Day: September 13, 2020

OPEC Bid to Rescue Oil Market Falters as Demand Bounce Fades

(Bloomberg) — It was meant to be the week when OPEC nations gathered in Baghdad to celebrate the cartel’s six decades as a dominant force in global oil markets.

Instead, the Organization of Petroleum Exporting Countries and its allies will convene online, and reflect on whether the coronavirus has thwarted their best efforts to keep the market afloat.

After reviving crude prices from an unprecedented collapse over the spring, OPEC+ is seeing the recovery stall and fuel demand falter as the deadly pandemic surges once again. Prices slipped below $40 a barrel last week for the first time since June.

Atmanirbhar Bharat report card: Rs 25k cr disbursed to farmers, Rs 1.18 lakh cr credited to MSMEs so far

Prime Minister Narendra Modi had the Rs 20 lakh crore Atmanirbhar Bharat package in May.

The Ministry of Finance on Sunday shared an update on the progress of the multiple schemes under the Rs 20-lakh-crore Atmanirbhar Bharat package announced by Prime Minister Narendra Modi in May. According to the ministry, Rs 25,000 crore has been disbursed to farmers as on August 28, 2020, under the Rs 30,000 crore additional emergency working capital funding through National Bank for Agriculture and Rural Development (NABARD). The remaining Rs 5,000 under the Special Liquidity Facility (SLF) was allocated to NABARD by the Reserve Bank

Coming soon, credit guarantee scheme, seed fund for startups; DPIIT working on solving funding issues

The schemes once formulated by DPIIT would have to be approved by the Ministry of Finance followed by the Union Cabinet for their implementation.

The Department for Promotion of Industry and Internal Trade (DPIIT) is looking at introducing two new schemes to solve credit-related challenges for early-stage startups in India. According to DPIIT Secretary Guruprasad Mohapatra, an inter-ministerial consultation process is underway to frame the contours of a credit guarantee scheme and a seed fund scheme, PTI reported. Under the credit guarantee scheme, the government would provide a corpus to banks through which the credit would be disbursed into startups.