On Tuesday, May 12, 2020, the Prime Minister of India, Mr. Narendra Modi announced the much-awaited COVID stimulus package of ₹20 lakh crore, which is 10% of the country’s GDP. The question that everyone’s been asking since then – what will be the source of these funds?
As a part of the ₹20 lakh crore stimulus package announced by the Prime Minister Narendra Modi to spur growth and help build a self-reliant India, Finance Minister Nirmala Sitharaman on Wednesday, 13 May 2020 announced a economic relief package.
The hospitality industry is a broad category of fields within the service industry that includes lodging, food and drink service, event planning, amusement parks, transportation, and additional fields within the tourism industry.
There is no definite period for a business loan. It depends on the value of the loan and the term length that you have agreed upon with lender. Your repayment also depends upon the type of loan you have taken out.
The nation-wide lockdown due to the COVID-19 has badly hit business sustainability for over 100 micro, small and medium sized businesses out there which are dealing with their own set of challenges. These MSMEs provide employment, manufacture and trade goods, help the produce from farmers reach consumers, thereby playing an important role in keeping the larger corporations running and the wheels of economy moving.
To aid Indian MSMEs fight COVID, Asian Development Bank (ADB) is likely to provide $1.5 billion for India’s economic recovery and industrial support particularly to MSMEs.
Central Bank of India on Apr 29, 2020 launched loan schemes to offer liquidity support to micro, small and medium enterprises (MSMEs), agriculture and self-help group borrowers that have been hit by the COVID-19 lockdown.
Covid19 outbreak led shut-downs are having disastrous impact on economies around the world, including India. Small and medium businesses are the worst hit segment and among them the most impacted are the ones in travel, tourism and entertainment.
The nationwide lock down announced on March 25 also marked a lockdown on annual profits of companies in the mobile and electronics sector. The sales have plummeted owing to the closure of electronics stores pan India. Ecommerce sales via retailers such as Amazon and Flipkart are in no good shape either, as these online platforms have temporarily suspended the sales of white goods and mobiles and are solely focused on essential goods.
The Textile & Apparel Industry in India is in itself, one of the oldest industries and among the highest in terms of output, investment and employment. The sector today employs 100 million+ people directly & through allied sectors, contributes to 5% of Global trade and earns USD 40 billion+ forex, apart from substantial revenue contribution towards the country’s tax revenues.