What is happening in India today: Top News headlines: 14-05-2020

Nirmala Sitharaman: Collateral-free loans worth ₹3 lakh crore for MSME.

Union Finance Minister Nirmala Sitharaman on Wednesday in a press conference said collateral-free loans worth ₹3 lakh crore will be provided to Micro, Small, and Medium Enterprises – MSMEs with 100% guarantee by the government.

The scheme is under the Rs 20 lakh crore economic stimulus package announced by Prime Minister Narendra Modi. Finance Minister said that The collateral-free loan scheme can be availed till October 31, 2020.

Businesses with up to ₹100 crore turnover or up to ₹25 crores outstanding loan are eligible for the scheme, which is expected to benefit 45 lakh Indian Micro, Small and Medium Enterprises – MSMEs.

Gautam Adani: Aid for MSMEs can be a growth plank for Make in India vision, more jobs

Gautam Adani, Chairmen, managing director of Adani Group and Indian entrepreneur said that the finance package for MSMEs by the government of India can be a “growth plank pushing the Make in India vision.

Gautam Adani
Gautam Adani

The stimulus package for MSME can be creating jobs and shaping a self-reliant India”. Gautam Adani tweeted “I truly believe that India’s economic resilience thrives upon the tenacity of our smaller traders”.

P Chidambaram: Except for MSME package, Disappointed with FM’s announcements:

P Chidambaram, Former Finance Minister said that the ₹20 lakh crore economic relief package announced by the finance minister doesn’t cater to the needs of the poor and is very disappointing.

P Chidambaram
P Chidambaram

He said “we’re very disappointed with announcements made by the centeral government, Except for the modest MSME package” “Government must spend more and allow states to borrow more but it is not willing to do so,” P Chidambaram added.

Ratan Tata: COVID-19 crisis opportunity to support, invest in our own innovativeness:

Indian Entrepreneur and Tata Sons’ Chairman Emeritus Ratan Tata said COVID-19 crisis opportunity to support “our own innovativeness” and invest in it and not “dismiss” something.

Ratan Tata
Ratan Tata

Ratan Tata also said that If some funds could be marshaled into certain areas, there could be another wave of innovativeness. He said many innovations could find their roots there and compared the crisis to World War ll.

Anand Mahindra: ₹20L cr package will bring vitality into the economy

Reacting to the central government’s ₹20 lakh crore relief package announced by the Union Finance Minister Nirmala Sitharaman, Mahindra Group’s chairmen and entrepreneur Anand Mahindra said: “we’ll know tomorrow whether or not this is going to be a transformational moment like 1991”.

Anand Mahindra
Anand Mahindra

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Anand Mahindra added he won’t be getting “much sleep” until details of the package are announced. Prime Minister Narendra Modi had announced the stimulus package on Tuesday, saying it’ll bring vitality into the economy.