Goverment News: Business and Employment

Union minister Nitin Gadkari said that he’s expecting the government to announce a financial relief package for MSMEs soon, as the sector is adversely hit due to COVID-19 crisis. His ministry had suggested a package to PM Modi and finance minister Nirmala Sitaraman . “There is serious thinking in the government and we are trying our level best”

The government may cap its overall spending on coronavirus related relief of around 4.5lakh crore over concerns that excess spending 

                                                            

could trigger a sovereign rating downgrade, reparts said. Fitch recently warned that India’s sovereign rating could come under pressure if its fiscal outlook determinants further. The government has announced a 1.7lakh crore package in march to help the poor.

Flight of capital

BJP general secretary Ram Madhav said “ there will be a flight of capital from china after covid-19, adding that India will be an attractive destination for global investments. “ China’s way of handling the crisis has led the world to believe it hasn’t done enough. India has set an example that “you don’t need to be authoritarian to handle crises”.

This is not important to give money to MSMEs to get up from loss, but it needs to generate sales and employment in India.

India has developed a land pool of 4,61,589 hectares nearly double the size of Luxembourg to attract businesses moving out of China, according to reports “This reportedly includes 1,16,131 hectares of existing industrial land in states like Gujrat, Maharashtra, Tamilnadu and Andhra Pradesh. The government has received inquiries from companies in Japan, US, South Korea and China.

In some days before Up chief minister said that he has done a video conference with many big companies to step forward to India.

India’s coronavirus lockdown forced 12.2 crore people out of jobs last month, according to estimates from the centre for monitoring Indian economy(CMIC). The unemployment rate increased to 27.1% in the week ended may 3, the private sector think tank said “ Daily wage workers and those employed by small businesses were the worst affected, according to CMIE.

                                              

Highlights

• Government is giving money for MSMEs to grow their business and cover all of their losses.

• The Government of India has announced a 1.7lakh crore package in march to help the poor.

• The Indian government has developed a land pool for abroad companies of 4,61,589 hectares.

• The Prime Minister said “ we have a video conference with many big companies”. Up is although seeing an opportunity in this time, it is good for India.

• Lockdown has forced 12.2 crore people out of Jobs, the employment rate has increased 27.1%.  There are various jobs which don’t get back to employees.

• Maybe the aboard big companies are coming to India, that has given India many benefits for unemployment and the economy.

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