Ryzen_renoir Posted December 13, 2020 Report Posted December 13, 2020 In May, when the Centre announced a massive Rs 20 lakh-crore economic stimulus package, it was enthusiastically applauded by the Covid-ravaged country, at the height of the pandemic lockdown. As it turned out later, the celebrations were apparently premature and the net sanction was very modest compared with the astronomical amount proclaimed by Union Finance Minister Nirmala Sitharaman. Attempting to unravel the exact benefits of the historic financial package of Rs 20 lakh-crore, a Pune businessman Prafull Sarda filed a query under RTI, and got some shocking replies from the Centre. Among other things, he sought details of the disbursement of the massive Rs 20 lakh-crore package, sector-wise and state-wise and whether any balance amount was pending with the government. The ministry informed that under the Atmanirbhar Bharat Abhiyaan, an Emergency Credit Line Guarantee Scheme was introduced, which was available till October 31 or till the Rs 3 lakh-crore is sanctioned under ECLGS, whichever was earlier. "So far, of the sanctioned Rs 3 lakh-crore through the ECLGS, the government has disbursed around 1.20 lakh-crore as loans to various states," Sarda said. This comes to roughly a loan of Rs 8 per head of the 130-crore Indian population, which will have to be returned at some point in time, he added. "The government has sanctioned Rs 3-lakh crore of which around 40 per cent (Rs 1.20 lakh-crore) is disbursed. The big question is - Where is the remaining amount of Rs 17-lakh-crore from the total package, eight months after it was announced? Was this another fraud (Jumla) on the Indian people," Sarda demanded. As per the RTI reply, while Maharashtra took the highest loans under ECLGS of Rs 14,364.30 crore, Tamil Nadu ranked second at Rs 12,445.58 crore, followed by Gujarat with Rs 12,005.92 crore. Next on the list are: Uttar Pradesh with Rs 8,907.38 crore, Rajasthan at Rs 7,490.01 crore and Karnataka's Rs 7,249.99 crore. In the lower bracket, the states/Union Territories are: Lakshadweep Islands at Rs 1.62 crore, Ladakh at Rs 27.14 crore, Mizoram at Rs 34.80 crore and Arunachal Pradesh with Rs 38.54 crore. Sarda said from the unprecedented aid package of Rs 20-lakh crore, only Rs 3-lakh crore was sanctioned under the ECLGS, and from that barely Rs 1.20-lakh crore has actually been disbursed among all the states and UTs in the country. "The entire country is reeling under the Coronavirus pandemic and the after-effects of the Lockdown since the past 10 months now. Crores of individuals, their families and businesses are suffering, but the Centre has yet to sanction adequate funds to normalize the situation," Sarda said. He pointed out that the worst-hit sectors include all industries in the manufacturing sectors, the hospitality and tourism industry, the media and affiliated sectors, and the unorganized sectors. "Besides over 6 crore MSMEs and SMEs have shut down, resulting in more than 15-crore people losing jobs, against a handful of persons who remain unaffected by the pandemic lockdown," Sarda pointed out. Referring to the unrest among the suffering masses as indicated by the ongoing farmers' agitation, the businessman said it would be prudent "if the government takes urgent measures to release the remaining package funds to help kickstart the economy on top priority". Quote
Ryzen_renoir Posted December 13, 2020 Author Report Posted December 13, 2020 5 minutes ago, Hydrockers said: Andulo loans enni Antha loans eyy 🤭. Well to be fair every economic package is meant as a loan in every country . Western countries are writing off loans , we can't afford to Quote
Pappu_Packitmaar Posted December 13, 2020 Report Posted December 13, 2020 But this 20 Lakh crore package was supposed to be loan/grant or incentive structure but never was intended for distribution in the first place and this fund is supposed to be spent over the next few years.. Its just that people thought they gonna get deposits directly in their bank accounts.. Quote
pichallah Posted December 13, 2020 Report Posted December 13, 2020 1 hour ago, Ryzen_renoir said: In May, when the Centre announced a massive Rs 20 lakh-crore economic stimulus package, it was enthusiastically applauded by the Covid-ravaged country, at the height of the pandemic lockdown. As it turned out later, the celebrations were apparently premature and the net sanction was very modest compared with the astronomical amount proclaimed by Union Finance Minister Nirmala Sitharaman. Attempting to unravel the exact benefits of the historic financial package of Rs 20 lakh-crore, a Pune businessman Prafull Sarda filed a query under RTI, and got some shocking replies from the Centre. Among other things, he sought details of the disbursement of the massive Rs 20 lakh-crore package, sector-wise and state-wise and whether any balance amount was pending with the government. The ministry informed that under the Atmanirbhar Bharat Abhiyaan, an Emergency