Finance Minister Nirmala Sitharaman’s big-bang measures announced for MSMEs right down to their redefinition, is welcomed by and large by all newspapers.
The Indian Express notes the Indian Army’s new proposal for internships in a bid to boost patriotism in the country.
Financial papers pick apart the new economic package and anticipate the next few announcements.
The Times Of India’s lead ‘Govt tries to ease cash crunch, help small businesses restart’ says, “In the first set of announcements… finance minister Nirmala Sitharaman spelt out plans to provide liquidity to small and medium enterprises and also initiate reforms that would redefine the sector and encourage firms to shed their fears of ‘growing bigger’, a change in status that has previously entailed loss of benefits available to the sector.”
On the coronavirus front, there doesn’t seem to be any signs of a let up in cases: In ‘Count tops 75k; 2nd highest rise in cases, deaths’, TOI reports that “India is now the 12th country to cross 75,000 Covid-19 cases, on a day when the country logged the second highest single day rise in new cases and deaths, even as Maharashtra’s case load zoomed past the 25,000 mark.”
But there is some relief for those trying to go home: ‘Rlys planning more spl trains…’ says the paper. “Limited waitlisted tickets will be issued from 15 May 15… even as the government is working on plans to run more trains in the near future…”
The Indian Express has developed a fondness for the word `dose’ in its headlines the last two days. Today it’s to describe Sitharaman’s stimulus package: In ‘First dose is liquidity: MSMEs get mega guarantee’. However, it does mention that since most measures focused on “off balance sheet support”, the success of the scheme will depend on “these measures working as a multiplier to improve the risk appetite of lenders and catalyse fresh funding of distressed smaller firms”.
Note today’s cartoon by EP Unny that offers another take at the new MSME definition, referring to the whole move as “tedium”.
Away from the coronavirus comes news of a bid to revive nationalism and patriotism by the Indian Army — ‘Army proposes voluntary 3 year ‘tour of duty…’’’ has proposed a “three year internship for youths, both as officers and soldiers”. The tour would be voluntary for youths that want to experience the “thrill and adventure of military professionalism”.
Hindustan Times calls the economic package a ‘Big boost to small biz in first tranche’. Focussing on one aspect, the paper notes “TDS rate cut to leave professionals, equity investors with cash” and says, “The government’s move to reduce the rates of tax deduction at source (TDS) and tax collection at source (TCS) by 25% will benefit investors and professionals by putting more cash in their hands.”
On the health front, WHO has a warning and it’s not pretty: “Coronavirus may never go away, like HIV, WHO warns”. WHO’s emergencies director Michael Ryan said “This virus may become just another endemic virus in our communities and never go away.”
Back home in the capital, ‘Court seeks govt response on plea to start transport’ as “Delhi high court Wednesday sought the responses of the central and Delhi governments on a plea seeking resumption of public transport services in the Capital, which has remained suspended since the lockdown began on March 25.”
And here we are following the PM’s call to be vocal about local: ‘CAPF canteens to go ‘Indian’ from June’. HT reports, “Canteens of the Central Armed Police Forces (CAPF) will sell only indigenous products beginning June 1, Union home minister Amit Shah announced Wednesday.”
The Hindu’s flap pages today carry a message from the newspapers to its readers: “All it took was a microscopic organism to make us more human”. The paper notes, “We have, by all means become more human. This pandemic has changed us, for, we have developed new habits. If these are not the habits worth keeping, then what are?”
On Page 1, the lead, ‘Major stimulus package…’ looks specifically at the stimulus for MSMEs and reports, “Union Finance Minister Nirmala Sitharaman Wednesday announced a ₹3 lakh crore collateral-free loan scheme for businesses, especially micro, small and medium enterprises (MSMEs)…’’
In some bad news, ‘$3.6 mn in U.S. funding to Indian labs may be delayed’. Hindu reports, “A decision by the U.S. Centers for Disease Control and Prevention (CDC) to donate $3.6 million to Indian laboratories and research agencies to assist in countering the COVID-19 pandemic could run into delays, given that the agency has been placed on a ‘watch list’ since December 2019, officials said here.”
In alarming news for Punjab, ‘1,225 of 4,216 Nanded returnees positive, bump up Punjab numbers’. Hindu writes, “The pilgrims had travelled to Nanded to pay obeisance at Gurdwara Hazur Sahib… the announcement of the lockdown on March 24 at four hours’ notice forced them to stay back at the shrine complex.”
The Kolkata daily’s lead is not a report but an AFP photograph of a girl with an artificial leg walking home from Faridabad, amid the migrant workers crisis. The paper observes trenchantly: “Finance minister Nirmala Sitharaman’s first round of announcements did not have anything for the poor migrants, opening the government to a charge of lack of urgency in addressing the human tragedy unfolding on the highways.”
