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Rs.50,000 reward to nab dog-abuser!

Two animal rights groups have offered a Rs.50,000 reward for help to identify and nab an unidentified man who poured boiling water on a dog, injuring it seriously, an activist said on Wednesday.

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Thane (Maharashtra), Nov 25 : Two animal rights groups have offered a Rs.50,000 reward for help to identify and nab an unidentified man who poured boiling water on a dog, injuring it seriously, an activist said on Wednesday.

The attack on man’s best friend took place on October 4 in Kisannagar locality of this city, a suburb of India’s financial capital Mumbai.

The unidentified attacker tortured the dog, pouring boiling hot water on it, and the animal sustained 80 percent burns, said Society for Prevention of Cruelty to Animals (SPCA) Thane unit president Shakuntala Majumdar.

“A Good Samaritan, Kishore Thakkar brought her to the SPCA hospital here in a critical condition and we started treatment. She has responded well and after six weeks is much better,” Majumdar said.

Shocked by the attack on the dog, the SPCA along with Humane Society International thought of offering the reward to help track down and nab the dog-abuser.

The two NGOs plan to share the burden of the reward money and are keen to bring the abuser to justice.

They will give it to any person who comes forward and gives details of the dog-abuser and officials of the Wagle Estate police station have promised to book him, Majumdar added.

This would also help people come forward against similar crimes against animals and help NGOs and police nab the culprits, she said.

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Moody’s downgrades India’s sovereign rating

The ratings agency also lowered India”s long-term foreign-currency bond and bank deposit ceilings to “Baa2 and Baa3, from Baa1 and Baa2”, respectively.

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New Delhi, June 1 : Global credit ratings agency Moody”s Investors Services on Monday downgraded India”s sovereign ratings as it sees challenges piled up on the country”s policymaking institutions to mitigate the risks of a sustained period of relatively low growth.

Besides, Moody”s said the Covid-19 pandemic amplifies vulnerabilities in India”s credit profile such as slower growth relative to the country”s potential, rising debt and further weakening of debt affordability and persistent stress in parts of the financial system.

Consequently, Moody”s downgraded India”s foreign-currency and local-currency long-term issuer ratings to Baa3 from Baa2.

It also downgraded India”s local-currency senior unsecured rating to Baa3 from Baa2, and its short-term local-currency rating to P-3 from P-2.

Furthermore, it kept the outlook as negative. Currently, the sovereign rating assigned to India is Baa2 with a negative outlook.

The ratings agency also lowered India”s long-term foreign-currency bond and bank deposit ceilings to “Baa2 and Baa3, from Baa1 and Baa2”, respectively.

“The short-term foreign-currency bond ceiling remains unchanged at Prime-2, and the short-term foreign-currency bank deposit ceiling was lowered to Prime-3 from Prime-2. The long- term local currency bond and bank deposit ceilings were lowered to A2 from A1,” Moody”s said.

The ratings downgrade assumes significance since it will hamper the government”s borrowing foreign programme and make the country less attractive for investment purposes.

According to Moody”s, India faces a prolonged period of slower growth relative to the country”s potential, rising debt, further weakening of debt affordability and persistent stress in parts of the financial system, all of which the country”s policymaking institutions will be challenged to mitigate and contain.

“The decision to downgrade India”s ratings reflects Moody”s view that the country”s policymaking institutions will be challenged in enacting and implementing policies which effectively mitigate the risks of a sustained period of relatively low growth, significant further deterioration in the general government fiscal position and stress in the financial sector,” Moody”s said.

“The negative outlook reflects dominant, mutually-reinforcing, downside risks from deeper stresses in the economy and financial system that could lead to a more severe and prolonged erosion in fiscal strength than Moody”s currently projects,” it added.

Moody”s had upgraded India”s ratings to Baa2 in November 2017 which was based on the expectation that effective implementation of key reforms would strengthen the sovereign”s credit profile through a gradual but persistent improvement in economic, institutional and fiscal strength.

“Since then, implementation of these reforms has been relatively weak and has not resulted in material credit improvements, indicating limited policy effectiveness,” the investors services said.

“While today”s action is taken in the context of the coronavirus pandemic, it was not driven by the impact of the pandemic. Rather, the pandemic amplifies vulnerabilities in India”s credit profile that were present and building prior to the shock, and which motivated the assignment of a negative outlook last year.”

As per Moody”s assetment, a slow reform momentum and constrained policy effectiveness have also contributed to a prolonged period of slow growth, compared to India”s potential, that started before the pandemic and that Moody”s expects will continue well beyond it.

“Real GDP growth has declined from a high of 8.3 per cent in fiscal 2016 (ending March 2017) to 4.2 percent in fiscal 2019,” the investors services said.

“Moody”s expects India”s real GDP to contract by 4 per cent in fiscal 2020 due to the shock from the coronavirus pandemic and related lockdown measures, followed by 8.7 per cent growth in fiscal 2021 and closer to 6 per cent thereafter.”

–IANS

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Reform, liquidity measures for MSMEs get Cabinet nod

Further, the Rs 50,000 crore ”fund of funds” for MSMEs was also cleared by the CCEA which would help these entities get equity.

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Nirmala Sitharaman

New Delhi, June 1 : The Union Cabinet on Monday gave a green signal to the reform and liquidity measures announced by Finance Minister Nirmala Sitharaman under the ”Aatmanirbhar Bharat economic package last month.

Apart from approving the distressed asset fund for MSMEs and the Rs 50,000 crore fund of funds, the Cabinet also widened the definition of MSMEs by allowing more entities into the criteria to avail the benefits.

