Confident enough that all will revise their GDP growth
ANI
05 Jun 2021, 20:37 GMT+10
By Shailesh YadavNew Delhi [India], June 5 (ANI): After the second wave of Covid-19 pandemic had hit the country hard, which led the Reserve Bank of India (RBI) reduce its Gross Domestic Product (GDP) growth projection by 1 per cent in the current financial year, Rajiv Kumar, Vice-Chairman, NITI Aayog on Saturday said he is confident that every organisation will revise their growth projections to 10-10.5 per cent once they witness the growth rate by October. Everyone will revise their growth projections once our economy will start recovering. The recovery will start from June itself and will get pace from July. I am confident that everyone will revise their growth projections to 10 per cent-10.5 per cent once they see the growth of economy after October month, said Rajiv Kumar in an exclusive interview to ANI. The RBI has cut the GDP growth forecast from 10.5 per cent to 9.5 per cent for the fi
Expanded ECLGS to aid liquidity needs of MECs: Report
By IANS |
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Indian Rupee.. Image Source: IANS News
New Delhi, June 5 : The extension in the scope of Emergency Credit Line Guarantee Scheme (ECLGS) will support the liquidity of around one third of mid and emerging corporates (MECs), India Ratings and Research (Ind-Ra) said.
Centre had launched the ECLGS in May 2020 to protect the MSME sector from the massive economic upheaval caused by the pandemic.
Recently, the Centre expanded the scope of the scheme. The additional funds made available for their working capital requirements along with extending the moratorium period in their previously availed ECLGS loans would lower repayment obligations in FY22, the ratings agency said in a note.
355 Booster dose needed: The government is being asked to inject liquidity into the economy to boost expenditure and ensure greater economic activity. PTI
Subir Roy
Senior Economic Analyst
THE second wave of Covid-19 that is devastating the country has resulted in a call once again, as had happened during the first wave last year, for a fiscal stimulus. We may recall that the overall size of the stimulus, fiscal and monetary, that the Indian system had provided last year was one of the lowest among the major economies.
But there is a difference this time. Typically, at a time of crisis, the call for higher government spending and the central bank (RBI) creating more liquidity is made by Left-leaning economists and commentators. What is different this time is that the leadership of the corporate sector, which has a conservative mindset and seldom publicly falls out of line with the declared official viewpoint, has also come out openly and forthrightly in favour of loosening of
Read more about Extension in period for repayment under ECLGS will help MSMEs - Chairman TEXPROCIL on Business Standard. Mumbai (Maharashtra) [India], June 4 (ANI/News Voir): The Government has modified the ECLGS (Emergency Credit Line Guarantee Scheme). Borrowers who are eligible for restructuring as per RBI guidelines of May 05, 2021 and had availed loans under
Mumbai (Maharashtra) [India], June 4 (ANI/News Voir): The Government has modified the ECLGS (Emergency Credit Line Guarantee Scheme). Borrowers who are eligible for restructuring as per RBI guidelines of May 05, 2021 and had availed loans under ECLGS 1.0 of overall period of four years comprising of repayment of interest only during the first 12 months with repayment of principal and interest in 36 months thereafter will now be able to avail a tenure of five years for their ECLGS loan i.e. repayment of interest only for the first 24 months with repayment of principal and interest in 36 months thereafter.