Credit Line Guarantee Scheme was introduced, which was available till October 31 or till the Rs 3 lakh-crore is sanctioned under ECLGS, whichever was earlier. "So far, of the sanctioned Rs 3 lakh-crore through the ECLGS, the government has disbursed around 1.20 lakh-crore as loans to various states," Sarda said. This comes to roughly a loan of Rs 8 per head of the 130-crore Indian population, which will have to be returned at some point in time, he added. "The government has sanctioned Rs 3-lakh crore of which around 40 per cent (Rs 1.20 lakh-crore) is disbursed. The big question is - Where is the remaining amount of Rs 17-lakh-crore from the total package, eight months after it was announced? Was this another fraud (Jumla) on the Indian people," Sarda demanded. As per the RTI reply, while Maharashtra took the highest loans under ECLGS of Rs 14,364.30 crore, Tamil Nadu ranked second at Rs 12,445.58 crore, followed by Gujarat with Rs 12,005.92 crore. Next on the list are: Uttar Pradesh with Rs 8,907.38 crore, Rajasthan at Rs 7,490.01 crore and Karnataka's Rs 7,249.99 crore. In the lower bracket, the states/Union Territories are: Lakshadweep Islands at Rs 1.62 crore, Ladakh at Rs 27.14 crore, Mizoram at Rs 34.80 crore and Arunachal Pradesh with Rs 38.54 crore. Sarda said from the unprecedented aid package of Rs 20-lakh crore, only Rs 3-lakh crore was sanctioned under the ECLGS, and from that barely Rs 1.20-lakh crore has actually been disbursed among all the states and UTs in the country. "The entire country is reeling under the Coronavirus pandemic and the after-effects of the Lockdown since the past 10 months now. Crores of individuals, their families and businesses are suffering, but the Centre has yet to sanction adequate funds to normalize the situation," Sarda said. He pointed out that the worst-hit sectors include all industries in the manufacturing sectors, the hospitality and tourism industry, the media and affiliated sectors, and the unorganized sectors. "Besides over 6 crore MSMEs and SMEs have shut down, resulting in more than 15-crore people losing jobs, against a handful of persons who remain unaffected by the pandemic lockdown," Sarda pointed out. Referring to the unrest among the suffering masses as indicated by the ongoing farmers' agitation, the businessman said it would be prudent "if the government takes urgent measures to release the remaining package funds to help kickstart the economy on top priority". Vuuu....diaper change time Quote
Ryzen_renoir Posted December 13, 2020 Author Report Posted December 13, 2020 20 minutes ago, Pappu_Packitmaar said: But this 20 Lakh crore package was supposed to be loan/grant or incentive structure but never was intended for distribution in the first place and this fund is supposed to be spent over the next few years.. Its just that people thought they gonna get deposits directly in their bank accounts.. the whole amount is just loans and they just disbursed only 2 lakh crores of loans till now 🙄 Quote
dewarist Posted December 13, 2020 Report Posted December 13, 2020 31 minutes ago, Ryzen_renoir said: the whole amount is just loans and they just disbursed only 2 lakh crores of loans till now 🙄 Actual ga dabbulu undali kada disburse cheyadaniki. Quote
Sachin200 Posted December 13, 2020 Report Posted December 13, 2020 2 hours ago, Ryzen_renoir said: the whole amount is just loans and they just disbursed only 2 lakh crores of loans till now 🙄 They r asking state governments as guarantor towards banks for certain loans to msme . But state govt are not willing Power discom companies debt kooda state govt should bare cheyali Ani . But state governments r not willing Quote
Ryzen_renoir Posted December 13, 2020 Author Report Posted December 13, 2020 1 hour ago, dewarist said: Actual ga dabbulu undali kada disburse cheyadaniki. They control the treasury , they can print whatever they want . Where do you think US , Europe , china are getting the money for the monumental bailouts ? Quote
Spartan Posted December 13, 2020 Report Posted December 13, 2020 16 minutes ago, Ryzen_renoir said: They control the treasury , they can print whatever they want . Where do you think US , Europe , china are getting the money for the monumental bailouts ? Ala print cheskunettu aite poverty lo enduku untadi desham rupee will go to dogs if we start printing Quote
