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Why supporting MSMEs is important and the accountability of the package

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WHY SUPPORT MSMEs The primary focus of the economic package announced by PM Modi was to alleviate the distress in the Micro, Small and Medium Enterprises (MSMEs) sector that lies in the very core of the Indian economy and is an employer of around 11 crores (110 million) individuals, including huge migrant forces of the country. 6.11% of manufacturing GDP and 24.6% of service GDP is contributed by MSMEs. They nearly account for 16% of bank lending. There exist an estimated 63 million small businesses across the nation. Many of these were adversely impacted by the demonetization policy of 2016 and the rollout of The Goods and Services Tax in the very net year. The virus can cause them great trouble unless the govt. offers some support.  The 16 particular announcements in the first tranche cut across sectors that range from NBFCs and MSMEs to power distribution and Real Estate and the Salaried, the overarching theme was Liquidity Infusion. This world hopefully puts
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Focus of India's Latest Rescue Package

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Indian Government has announced plans to assist Small and Medium Enterprises as a part of their Rs. 20 lakh crore ($266 Billion) economic package. This economic package is nearly 10% equivalent to 10% of India's GDP. Nirmala SItharaman, Finance Minister quoted certain measures which are announced in these few days with reference to the use and allocation of the package . Let's discuss them:- FM Sitharaman quoted "The measures will boost growth and build a self-reliant India. She further added that "The intention is to invest in local brands and make them world-class. It's about being isolationist or looking inwards, it's about a confident and powerful India that contribute to the world. This includes an emergency credit line of collateral-free loans worth $40 billion to safeguard jobs and reuse business activities in the wake of India's lockdown 4.0 to contain coronavirus. To infuse the much-needed liquidity into India's power dis
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Neo Banks

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Gradually, Neobanking is becoming a buzzword in the financial tech, often called, Fintech Community. This term has gained its momentum since it is been taking the headline on the media and news. But, do we have insights on what it is all about. On a global level, the fintech industry is taken on a storm by Neobanks. We have been witnessing news players in the market every day whose primary aim is to simplify finance and services to a great extent. Now let us have a look on neobank in detail. What are Neo Banks ? A neobank is a tpe of digital bank that does not have any branches. Rather than being on a physical location, it is present entirely online. We can imagine it as a wide umbrella of financial service providers who serve todays tech savvy customers. Neobanks can also be termed as fintech firms that provide mobile friendly and digital solutions payments and money lending. Money transfers and more. These banks don't posses their own bank license but count on ban
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