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Government To Provide Rs 15,000 crore To States For Capital Expenditure

The Ministry of Finance, Government of India has decided to provide an additional amount of upto Rs 15,000 crore to States as interest free 50 year loan for spending on capital projects. The Department of Expenditure has issued fresh guidelines in this regard on the Scheme of Financial Assistance to States for Capital Expenditure for the financial year 2021-22.The Finance Minister had in her budget speech announced that the Centre would take measures to nudge States to spend more on infrastructure and to incentivize disinvestment of their public sector enterprises.
Capital expenditure creates employment, especially for the poor and unskilled, has a high multiplier effect, enhances the future productive capacity of the economy, and results in a higher rate of economic growth. Therefore, despite the adverse financial position of the Central Government, it was decided last year to launch a Scheme for Special Assistance to States for Capital Expenditure.

India , Department-of-expenditure , Financial-assistance , Capital-expenditure , Finance-minister , Central-government , Special-assistance , State-governments , Capital-market , Finance-in-india , Inistry-of-finance

CAIT demands MSME status restoration for 8 cr traders from service industry

The Confederation of All India Traders (CAIT) has demanded restoration of MSME status taken away in 2017 from 8 crore retail and wholesale traders who are part of the service industry.
The government in June 2017 removed retail and wholesale traders from the MSME category forcing the players either borrow at a higher rate or from informal financial sources, CAIT Secretary General Praveen Khandelwal told PTI.
According to banking sources, about Rs 3 lakh crore loans given to them are at the risk of losing a tag of MSMEloan at the end of March when banks do their annual closure.
As a result, many banks will face the problem of meeting priority sector lending (PSL) target and the shortfall may have to be parked with Small Industries Development Bank of India (SIDBI) or Micro Units Development & Refinance Agency Ltd (MUDRA).

India , Praveen-khandelwal , Nitin-gadkari , Narendra-modi , Small-medium-enterprises-msmes , Confederation-of-all-india-traders , Small-industries-development-bank , Units-development-refinance-agency-ltd , All-india-traders , General-praveen-khandelwal , Micro-units-development , Refinance-agency-ltd

Govt proposes to hike in LIC's authorised capital to Rs 25,000 cr

Read more about Govt proposes to hike in LIC's authorised capital to Rs 25,000 cr on Business Standard. The government has proposed to significantly increase the authorised capital of Life Insurance Corporation of India (LIC)

India , Nirmala-sitharaman , Anurag-thakur , Department-of-investment , Life-insurance-corporation-of-india , Life-insurance-corporation , Deloitte , Life-insurance-corporation-act , Finance-bill , Finance-anurag-thakur , Budget-speech , Finance-minister-nirmala-sitharaman

SBI Cards portfolio now enabled on Jio Pay Service

SBI Cards & Payment Services has launched a digital payment solution - SBI Card portfolio enabled on Jio Pay service on 02 March 2021.
Currently only Cards issued in Indian territory are enabled on Jio Pay service. However customers may transact using his / her SBI Card through Jio Pay service in international locations.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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Sbi-cards-payment-services , Payment-services , Jio-pay , Capital-market , State-bank-of-india , Jio , Sbi-card , Economy-of-india , Finance-in-india , Mo-ney , Banking-in-india

Gujarat Alkalies secures ECB facility of USD 70 mn

To meet capex of Chlorornethane PlantGujarat Alkalies & Chemicals has entered into an Agreement on 24 February 2021 for availing External Commercial
Borrowing (ECB) facility of USD 70 million (equivalent to Rs 500 crore) from State Bank of
India. This facility will be utilized to meet the capex requirements of Chlorornethane Plant of the company.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

India , Chlorornethane-plantgujarat-alkalies , External-commercial-borrowing , State-bank , Chlorornethane-plant , Capital-market , Finance , Mo-ney , Economy , Finance-in-india , Debt

DHFL auditor unearths another fraudulent transaction worth Rs 6,182 cr

Read more about DHFL auditor unearths another fraudulent transaction worth Rs 6,182 cr on Business Standard. According to findings of Grant Thornton (GT), these transactions happened over a period of time

Mumbai , Maharashtra , India , Kapil-wadhawan , Ikshudip-fincap , Dheeraj-wadhawan , Ikshudip-fincap-pvt-ltd , National-company-law-tribunal , Creatoz-builders-pvt-ltd , Dewan-housing-finance-corporation , Rite-developers-pvt-ltd , Rite-developers

Prime Capital Market reports standalone net loss of Rs 0.02 crore in the December 2020 quarter

Reported sales nilNet Loss of Prime Capital Market reported to Rs 0.02 crore in the quarter ended December 2020 as against net loss of Rs 0.02 crore during the previous quarter ended December 2019. There were no Sales reported in the quarter ended December 2020 and during the previous quarter ended December 2019.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

Net-loss , Prime-capital-market , Capital-market , Repurchase-agreement , Nil , Sales , Monetary-policy , Finance-in-india , Economy , Federation-of-sovereign-indigenous-nations , நிகர-இழப்பு

Update on divestment of GoI's 20% stake in National Fertilizers

Read more about Update on divestment of GoI's 20% stake in National Fertilizers on Business Standard. Powered by Capital Market - Live News

India , Department-of-investment , National-fertilizer , National-fertilizers , Public-asset-management , Legal-advisors , Merchant-bankers , Selling-brokers , Stock-exchanges , Capital-market , Finance

RBI Keeps Rates Unchanged, Says Private Investment Remains Sluggish

On the basis of an assessment of the current and evolving macroeconomic situation, the Monetary Policy Committee (MPC) of the Reserve Bank Of India (RBI) decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 4%. Consequently, the reverse repo rate under the LAF remains unchanged at 3.35% and the marginal standing facility (MSF) rate and the Bank Rate at 4.25%. The MPC also decided to continue with the accommodative stance as long as necessary - at least during the current financial year and into the next financial year - to revive growth on a durable basis and mitigate the impact of COVID-19 on the economy, while ensuring that inflation remains within the target going forward. These decisions are in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4% within a band of +/- 2%, while supporting growth.

India , Bank-rate , Union-budget , Monetary-policy-committee , Reserve-bank-of-india , Capital-market , Mo-ney , Monetary-policy , Economy , Finance , Interest-rates

RBI To Conduct Variable Rate Reverse Repo Auction For Rs 200000 Crores

Read more about RBI To Conduct Variable Rate Reverse Repo Auction For Rs 200000 Crores on Business Standard. Powered by Capital Market - Live News

India , Reserve-bank-of-india , Reserve-bank , Variable-rate-reverse-repo , Liquidity-management-framework , Capital-market , Financial-services , Mo-ney , Finance , Finance-in-india , Monetary-policy