Further widening the definition of micro, small and medium enterprises (MSMEs), the Cabinet Committee on Economic Affairs (CCEA) decided that manufacturing and service units with turnover of up to Rs 250 crore or investment of up to Rs 50 crore will qualify as medium enterprises.

Addressing the media here post the Cabinet meeting, Union Information & Broadcasting Minister Prakash Javadekar said that the decision was taken post suggestions coming in after the government announced broadening of the scope of MSMEs to support more businesses.

Also, the turnover criteria for MSMEs will not include revenue from exports, further providing flexibility to the sector to expand their operations and push overseas sales, he said.

On May 13, Sitharaman hd announced an increase of investment limits for MSMEs. The Centre had raised the medium enterprises” definition to one with investment and machinery to the tune of Rs 20 crore and turnover of Rs 100 crore. This stands further enhanced now after the Cabinet decision.

As per the new changes, businesses with investment of less than Rs 1 crore and turnover of Rs 5 crore would be classified as micro enterprises. Under the existing criteria, a company with investment of less than Rs 25 lakh in the manufacturing sector and less than Rs 10 lakh in the services sector were considered as micro enterprises.

The Cabinet has changed this distinction as well and a unified criterion will be applied for micro enterprises now.

The investment limit of small enterprises has been increased to Rs 10 crore, and the companies would have to have a turnover of less than Rs 50 crore.

Further, the investment limit for medium enterprises has been increased to Rs 20 crore and the turnover limit has been kept at Rs 100 crore, which has now been extended to companies with investment of Rs 50 crore and turnover of up to Rs 250 crore.

Under the ”Aatmanirbhar Bharat” package, the government has also done away with the distinction of services and manufacturing MSMEs.

Further, the investment limit for medium enterprises has been increased to Rs 20 crore and the turnover limit has been kept at Rs 100 crore, which has now been extended to companies with investment of Rs 50 crore and turnover of up to Rs 250 crore.

The CCEA also approved a distressed asset fund for MSMEs to facilitate provision of Rs 20,000 crore as subordinate debt as announced under the economic package.

The government”s contribution to the distressed asset fund is Rs 4,000 crore through its investment in the Credit Guarantee Trust for Micro and Small Enterprises (CGTMSE) set up by it along with Sidbi. The CGTMSE, in turn, provides partial credit guarantee to the banks.

Functioning MSMEs, which have become non-performing assets or are stressed, will be eligible for access to the fund.

Under the scheme, the Centre will provide guarantee coverage of up to 85 per cent for loans up to Rs 5 lakh and 75 per cent for loans beyond Rs 5 lakh to MSMEs from financial institutions.

It provides a debt facility of up to 15 per cent of promoter contribution or Rs 75 lakh to the promoters, who, in turn, will infuse the amount in the MSME unit as equity.

According to the government, around 2 lakh MSMEs will be benefited by the move.

Further, the Rs 50,000 crore ”fund of funds” for MSMEs was also cleared by the CCEA which would help these entities get equity.

The fund of funds will be set up with a corpus of Rs 10,000 crore and provide equity funding for MSMEs. It will be operated through a mother fund and a few daughter funds and its structure will help leverage Rs 50,000 crore of funds at the daughter funds level.

It will also help MSMEs get listed on the main board of stock exchanges.

An official statement said that MSMEs are the backbone of the Indian economy and silently operating in different areas across the country, more than 6 crore MSMEs have a crucial role to play in building a stronger and self-reliant India.

These small economic engines have a huge impact on the country”s GDP, making a contribution of 29 per cent. They contribute to almost half of exports from the country and over 11 crore people are employed in the MSME sector.

“The MSME Ministry is committed to support the MSMEs, and the people who depend on them. All efforts are being made to encourage MSMEs to take benefit of the initiatives under the ”Aatmanirbhar Bharat” package and our other schemes,” said the official statement.

Among the other steps taken amid the novel coronavirus pandemic, the government has laid out several schemes to provide immediate relief to the MSME sector, including Rs 3 lakh crore collateral-free automatic loans for MSMEs to meet operational liabilities, buy raw material and restart businesses.

The government has also disallowed global tenders in procurements of up to Rs 200 crore to create more opportunities for domestic players.

–IANS

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Fuel prices hike by Rs 2/l in Mumbai

The Value Added Tax (VAT) on petrol and diesel is 26 per cent and 24 per cent respectively in the state.

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Mumbai, June 1 : Petrol and Diesel prices in the economic capital of the country have been increased by Rs 2 per litre on Monday. Now, petrol will cost Rs 78.32 per litre to Mumbaikars while diesel will be available at Rs 68.21 in the city.

The prices were increased after the Maharashtra government decided to levy a cess of Rs 2 on the vehicular fuel w.e.f. June 1. This increase will be applicable in the entire state.

The Value Added Tax (VAT) on petrol and diesel is 26 per cent and 24 per cent respectively in the state.

Beside, a cess is also applicable on both type of fuels that the state government has increased from Rs 8.12 to Rs 10.12 per litre on petrol and Rs 3 per litre from the earlier Re 1 on diesel.

According to the Indian Oil website, prices of petrol in the four metro cities, Delhi, Kolkata, Mumbai and Chennai were Rs 71.26, Rs 73.30, Rs 78.32 and Rs 75.54 per litre, respectively. While the diesel prices were Rs 69.39, Rs 65.62, Rs 68.21 and 68.22 per litre, respectively.

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