BUSINESS
Revamping of Credit Guarantee Scheme, limit on ceiling for guarantees enhanced from Rs 2 crore to Rs 5 crore
In Union Budget 2023-24, Union Finance Minister Nirmala Sitharaman announced the revamping of Credit Guarantee Scheme for Micro & Small Enterprises with effect from April 1, 2023, with an infusion of Rs 9,000 crore to the corpus to enable additional collateral-free guaranteed credit of Rs. 2 lakh crore and the reduction in the cost of the credit by about 1 per cent.
Centre unveils foreign trade policy 2023-2028, focus on boosting exports to $2 tn
Commerce Minister Piyush Goyal unveiled the policy in the presence of industry representatives and top officials of the ministry. I am confident that India's trade will touch $2 trillion exports by 2030," Goyal said after unveiling the policy. The new foreign trade policy will encourage trade in Indian rupee.Commerce secretary Sunil Barthwal said.
Prime minister Narendra Modi calls uniform tariff for gas pipeline as noteworthy reform
In response to a tweet thread by Petroleum Minister Hardeep Puri, Modi tweeted, "Noteworthy reform in the energy and natural gas sector." In a tweet thread, Puri informed that in line with objective of economic development of all regions of the country, PNGRB has introduced implementation of a unified tariff, a much awaited reform in natural gas sector.
Dismantle India's Big 5 conglomerates to increase competition, says former RBI Deputy Governor
In a new paper for Brookings, Acharya of New York University said the Big Five are-Reliance (Mukesh Ambani Group), Tata Group, Aditya Birla Group, Adani Group and Bharti Telecom. Acharya called for dismantling its competition-stifling industrial l conglomerates through trust busting or at least reducing their market power.
Richard Branson's rocket company Virgin Orbit lays off 85% of workforce
Virgin Orbit has ceased operations "for the foreseeable future", its CEO Dan Hart told employees late on Thursday. "Unfortunately, we've not been able to secure the funding to provide a clear path for this company. We have no choice but to implement immediate and extremely painful changes," Hart told the employees.
Indigo, Virgin Atlantic expand codeshare, open up new destinations
Air passengers will now be able to book one ticket which allows them to connect seamlessly to London and beyond from destinations such as Varanasi, Srinagar, Mopa and Lucknow, through Delhi and Mumbai. In total, the partnership is adding 18 destinations to its existing portfolio making it a total of 34.
Loans disbursed digitally rose 12-fold between 2017 and 2020: RBI panel report
According to the findings by a working group constituted by the Reserve Bank of India (RBI), between 2017 and 2020, the quantum of loans disbursed, rose from Rs 11,671 crore to Rs 1,41,821 crore, i.e. a 12-fold rise. A bulk of loans disbursed by these entities were personal loans, followed by loans to small and medium.
Welspun Corp completes acquisition of Sintex-BAPL
Pursuant to the implementation of the Approved Resolution Plan, Propel has merged with SBAPL with effect from March 29, 2023, Welspun Corp said in a filing to stock exchanges. Consequent to the merger, SBAPL has allotted equity shares to the shareholders of Propel viz., WCL in accordance with the Scheme of.
Real estate sector worried about further increase in repo rate
"Over the past three quarters, the interest rate on home loans has risen to over 9 per cent, representing a 40-50 per cent increase from the historical low of 6.5 per cent per annum. As a result, many home loan borrowers are feeling the impact of this significant increase in interest rates," Pradeep Aggarwal, Founder & Chairman, Signature Global (India) Ltd said.
Era of low interest & easy credit over, inflation pronounced in India: S&P Global Ratings
Banks, which dominate the region's funding channels, could turn selective. Financing costs have already been rising in Asia-Pacific on the back of volatile global markets. Combined with the ongoing banking turmoil, the region's borrowers could see funding access squeezed, the report said. "Risk aversion among lenders.
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