In this frame of mind, it’s no wonder the newspaper calls ‘Atmanirbharta’ the “dirtiest word” in its second lead. After outlining the measures announced by Sitharaman Telegraph quotes Anil Bhardwaj, secretary general of the Federation of Indian Micro and Small and Medium Enterprises (FISME), who said, “We are clearly disappointed. At the end, we are seeing that it is only a loan without a government guarantee. The rest is frivolous. In this kind of crisis with mounting losses and no business, we were expecting the government would provide direct support.”
The Tribune sees Sitharaman’s package as a ‘booster’ shot. The package was “directed at the mission of making India self-reliant (atmanirmbhar Bharat), a phrase she translated in several languages for the benefit of those who do not understand Hindi”, it reports.
It also mentions that Minister of State Anurag Thakur played translator having “paraphrased Sitharaman’s remarks in Hindi”.
In some other congratulatory news, PM-CARES Fund Trust has allocated Rs 1,000 crore for the care of migrant labourers. This comes “amid clamour about the efficacy of the fund”, notes the daily.
Mint interprets the Finance Minister’s plan to expand the definition of MSMEs as a bid “to include higher investment limit and an additional norm based on revenue” and also to remove the “perverse incentive of businesses to stay small with an eye on continuing to enjoy the benefits”. The report also notes CII director Chandrajit Banerjee’s happiness with the announcements as they “meet the immediate as well as longer term requirements of the sector”.
After a staggered reopening of one factory, India’s largest car-maker is starting to turn its wheels. ‘Maruti Suzuki sticks with ₹2,700 cr capex..’ notes that the automobile giant “will retain its Rs. 2,700 crore capital expenditure plan for this financial year” and seeks to reopen its second factory in Gurugram. The company is “undeterred by the turmoil caused by the coronavirus outbreak”, it adds.
In “Big-bang package for MSMEs”, Business Standard reports: “The immediate fiscal impact of Wednesday’s announcements could be less than Rs. 20,000 crore, even though analysts differ on that”. It also touches about redefining MSMEs – “a plan that has been in the works for a while”. However, the Centre’s own burden will be “increased handouts to the beneficiaries of various schemes through direct benefit transfer, which will be announced over the coming days”.
Anticipating more announcements from the Finance Minister, the second lead (“Poor, farm sector likely to be FM’s next focus”) predicts the rural and urban poor and the agricultural sector is next after MSMEs along with some “tax relief for aimed at the middle class”.
A HUGE SUM OF RUPEES TWENTY LAKH CRORE COORDINATED ECONOMIC PACKAGE FOR SELF-RELIENT INDIA ANNOUNCED BY PRIME MINISTER , SHRI NARENDRA MODI ON 12 MAY 2020 IN THE WAKE OF PANDEMIC CORONAVIRUS.
Readers are aware of some highly significant developments beginning 12 May , 2020 , particularly relating to economic sector in India. Prime Minister Narendra Modi announced on 12 May , 2020 a consolidated economic package amounting to a huge Rs.20 lakh crores in the wake of the coronavirus pandemic . The theme outlined is to make a self-reliant India by promoting local businesses. In other words , it is an expression of a gigantic or elephantine endeavor to promote indigenous business in India. Prime Minister shared with the nation on 12 May that the pandemic coronavirus ( COVID-19) disaster has given signals of opportunity as well. Details of said rupees 20-lakh crore package were left for Finance Minister to share with the nation. And these details have been announced by the Finance Minister on 13- 15 May 2020. Briefly speaking , the one aspect of the economic package can clearly be read to address the setback or damage done by coronavirus pandemic while the thrust can be read to signify a well-meaning endeavor towards self-reliant India in days to come. In addition , it is an expression of intent to seize the opportunity that is perceived to have come with the disaster. In the context of these developments on India’s horizon , it may be apt to refer readers to this Vedic astrology writer’s predictions capable of being parked into “ prophetic predictions”. Through this writer’s predictive alerts in article – “ Predictions for coming year 2020 by kushal kumar” – published last year 2019 on 10 October , at theindiapost.com/articles/predictions-for-coming-year-2020-by-kushal-kumar/ , this writer had said like this :-
“ Now something encouraging. The second half of the year from July to November 2020 looks to be addressing the setbacks or delay of the past , particularly those of the first half. Some trends of success or forward movement in economic sector , political issues are likely. Cooperation or support of global powers may be seen coming……”.
It may be observed here that whatever endeavors or announcements have been made in May and onwards would obviously take some reasonable time to shape up on the ground to give effect. Hence July to October or November 2020 can be vital.