Ayodhyaramayyaips Posted December 13, 2020 Report Posted December 13, 2020 4 hours ago, Ryzen_renoir said: In May, when the Centre announced a massive Rs 20 lakh-crore economic stimulus package, it was enthusiastically applauded by the Covid-ravaged country, at the height of the pandemic lockdown. As it turned out later, the celebrations were apparently premature and the net sanction was very modest compared with the astronomical amount proclaimed by Union Finance Minister Nirmala Sitharaman. Attempting to unravel the exact benefits of the historic financial package of Rs 20 lakh-crore, a Pune businessman Prafull Sarda filed a query under RTI, and got some shocking replies from the Centre. Among other things, he sought details of the disbursement of the massive Rs 20 lakh-crore package, sector-wise and state-wise and whether any balance amount was pending with the government. The ministry informed that under the Atmanirbhar Bharat Abhiyaan, an Emergency Credit Line Guarantee Scheme was introduced, which was available till October 31 or till the Rs 3 lakh-crore is sanctioned under ECLGS, whichever was earlier. "So far, of the sanctioned Rs 3 lakh-crore through the ECLGS, the government has disbursed around 1.20 lakh-crore as loans to various states," Sarda said. This comes to roughly a loan of Rs 8 per head of the 130-crore Indian population, which will have to be returned at some point in time, he added. "The government has sanctioned Rs 3-lakh crore of which around 40 per cent (Rs 1.20 lakh-crore) is disbursed. The big question is - Where is the remaining amount of Rs 17-lakh-crore from the total package, eight months after it was announced? Was this another fraud (Jumla) on the Indian people," Sarda demanded. As per the RTI reply, while Maharashtra took the highest loans under ECLGS of Rs 14,364.30 crore, Tamil Nadu ranked second at Rs 12,445.58 crore, followed by Gujarat with Rs 12,005.92 crore. Next on the list are: Uttar Pradesh with Rs 8,907.38 crore, Rajasthan at Rs 7,490.01 crore and Karnataka's Rs 7,249.99 crore. In the lower bracket, the states/Union Territories are: Lakshadweep Islands at Rs 1.62 crore, Ladakh at Rs 27.14 crore, Mizoram at Rs 34.80 crore and Arunachal Pradesh with Rs 38.54 crore. Sarda said from the unprecedented aid package of Rs 20-lakh crore, only Rs 3-lakh crore was sanctioned under the ECLGS, and from that barely Rs 1.20-lakh crore has actually been disbursed among all the states and UTs in the country. "The entire country is reeling under the Coronavirus pandemic and the after-effects of the Lockdown since the past 10 months now. Crores of individuals, their families and businesses are suffering, but the Centre has yet to sanction adequate funds to normalize the situation," Sarda said. He pointed out that the worst-hit sectors include all industries in the manufacturing sectors, the hospitality and tourism industry, the media and affiliated sectors, and the unorganized sectors. "Besides over 6 crore MSMEs and SMEs have shut down, resulting in more than 15-crore people losing jobs, against a handful of persons who remain unaffected by the pandemic lockdown," Sarda pointed out. Referring to the unrest among the suffering masses as indicated by the ongoing farmers' agitation, the businessman said it would be prudent "if the government takes urgent measures to release the remaining package funds to help kickstart the economy on top priority". Iyanni picha light...centre and state failed in managing this pandemic...period....ila avaneeki anni political parties are to be blamed equally...power lo unnodu like bodi and dhora will take a larger pie in this... Quote
Ayodhyaramayyaips Posted December 13, 2020 Report Posted December 13, 2020 22 minutes ago, Ryzen_renoir said: They control the treasury , they can print whatever they want . Where do you think US , Europe , china are getting the money for the monumental bailouts ? Atla print cheyaneeki mana dhaggara rbi reserves anthey level lo undali ga..it's not easy... Quote
Ryzen_renoir Posted December 13, 2020 Author Report Posted December 13, 2020 7 minutes ago, Spartan said: Ala print cheskunettu aite poverty lo enduku untadi desham rupee will go to dogs if we start printing It will not if the government invests in assets , 40000 crores petti polavaram kadithey india lo asset vasthundhi . Universities , hospitals , schools meedha pedithey future returns vasthayi . Look I do not claim to be an economic expert but when all the leading economists who are familiar with india including every nobel laureate says india is not spending enough for post pandemic recovery plan , there is some truth in it . Atleast ippudaina finance minister team lo famous economists ni pettukuntey manchidhi , her team is filled with beuracrats and politicians which is a shame . Quote
Ryzen_renoir Posted December 13, 2020 Author Report Posted December 13, 2020 2 minutes ago, Ayodhyaramayyaips said: Atla print cheyaneeki mana dhaggara rbi reserves anthey level lo undali ga..it's not easy... Reserved at all time highs 560 bil$ , even countries with no reserves are spending a lot more % wise than india . This is a temporary boost in spending not printing forever Quote
Ayodhyaramayyaips Posted December 13, 2020 Report Posted December 13, 2020 5 minutes ago, Ryzen_renoir said: Reserved at all time highs 560 bil$ , even countries with no reserves are spending a lot more % wise than india . This is a temporary boost in spending not printing forever This will set a bad precedent...itla chesthey prathi elections mundhu central govt reserves thagalesi freebies panchuthayi... Quote
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.