Economy
Cabinet approves interest subvention scheme for farmers
The union cabinet which met here on Tuesday with Prime Minister Narendra Modi in the chair approved the interest subvention scheme for farmers for 2016-17.
 
"The government has earmarked a sum of Rs18,276 crore for this purpose. This will help farmers getting short term crop loan payable within one year up to Rs3 lakhs at only 4% per annum," said a cabinet communique.
 
According to the scheme, the central government will provide interest subvention of 5% per annum to all farmers for short term crop loan upto one year for loan upto Rs3 lakh borrowed by them during 2016-17.
 
"Farmers will thus have to effectively pay only 4% as interest. In case farmers do not repay the short term crop loan in time, they would be eligible for interest subvention of 2% as against 5% available above," the release added. 
 
In order to give relief to small and marginal farmers who would have to borrow at 9% for the post harvest storage of their produce, the central government has approved an interest subvention of 2% i.e an effective interest rate of 7% for loans upto 6 months. 
 
To provide relief to the farmers affected by natural calamities, the interest subvention of 2% will be provided to banks for the first year on the restructured amount. 
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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COMMENTS

Jyoti Dua

5 months ago

Good policy. However, its implementation is the key to ensure there are no more farmer's suicide cases.

Business travellers' data more at theft risk than money: Report
Business travellers, particularly senior executives, are more likely to be mugged of valuable private and corporate data than money as they travel abroad, a report by Russia-based software security group Kaspersky Lab revealed on Tuesday.
 
One in five persons have been a target of cyber crime while abroad -- rising to almost a third (31%) of senior business managers -- the report found. 
 
“This shows us that cyber crime is a real hazard while travelling and employees are putting confidential business information at risk," said Konstantin Voronkov, Head of Endpoint Product Management at Kaspersky Lab.
 
The researchers found the pressure from work to get online is clouding the judgment of business travellers when connecting to the internet.
 
Three in five (59%) persons in senior roles said they try to log on as quickly as possible upon arrival abroad because there is an expectation at work that they will stay connected. By the time business travellers reach the arrivals' terminal, one in six is using their work device to get online.
 
Over half of people travelling for work (54%) -- and up to 62% of senior executives -- make no distinction between their behaviour when abroad despite the fact they are a long way from the security of their work communications networks and they are handling employers’ confidential data at work, the study noted.
 
Almost half (48%) of senior managers and more than two in five (43%) of mid-level managers use insecure public access Wi-Fi networks to connect their work devices when abroad. 
 
At least two in five (44% and 40%, respectively) use Wi-Fi to transmit work emails with sensitive or confidential attachments.
 
“We recommend explaining the threat to employees as awareness is the first step to protection. Another important countermeasure is security over unsafe networks, such as using VPN to access the corporate network, and email encryption," Voronkov suggested.
 
"In addition, multi-layered endpoint protection should be implemented, including anti-malware, exploit prevention, host-based intrusion protection and firewall, URL filtering technologies, and installation of the most up to date software and system patches," he added.
 
The researchers polled 11,850 people from across Europe, Russia, Latin America, Asia Pacific and the US for the results.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Manufacturing lifts India's economy in June
Strong manufacturing industry lifted Indian economy while business activity in the service sector rose at its second lowest rate in the current 12-month period of growth in June, key macroeconomic data showed on Tuesday.
 
The Nikkei India composite PMI (purchasing managers' index) which is a key macro data that indicates monthly trends in overall economic activity stood at 50.3 in June, in the current 12-month sequence of above-50 readings, down from 51.0 in May.
 
An index reading of above 50 indicates an overall increase in the economic activity, while below 50 an overall decline.
 
Though employment rose fractionally, outstanding business in June was up compared to May while faster increase in input costs contrasted with slowdown in charge inflation.
 
Contributing to stronger increase in private sector activity, manufacturing production sped to a three-month high.
 
"Although manufacturing shifted into a higher gear in June, variables such as new orders, employment and production stayed below their respective long-run averages," said Markit economist Pollyanna De Lima.
 
The seasonally adjusted Nikkei India Composite PMI Output Index increased from 50.9 in May to 51.1 in June.
 
In the reveiwed month, June experienced softer rise in services new business with growth falling to the slowest in 11 months.
 
For the first time in five months, outstanding business for service providers increased slightly and survey participants reported delayed client payments.
 
According to the index, service providers observed a rise in staffing levels in June but not significantly high.
 
"The Indian service sector saw a further cooling of growth momentum in June, the third in consecutive months, with a weaker rise in new business leading to a softer expansion in activity," said De Lima.
 
Though factory employment was broadly unchanged in June, additional hiring indicated greater output requirements.
 
Interestingly, input prices in service sector rose for the ninth consecutive month in June, petrol and vegetables being on the higher side while rate of cost inflation was moderate, lower than the long-run trend.
 
Service providers charges however continued to rise in June, as they passed on the higher cost burdens.
 
Though activity growth over the coming year is slated to be backed by aggressive marketing campagins, concerns on competitive pressures has been highlighted.
 
"Nonetheless, India remains a leading performer within emerging markets at a time when many of its peers are struggling," added De Lima.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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