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Step up lending for public infra, MSMEs: FM Sitharaman to banks – The Times of India

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Step up lending for public infra, MSMEs: FM Sitharaman to banks – The Times of India


PUNE: Finance minister Nirmala Sitharaman on Thursday called upon banks and financial institutions with strong balance sheets to step up lending for public infrastructure, industry and the MSME sector.Addressing the Foundation Day event of Bank of Maharashtra, Sitharaman highlighted the critical role of banks amid growing global uncertainty. “The global environment has become increasingly unpredictable. The extent to which countries are affected depends on their exposure to these shocks and how well-prepared they are.”FM said despite the turbulence in the global economy, India showed resilience, supported by strong economic fundamentals and improved sovereign ratings from international agencies. She emphasised that India’s robust response to global challenges was not coincidental but driven by solid domestic demand and the inherent strength of its economy.Sitharaman also stressed the need for public sector banks to maintain professional management and a customer-centric approach. “Every complaint must be seen as an opportunity to improve, innovate and reinforce trust in the minds of the customers. Grievance redressal must go hand in hand with root cause analysis, systemic corrections in products, processes and conduct, besides a commitment to ensure the complaints do not recur.”At the event, department of financial services secretary M Nagaraju said the credit extended by banks to micro, small and medium enterprises (MSMEs) would aid in their expansion, helping them cope with financial stress in distressed sectors. “Govt has been laying great emphasis on providing more capital to MSMEs. But banks should also provide more capital to the MSMEs, both for expansion and recovery from stress, if there is any,” he said.





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First NHS sites join schools installing solar panels under Government scheme

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First NHS sites join schools installing solar panels under Government scheme



The first NHS sites are set to save on bills after installing solar panels under a £180 million investment from publicly owned Great British Energy, officials said.

Five sites across the country from hospitals to ambulance stations, along with three more schools, had solar panels installed over the summer, while a further eight schools are set to get the equipment in the autumn.

The five NHS sites and 11 primary schools are expected to save a combined total of £3.8 million over the 30-year lifetimes of the panels, which can be invested in health services and school equipment, the Department for Energy Security and Net Zero said.

It is part of an investment from Great British Energy announced by the Government in March to award £80 million for 200 schools in England and £100 million for nearly 200 NHS sites to install rooftop solar panels to help healthcare and educational settings curb rocketing energy costs.

Eleven schools are already saving on bills having switched on their solar panels in June, and all schools and hospitals under the scheme are expected to have their Great British Energy solar power running by April.

The Government said only a fifth of schools and one in 10 hospitals have solar panels installed, despite a typical school being able to save up to £25,000 a year and NHS sites potentially gaining savings of £45,000 annually from the technology.

Energy Secretary Ed Miliband said: “Great British Energy is helping your local school or hospital save money on its bills, to be reinvested into the frontline, from textbooks to teachers to medical equipment.

“Across the country, solar panels are going up on rooftops or carpark canopies, to power classrooms and operating theatres with clean, homegrown power.

“This is our clean energy superpower mission in action, protecting our public services with lower bills and energy security.”

Chris Gormley, chief sustainability officer at NHS England, said:  “Thanks to this new funding, we are set to expand solar generation by more than 300% across the NHS – slashing millions of pounds from energy bills, which can then be redirected into patient care.

“These new solar panels are expected to save the NHS £8.6 million every year once all the projects are completed, adding up to £260 million over their lifetime.

“That’s a massive leap towards a more sustainable, cost-efficient NHS.”



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Starmer ‘determined’ to reach a deal over US tariffs on Scotch whisky

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Starmer ‘determined’ to reach a deal over US tariffs on Scotch whisky



Sir Keir Starmer says he is “determined” to reach a deal on US whisky tariffs, but negotiations are ongoing.

The Prime Minister also said the implementation of a trade deal with India would be “very good for whisky in Scotland”.

The sector is concerned about the impact of tariffs – currently levied at 10% – on whisky exported from Scotland to the US.

The Scottish Government is also pushing for the sector to be exempted from tariffs levied by the Trump administration, with First Minister John Swinney flying to Washington DC to meet with the US president in the White House earlier this month. 

In an interview with BBC Scotland political editor Glen Campbell, the Prime Minister said he had raised the topic whisky with President Trump when they met during the state visit to the UK last week.

He said: “I absolutely understand how important it is for Scotland. It is part of our discussions.”

Asked if there is still a chance of a deal, he said: “Yes, and I want to get to the best possible outcome, and I’m determined to do so.

“Obviously, it’s a matter of negotiation. Our teams are discussing that.

“Alongside that, and separately, I want to bring forward the implementation of the India deal – which again for whisky, offers great opportunities.

“Different, of course, to the market in the US, but if we can achieve both of those things, that will be very good for whisky in Scotland.”



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Billion-dollar IPO coming! LG Electronics India may raise Rs 11,500 crore; valuation seen around $9 billion – The Times of India

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Billion-dollar IPO coming! LG Electronics India may raise Rs 11,500 crore; valuation seen around  billion – The Times of India


LG Electronics India is reportedly preparing to launch its initial public offering in the week beginning October 6 to raise around Rs 11500 crore ($1.3 billion), a significant cut from its earlier expected valuation of $15 billion, Bloomberg reported citing sources familiar with the matter.The South Korean electronics giant secured regulatory approval for its updated draft red herring prospectus on Thursday and is expected to file the final version early next week, sources told Bloomberg. The revised valuation places the company at roughly $9 billion, down from the earlier projection when the IPO papers were first filed in December.Third billion-dollar IPO this yearThis would mark the third billion-dollar IPO after HDB Financial Services and Hexaware Technologies in a year that has already seen over $10 billion raised through new issues.If completed as planned, LG Electronics India’s share sale will be the third billion-dollar IPO in a year that has already seen more than $10 billion raised through new offerings, Bloomberg noted. The company first filed with the Securities and Exchange Board of India last December to sell a 15% stake, or 101.8 million shares. Approval was granted in March, but the IPO was deferred due to market volatility, which had reduced its valuation to $10.5–$11.5 billion.Separately, LG Electronics India said it will invest about $600 million over the next four years to set up a third manufacturing plant in Andhra Pradesh, reinforcing its expansion in the Indian market, Bloomberg reported. Discussions on the size and timing of the IPO are ongoing and could change.Axis Bank and the Indian units of Morgan Stanley, JPMorgan Chase & Co, BofA Securities Inc., and Citigroup Inc. are advising LG Electronics India on the share sale, according to Bloomberg. A company representative did not immediately respond to Bloomberg’s requests for comment.





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