy during the coronavirus pandemic has focused on boosting liquidity rather than demand in the fragile economy. Almost half of the rescue package— equivalent to 10% of GDP— comprises monetary measures announced since February. Prime Minister Narendra Modi said the announcements made by the government on Wednesday to boost the economy will go a long way in addressing issues faced by businesses, especially MSMEs. "The steps announced will boost liquidity, empower the entrepreneurs and strengthen their competitive spirit," the Prime Minister wrote on Twitter.

Coronavirus may never go away, World Health Organization warns

"It is important to put this on the table: this virus may become just another endemic virus in our communities, and this virus may never go away," WHO emergencies expert Mike Ryan said. "I think it is important we are realistic and I don't think anyone can predict when this disease will disappear," he added.

Lockdown 4.0: Mass transport to resume on limited scale

Sources said while colour-coding of districts and declaring of containment zones on the basis of positive cases will stay, there will be far lesser curbs on economic activities, workplaces, business operations in non-containment areas of red zones. This means more businesses and markets will open .

Railways to start waiting lists for special trains from May 22

In an indication that it might soon start mail/express as well as chair car services, the Railway Board on Wednesday issued an order introducing the provision of waiting list starting May 22 for journeys not only on its presently operational special trains but also on all its forthcoming services. So far there is no order from the railways to begin more services.

Economic package: Opposition calls first tranche a 'big zero'

The opposition slammed the Centre's announcement on the first tranche of Rs 20 lakh crore Covid-19 economic stimulus package on Wednesday as a "disappointment" and a "big zero" that has "nothing" for migrant workers, even as the BJP hailed it, saying it reflected the government's commitment towards creating jobs and stimulating the economy.

Other News

Prime Minister Narendra Modi announced a special economic package worth over 20 lakh crore rupees which is 10% of India's GDP in view of the COVID-19. He appealed to Indians to come forward and take on the responsibility of building a self reliant India.

The Kempegowda International Airport, Bengaluru has won SKYTRAX Award 2020 for Best Regional Airport in India and Central Asia. The survey evaluated customer experience from check-in, arrivals, transfers, shopping, security to departure at the gate.

Union Ministry of Micro, Small and Medium Enterprises (MSME) launched 'CHAMPIONS' Portal Champions.gov.in. It is a technology driven Control Room-Cum-Management Information System.

External Affairs Minister Dr S Jaishankar held his rst virtual joint commission today with Denmark Foreign Minister Jeppe Kofod and reviewed bilateral ties. The two leaders discussed COVID-19 and close cooperation in green and sustainable economic recovery. The joint meet strengthened focus on clean technology, urbanization, renewable energy, green solutions, and food processing.

The Mysuru-based Central Food Technological Research Institute, CFTRI has developed Spirulina groundnut Chikki that can provide micro-nutrients and boost immunity of people during this time of pandemic.

CSIR approves to generate "hmAbs" that aims to neutralize SARS-CoV-2 in COVID-19 patients. The project is approved by CSIR through its New Millennium Indian Technology Leadership Initiative (NMITLI) programme.

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