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Budget 2021 hasn’t done enough to fix India’s employment crisis, say experts The budgetary allocation for 2021-’22 for the rural jobs programme is 35% lower than the 2020-’21 revised estimate. Representational image. | Sivaram V/Reuters The 34% rise in capital expenditure promised in the 2021-’22 Budget – from Rs 4.12 lakh crore in 2020-’21 to Rs 5.54 lakh crore – may not do much to resolve the employment crisis caused by the pandemic-led lockdown, our analysis shows. The push for big, long-gestation infrastructure projects is good but may not result in man...

Sahakar Bharati seeks Sec 80C benefit for term deposits of 5 years and above with UCBs January 30, 2021 Satish Kashinath Marathe, Director, Central Board of Reserve Bank of India   -  PAUL NORONHA× ‘All financially-sound, well-managed UCBs be allowed to open Sukanya Samriddhi Account’ Term deposits of five years and above placed with all Urban Co-operative Banks (UCBs) should be considered as investments eligible for deduction under Section 80C of the Income-Tax Act, according to Sahakar Bharati. Currently, under the term deposit category, only deposits placed with a Scheduled Bank fo...

Impact of Lockdown Relief Measures on Informal Enterprises and Workers Much has been said and written about the impact of the COVID-19 lockdown on the Indian economy, the stimulus packages announced by the Government of India and the sad plight of the migrant workers. This article brings into focus segments of the economy that constitute the bottom of the labour hierarchy, namely microenterprises, construction workers, street vendors and domestic workers. Will the relief measure help refigure their livelihoods after the lockdown is lifted?    The International Labour Organization (ILO) est...

WHAT IS PRADHAN MANTRI MUDRA YOJANA (PMMY)? Pradhan Mantri Mudra Yojana Launched in 2015 by Prime Minister Narendra Modi, the Pradhan Mantri Mudra Yojana (PMMY) aims to enable Micro Finance Institutions (MFIs), Non-Banking financial institutions/Companies (NBFCs), Small Finance Banks, RBRs, Commercial Banks and Cooperative Banks to provide small loans to non-corporate non-farm micro/small enterprises and individuals engaged income-generating businesses. What is Mudra loan The Micro Units Development & Refinance Agency Limited (MUDRA), a wholly owned subsidia...

The finance ministry noted that Rs 25,000 crore has been disbursed from Additional Emergency Working Capital Funding for farmers through NABARD. The government had announced a special re finance facility of Rs 30,000 crore sanctioned by NABARD during Covid -19 to Regional Rural Banks (RRBs) and Cooperative Banks.