Govt making it easier for MSMES to grow their businesses
India’s Ministry of Micro, Small & Medium Enterprises (MSME) has extended its credit guarantee scheme for small and medium enterprises to improve access to capital. MSMEs are crucial to India’s economy, accounting for 9% of the country’s GDP. The new plan will provide Rs500 billion in assistance over two years with a target of granting more than 100,000 loans.
India is taking steps towards an inclusive economy that benefits all members by making it easier for MSMES to grow their businesses and contribute towards the nation’s economic growth.
No Changes To Get Benefit Of Post Office Interest Rates (Retained at 5.5-6.7%)
Govt is not changing the interest rates of PO. Not degrading and not upgrading.
In the last few months, a number of changes were made to the post office term deposits. The interest rates on these accounts have been retained at 5.5-6.7%. If you are looking for a safe place to invest your money, this is one option that you should consider in order to get better returns on your investments.
So you can make an informed decision before making any decisions about your saving and investing habits with the post office term deposit account from today’s economy perspective.
Relief to Senior Citizens
The 10-year Treasury yield, which has been at 3.2% for much of the year, rose to 3.4%. This is good news for fixed income investors, especially senior citizens who are in need of a reliable income stream from their bond investments.
Its program to continue the interest rates charged on some kinds of consumer borrowing, including credit cards and home equity loans, by another year. The move is a major relief for senior citizens who are finding it difficult to make ends meet with higher prices in gas and food.
Action taken after small saving interest rate review
When the government reviews your small savings rates, they want to know if you’re earning a competitive rate. To do this, they compare your rate against other banks’ rates and create a list of which banks are offering the best rates for their customers. This helps you make a more educated decision about where to put your money!
There’s no guarantee that these accounts will offer the same interest or terms in future quarters.
What is Kisan Vikas Patra?
The Kisan Vikas Patra is a term that means Farmer Development Certificate. The KVPs are issued by the government of India and can be bought from banks, post offices, or through agents for a period of 7 years. Interest rates will vary depending on when you purchase the certificate but they range from 6% to 10%. You can also buy them in multiples if you have more money to invest.
The certificates are available in denominations ranging from Rs 1000 to Rs 1000000 with a minimum investment amount at Rs 25000. If your village has been approved by the Indian Government as part of its development program then this could be an excellent way for you to grow your savings while doing good!
What is the tenure of KVP?
The Kisan Vikas Patra (KVP) will continue to have a tenor of 124 months, as announced by the Union Finance Minister in his Budget speech. The government has increased the KVP tenor from 100 months to 124 months. This move is expected to help farmers with their crop financing needs and also enable them to better manage risks related to adverse weather conditions.
The Kisan Vikas Patra was first introduced in 2008-09 with a tenure of 10 years or 100 months. A few years ago, it was extended for another five years up till 2019-20, meaning that the tenure now stands at 15 years or 150 months. Now, this tenure has been further extended by 5 more years.