Chidambaram on FM Sitharaman's announcements: Nothing for poor, hungry migrant workers | WeForNews | Latest News, Blogs Chidambaram on FM Sitharaman’s announcements: Nothing for poor, hungry migrant workers – WeForNews | Latest News, Blogs
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Chidambaram on FM Sitharaman’s announcements: Nothing for poor, hungry migrant workers

The government must allow states to borrow more and spend more, but it was not willing to do so, Chidambaram said.

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P Chidambaram

New Delhi, May 13 : After Finance Minister Nirmala Sitharaman, here on Wednesday, announced economic measures as promised by Prime Minister Narendra Modi on Tuesday, the Congress criticised the package and said there was nothing for the migrants.

“Except for the modest MSME (micro, small & medium enterprises) package, we are disappointed with the announcement,” said former Finance Minister P Chidambaram.

Addressing the media, Chidambaram said, “There is nothing in the Finance Minister”s announcement for the lakhs of poor, hungry and devastated migrant workers. It”s a cruel blow to those who toil for living every day.”

“There is also nothing by the way of cash transfer for the bottom half of the population (13 crore families) who have been pushed into destitution. Only on Tuesday, Thomas Pikketty pleaded for cash transfer to the poor,” Chidambaram said.

The Finance Minister said there would be a collateral-free loan programme for 45 lakh MSMEs, backed by a Rs 3 lakh crore credit guarantee fund, and some other measures, including Rs 20,000 crore subordinate debt and Rs 10,000 crore equity fund.

Chidambaram said the measures were skewed in favour of large MSMEs. “The bulk of the 6.3 crore MSMEs has been left high and dry. We welcome the offer of subordinate debt (Rs 20,000 crore) and equity corpus fund (Rs 10,000 crore). But we will await their terms and conditions. The devil is in the detail,” the Congress leader said.

He said in case of the credit guarantee fund, not the entire fund would be spent. “The expenditure will be limited to the extent of NPAs in the outstanding guarantee credit to MSMEs. Assuming an NPA level of 20-50 per cent, the actual expenditure over the loan period (which may be years) will be a maximum of Rs 3,00,000 crore,” he said.

Demanding to know where is the rest of the Rs 16.4 lakh crore, Chidambaram said, “This government is a prisoner of its own ignorance and fears. The government must borrow more and spend more, but it”s not willing to do so.”

The government must allow states to borrow more and spend more, but it was not willing to do so, Chidambaram said.

Business

‘Nature-positive’ solutions can create 395 mn jobs: World Economic Forum

Smart farming utilizing sensors and satellite imagery in Indonesia improved crop yields on average by 60 per cent.

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Unemployment rate of US

Geneva, Jul 15 : The global COVID-19 pandemic has caused unprecedented job losses and economic uncertainty. As governments and businesses look to stimulate growth, a new study from the World Economic Forum on Wednesday found ‘nature-positive’ solutions can create 395 million jobs by 2030.

The Future of Nature and Business Report provides blueprints for businesses to tap into a $10.1 trillion business opportunity, focusing on industry actions that are nature-positive, meaning that they add value to nature.

The report is built on real world examples where business outcomes have been improved by nature-positive outcomes.

Smart farming utilizing sensors and satellite imagery in Indonesia improved crop yields on average by 60 per cent.

Suzhou Industrial Park’s green development in China has seen its GDP increase 260-fold partially through green development.

In Vietnam, people living in coastal communities saw their incomes more than double following the restoration of critical mangroves.

“We can address the looming biodiversity crisis and reset the economy in a way that creates and protects millions of jobs,” said Akanksha Khatri, Head of the Nature Action Agenda, World Economic Forum.

“Public calls are getting louder for businesses and government to do better. We can protect our food supplies, make better use of our infrastructure and tap into new energy sources by transitioning to nature-positive solutions.”

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Hyundai bets on diesel models, launches Tucson SUV

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Chennai, July 14 : The second largest car maker in India Hyundai Motor India Ltd while continuing to bet on diesel powered vehicles is also looking at faster demand recovery from tier 2/3 cities, said a senior official on Tuesday.

Hyundai Motor also launched its new premium sports utility vehicle (SUV) Tucson for the Indian market.

Speaking to reporters, Tarun Garg, Director (Sales, Marketing and Service) said the timing of Tucson’s launch is right as there are over five lakh Creta buyers in the country who are looking for an upgrade to a premium SUV.

The new Tucson’s starting price is about Rs 22 lakh.

“With over 6.5 million customers worldwide, Tucson is one of the best-selling SUV’s across the world,” S.S. Kim, Managing Director and CEO told reporters.

He said the model was unveiled at the Auto Expo 2020.

Garg said the booking for diesel engine models are growing and the demand is across the country and more so from tier 2/3 cities.

He said when the fuel prices go up, buyers will look at fuel economy and diesel engines are fuel efficient.

According to Garg, Hyundai Motor has got over 45,000 bookings for its SUV Creta model and 56 per cent of that are for diesel engine variant.

Similarly, one third of the booking for Venue and Verna are for diesel models, Garg said.

“SUV lovers want much more than the fuel economy which diesel vehicles offer. It appears demand will stablilise at this level. There is also good demand for petrol models,” Garg added.

Queried about the pay cuts implemented by various companies and its impact on buyers scaling down their model preference Garg said he is not seeing any such trend.

According to him, buyers prefer to come to the showroom to take delivery of new cars even though Hyundai Motor offers to deliver the car at their door step.

Garg said it is not possible to predict the likely sales for 2020 as some states have Covid-19 lockdown restrictions.

He said the company is watching the market behaviour on a monthly basis.

Garg said during June 2020, the company has reached 75 per cent of June 2019 demand figures, In July 2020 the car maker plans to touch 90 per cent of July 2019 levels.

On the availability of components as the company is planning to start third shift in its plant Garg said the localisation levels are very high and the dependence on components from China is very low.

According to Garg the company’s supply chain is ready to meet the demand for increased components as third shift production is soon to start.

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No lay-offs by Wipro amid crorona crisis, no such plan

The Bengaluru-headquartered IT behemoth employs more than 1.75 lakh people in several countries across the globe.

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Azim Premji Wipro

Bengaluru, July 13 : Global software major Wipro has not laid off any employee during the Covid-19 pandemic nor has any such plan at the moment, a top company official said on Monday.

“I just want to give comfort and say this categorically that we have not laid off a single employee as the pandemic unfolded,” Wipro Chairman Rishad Premji said at the company”s 74th annual general meeting (AGM) held virtually.

“At the moment, we have no plans to lay off anybody at the company,” he said, replying to a female shareholder.

“We are trying to drive cost deductions through various other means operationally and otherwise,” said Premji.

The Bengaluru-headquartered IT behemoth employs more than 1.75 lakh people in several countries across the globe.

–IANS

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