By Dr Arjun Kumar, Ritika Gupta
Delivering a Special Lecture organized by Centre for Work and Welfare (CWW) at the Impact and Policy Research Institute (IMPRI) on Labour, Employment and Pandemic: Policy Suggestions and Way Forward for Budget 2021, Prof Santosh Mehrotra, retired professor, Jawaharlal Nehru University (JNU), observed that the fiscal stimulus provided by the Government of India (GoI) post-lockdown was severely inadequate. It was only a fraction of what was provided post the 2008 global financial meltdown where the effects on the economy were comparatively mediocre, he maintains.
Prof Mehrotra stated that while going into the ill-planned lockdown, India already had about 280 million unemployed people. He added that the growth rate of the country was falling quarter by quarter since 2016 and had hit a dismal low of 4.1% in early 2020. The lockdown imposed in March, which is touted as the most stringent in the world by various reports, skyrocketed India’s unemployme
Leading indicators like electricity consumption, freight, PMI and crucial data like GST collections and automobile sales point to a V-shaped recovery. Low interest rates have turned out to be a major tailwind for sectors like construction and automobiles.
BW Businessworld
Banks Sanction Additional Rs 15,571 Cr To MSMEs Under ECLGS 2.0
This data has been provided by 12 public sector banks, top 24 private sector banks and 31 NBFCs as on January 8.
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Banks have sanctioned an additional Rs 15,571 crore under the Emergency Credit Line Guarantee Scheme (ECLGS) to MSMEs that were impacted by the coronavirus pandemic, the finance ministry said on Wednesday.
In a tweet, the ministry said the government announced ECLGS 1.0 to provide financial support to MSMEs and ECLGS 2.0 to guarantee credit support for stressed sectors. Additional Credit amounting to Rs 15,571 crore sanctioned to 2772 borrowers while Rs 3,344 crore disbursed to 1,188 borrowers, it said.
Banks have sanctioned an additional ₹ 15,571 crore under the Emergency Credit Line Guarantee Scheme (ECLGS) to MSMEs that were impacted by the coronavirus pandemic, the finance ministry said. In a tw
Merely pushing loans to already indebted firms without overall demand creation in the economy would be counterproductive to the banking system in the long run. The problem gets accentuated when there is a lack of quality borrowers