GJ Town India

On the way to attain global GJ Hub stature! To help gold jewellery exports   The Gem & Jewellery Export Promotion Council (GJEPC), congratulates the Government of India and the honourable Finance Minister Nirmala Sitharaman for presenting a strong pro-reform and export growth-oriented Union Budget under the visionary leadership of our honourable Prime Minister Narendra Modi.   The gem and jewellery (GJ) sector in India is overwhelmed by the Government support extended to the gem and jewellery industry in the Union Budget 2022-23. There is a swathe of favourable policy reforms announced that empowers the industry and puts it on a firm footing to capitalise on growth opportunities in the coming decade.   The Indian gem & jewellery sector is one of the leading contributors to the national economy and the country is the undisputed leader in diamond processing. GJEPC hopes to replicate this success in the jewellery vertical, too, and help India become the ‘Jewe...

ECLGS expanded by RS 50K Cr; Extended up to March 2023 The Emergency Credit Line Guarantee Scheme (ECLGS) will be extended up to March 2023 and its guarantee cover will be expanded by Rs. 50,000 crore. The total cover will now be Rs. 5 lakh crore announced the Union Government. The Credit Guarantee Trust for Micro and Small Enterprises (CGTMSE) Scheme will be revamped with required infusion of funds. This will facilitate additional credit of Rs.  2 lakh crore for Micro and Small Enterprises and expand employment opportunities, the Finance Minister stated.   The Finance Minister announced the rolling out of Raising and Accelerating MSME Performance (RAMP) programme with outlay of Rs. 6,000 crore over 5 years. This will help the MSME sector become more resilient, competitive and efficient.    The Finance Minister also proposed that Udyam, e-Shram, NCS and ASEEM portals will be interlinked. Their scope will be widened. They will now perform as portals with live, organ...

To help Small Borrowers and retail segment   Jewellery Market Bureau:  India Ratings and Research (Ind-Ra) opines the stimulus measures announced by the Reserve Bank of India (RBI) to tackle the second covid wave would help contain the pressure on the banking system’s asset quality, especially for micro, small and medium enterprises (MSMEs) and retail segment.   Banks can also support the incremental credit needs of small businesses through a reassessment of their working capital requirement, though the system’s propensity, in absence of external stimuli, could be tested as the perceived risk would be elevated amid the prevailing challenges. Consequently, both delinquencies (at least in 1QFY22) and the quantum of restructured assets could be higher than last year, given that there is no moratorium without restructuring. Assistance to SMEs/MSMEs Continues through All Lenders: The RBI has permitted restructuring of MSMEs in line with the notification dated 6 August 2020;...

  FM holds meeting for ECLGS, PCGS 2.0   Finance Minister holds meeting with lenders for expediting resolution of loan accounts and reviewing progress of Emergency Credit Line Guarantee Scheme (ECLGS), Partial Credit Guarantee Scheme (PCGS) 2.0 and Sub-ordinate Debt Scheme.   Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman held a review meeting with the heads of Scheduled Commercial Banks and NBFCs through Video Conferencing today to review their state of preparedness for implementation of the loans resolution framework for Covid-19 related stress.   During the meeting, Smt. Sitharaman impressed upon the lenders that as and when moratorium on loan repayments is lifted, borrowers must be given support and Covid-19 related distress must not impact the lenders’ assessment of their creditworthiness. During her interaction, the Finance Minister focused on Lenders immediately putting in place Board-approved policy for resolution, identifyin...

  ECLGS disbursed loan!   Under the 100% Emergency Credit Line Guarantee Scheme (ECLGS) backed by a Government of India (GoI) guarantee, Banks from Public & Private Sectors have sanctioned loans worth over Rs. 1.5 lakh crore as of 18th August, 2020, of which more than Rs 1 lakh crore has already been disbursed. The ECLGS was announced by the Government as a part of Aatma Nirbhar Bharat Package, to mitigate the distress caused by lockdown due to COVID-19 by providing credit to different sectors, especially MSMEs. The details of total loans sanctioned and disbursed by Public & Private Sector Banks also announced!   Under the ECLGS, Public Sector Banks (PSBs) have sanctioned loans of Rs 76,044.44 crore, out of which Rs 56,483.41 crore has already been disbursed.   Whereas Private Sector Banks have sanctioned loans of Rs 74,715.02 crore out of which Rs 45,762.36 crore has already been disbursed. The top lenders under the Scheme are State Bank of India (SB...