Top 10 business headlines: Package for MSMEs, liquidity boost and more



Under the Rs 20-trillion “Atmanirbhar Bharat” package announced by Prime Minister Narendra Modi, the finance minister on Wednesday released a slew of measures to revive the From boosting micro, small, and medium enterprises (MSMEs) to Employees’ Provident Fund (EPF) schemes, here are the top ten headlines that made on Wednesday:


FM Sitharaman announces big-bang package for to revive economy



On Wednesday, Finance Minister announced a of nearly Rs 5.94 trillion to provide relief to MSMEs, NBFCs, power distribution companies, real estate sector, organised sector employees and contractors working with the government. Read more here


Govt likely to purchase gold from households without seeking the source


According to a source, the government is working on a series of measures, including using household gold and foreign exchange reserves, to finance the proposed expenditure to revive the economy. Read more here


Poor, farm sector likely to be FM Nirmala Sitharaman’s next focus


After announcing a package that benefits small businesses, real estate, organised-sector workers and others, finance ministry is likely to turn her attention to the rural and urban poor and the agricultural sector. Read more here


Rs 20-trn package: Govt reduces EPF contribution for companies for 3 months


The government has reduced the rate of contribution for private sector firms towards EPF schemes from a total of 24 per cent to 20 per cent of the wages for the next three months. Read more here


Covid-19 package: MSME definition changed, loans worth Rs 3-trn announced


In a surprise move on Wednesday, FM Sitharaman changed the definition of MSMEs, a proposal that had languished with a parliamentary standing committee since July 2018, and also announced loans worth Rs 3 trillion for 4.5 million units. Read more here


Without more stimulus, India’s GDP may contract 9% in FY21: Pronab Sen


According to former chief statistician Pronab Sen, India’s GDP will contract by 9 per cent in 2020-21 if the government does not go beyond the package announced by the finance ministry. Read more here


Sitharaman gives liquidity boost of Rs 75,000 cr to shadow banks, MFIs


The government has announced a special liquidity scheme of Rs 30,000 crore for non-banking finance companies, housing finance companies and MFIs, which are finding it difficult to raise money from the debt markets. Read more here


Kotak Bank profit before tax slips 10.6% at Rs 2,674 cr for March 2020 qtr


Kotak Mahindra Bank reported a 10.6 per cent decline in consolidated profit before tax at Rs 2,674.4 crore for the quarter ended March 2020, due to higher provisioning on account of Covid-19 and lower other income. Read more here


Lockdown or not, 20% of India’s retail to shut shop


According to Economic Times report, about a fifth of the retail shops across India may shut down even if lockdown is lifted soon as customers are expected to shop only for essential goods.


UP woos global majors looking to exit China


The Uttar Pradesh government has started talks with the US, South Korea, Japan, Thailand and members of the European Union to attract companies to invest in the state, especially those looking to shift from China, a Livemint report said.





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