New Delhi, July 23, 2024
In a booster for micro, small and medium enterprises (MSMEs), the government on Tuesday formulated a detailed package that covers financing, regulatory changes and technology support for them to grow and also compete globally.
Among the measures are a credit guarantee scheme for facilitating term loans to MSMEs for purchase of machinery and equipment without collateral or third-party guarantee.
The scheme will operate on pooling of credit risks of such MSMEs, stated Finance Minister Nirmala Sitharaman while presenting the Union Budget 2024-25 in Parliament.
Giving more details, the Finance Minister said that a separately constituted self-financing guarantee fund will provide, to each applicant, a guarantee cover up to Rs 100 crore, while the loan amount may be larger.
The borrower will have to provide an upfront guarantee fee and an annual guarantee fee on the reducing loan balance.
“This Budget provides special attention to MSMEs and manufacturing, particularly labour-intensive manufacturing,” she said.
Another measure is to make credit more accessible to MSMEs via a new, independent, and in-house mechanism.
The Finance Minister proposed that public sector banks (PSBs) will build their in-house capability to assess MSMEs for credit, instead of relying on external assessment.
They will also take the lead in developing or getting developed a new credit assessment model, based on the scoring of digital footprints of MSMEs in the economy.
“This is expected to be a significant improvement over the traditional assessment of credit eligibility based only on asset or turnover criteria. That will also cover MSMEs without a formal accounting system,” the Finance Minister noted.
The Minister also proposed a new mechanism for facilitating the continuation of bank credit to MSMEs during their stress period.
The Finance Minister proposed to enhance the limit of Mudra loans to Rs 20 lakh from the current Rs 10 lakh for those entrepreneurs who have availed and successfully repaid previous loans under the ‘Tarun’ category.
For facilitating MSMEs to unlock their working capital by converting their trade receivables into cash, FM Sitharaman proposed to reduce the turnover threshold of buyers for mandatory onboarding on the ‘TReDS’ platform from Rs 500 crore to Rs 250 crore.
This measure will bring 22 more Central Public Sector Enterprises (CPSEs) and 7,000 more companies onto the platform. Medium enterprises will also be included in the scope of the suppliers.
The Finance Minister proposed that SIDBI will open new branches to expand its reach to serve all major MSME clusters within three years and provide direct credit to them.
With the opening of 24 such branches this year, the service coverage will expand to 168 out of 242 major clusters.
The government also proposed that financial support for setting up 50 multi-product food irradiation units in the MSME sector will be provided.
“Setting up of 100 food quality and safety testing labs with NABL accreditation will be facilitated,” the Finance Minister added.
To enable MSMEs and traditional artisans to sell their products in international markets, the Centre proposed that e-commerce export hubs will be set up in public-private-partnership (PPP) mode.(Agency)
‘I need to have people criticising me’: Everton striker Beto reflects on social media hate
New Delhi, July 23, 2024
Premier League is one of the most fiercest and brutal leagues in the world. Any player entering the league has to go through the rite of passage, which involves scrutiny and criticism on social media.
Many young players over the years have faltered under pressure and were not given enough chances to overcome their initial face which has seen careers decline and even end.
Everton striker Beto entered the league in the 2024/24 season and is yet to find his footing but the young Portuguese has shown great cool by revealing how he deals with the hate comments.
“We need to understand one thing: football is simple, We play football in our lives and they are working like eight- or 12-hour shifts and they come. Not everybody in this life is going to love you and not everybody in this life is going to hate you. In this sports life, for me, it’s okay,” said Beto to BBC Sport.
“Sometimes I like to read my comments when I played badly or missed chances. They will say ‘Beto is (expletive) with missing chances’. But I like it because I say ‘Ok, I will make this guy shut his mouth’ I take it personal too.
When I’m in training the next week or the next day, I remember it and I say ‘No, this guy is not going to say this about me any more’ and I keep going,” added the 26-yea-old.
Beto joined Everton for a price tag of 25 million pounds from Italian side Udinese and had a dream debut, scoring against Doncaster in the Carabao Cup, however, he played the season as a backup to long time striker Dominic Calvert-Lewin.
He appeared in 37 games for the Toffees with 27 of those appearances being off the bench but the Portuguese talisman looks to be more motivated than ever claiming he ‘needs to have haters.’
“I need to have competition and I need to have people criticising me. I need to have haters. I need these kind of things in my life. Even when I was young it was always like this. When it is football I take it really seriously.
When it is just you playing, there is no competition. Sometimes you can chill, you can miss training, and if you miss a chance you know you will play the next game.
“Competition is different. You need to always be alert. I have notes. I have screenshots from Facebook, YouTube – when they say something like I’m not good enough or something like that. I say Ok, I take a screenshot, I put it on my notes and I read it,” he concluded.(Agency)