Table of Contents
59 Chinese apps
- 59 Chinese apps banned by India.
- Their representatives, can appear before a government constituted committee within 48 hours
- To save their apps, they have to prove that the data of Indian users is not being sent to servers in China.
- Committee will conduct a detailed inquiry about datasharing practices of these Chinese apps.
- Tik-Tok, Bigo Live and Likee executives will cooperate with GoI.
- Question
- Name India’s nodal agency for internet security
- China expressed serious concern over the ban.
- China: ban goes against the general trend of international trade and ecommerce
- Ji Rong, a spokesperson of the Chinese embassy: “The ban will affect local employment in India”
- India is one of the largest markets for Chinese apps after their home market and the US.
- Stocks of Chinese companies: closed in the red RED
MSMEs
- Soon Indian MSMEs will be protacted from new rules to tackle the issue of delayed payments.
- Govt. is facing problems in making a decision because Covid-19.
- Gadkari: wait for four to six months.
- Samadhan portal: settled ₹40,000 crore worth of dues so far
- Lot of money owed to MSMEs is stuck with central government undertakings, state governments and the private sector.
Fitch
- Fitch Ratings has downgraded FY22 outlook for India.
- GDP growth estimate to 8%, as against 9.5% projected last month.
- The agency retained the FY21 projection of India’s GDP contracting by 5% in its latest global economic outlook.
- Global GDP forecast has turned stable as disruption caused by Covid eases.
Core Sector
- Compared with April, India’s infrastructure sector contracted at a slower pace in May.
- The index of eight core industries dropped 23.4% in May from a year earlier.
- There was a fall of 37% in April.
- Output contracted 30% in the first two months of the current financial year.
- The 8 industries in the index are coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity.
- These together have a 40% weight in the Index of Industrial Production (IIP).
- Industrial output may also shrink at lower pace in May.
- ICRA: industrial production to shrink around 35-45% in May
- It shrank 55.5% in April.
- The substantial relaxation in lockdown in June is expected to further help recovery in these sectors.
Emergency Credit Line Guarantee Scheme
- Under the 100 per cent Emergency Credit Line Guarantee Scheme (ECLGS) backed by a Government guarantee, Public and Private sector banks have sanctioned loans worth over 1 lakh crore rupees till 26th of June.
- Out of these, more than 45 thousand Crore rupees have already been disbursed.
- It will help more than 30 lakh MSMEs and other businesses to restart their operations after the lockdown.
- Public sector banks have sanctioned loans of over 57 thousand 525 crore rupees whereas private sector banks have sanctioned loans of over 44 thousand 335 crore rupees under ECLGS.
- The top lenders under the Scheme are SBI, Bank of Baroda, PNB, Canara Bank and HDFC.
- As part of the Aatma Nirbhar package, Government had announced its plans for 3 lakh Crore rupees as additional credit to MSMEs and small businesses.
- Such enterprises were to be eligible to receive upto 20 per cent of their existing borrowing as additional loans at interest rates which were capped.
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