#coronavirus Nirmala Sitharaman

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Introduction to Social Stock Exchange

Investors’ awareness of the Social Stock Exchange SEBI was first set up as a non statutory body on April 12, 1988 with the objectives of investor protection and market development and regulation of securities markets. Indeed, in July 2019 the Indian Finance Minister, Smt Nirmala Sitharaman came up with the idea of Social Stock Exchange (SSE) aimed at promoting both not-for profit and for profit social enterprises. Targeted as a portion of the already established stock markets like NSE or BSE, this SSE will assist social enterprises to secure capital from the public and will be calibrated at organizations that strive to build social impact.

Regulatory Framework The framework has been spelt out by SEBI under the provisions of ICDR, LODR and AIF for the SSE. This way, the SSE can support the social enterprises’ goals of bringing about inclusive growth and ensuring financial inclusion by allowing organizations to issue equity, debt, or units resembling mutual funds.

Impact of COVID-19 This paper examines general factors in operation risk management in capital markets, especially concerning the pandemic triggered by the outbreak of the coronavirus in 2020. The SSE’s goal is to reduce the economic impact of the pandemic by mobilizing social capital to restore the lives and combat pandemic issues. It also creates awareness to people across the globe on sustainability, assisting in aligning the SDGs with the early ESG priorities.

SEBI Amendments SEBI proposes to amend the ICDR and LODR regulations to:SEBI proposes to amend the ICDR and LODR regulations to:

Enable cost accountants and their firms who are accredited with the National Institute of Securities Markets to work as social auditors and report the entity’s positive effects to the society once in every year. On the same note, there is a need to ensure the following considerations Inclusion of cost accountants in the Social Stock Exchange Governing Council. At present, the audits and the reports for the SSE must only be handled by those who are enlisted with the Institute of Chartered Accountants of India or any other comparable agency. The changes proposed were to incorporate these roles for statutory cost auditors, independent cost accountant and their firms which have a valid certificate.

Applicability The SSE is applicable to:

Nonprofit or, to a lesser extent, “mission-based” ventures, in the fields of goods and services production and delivery. Professionals qualified in accordance with the provisions of the statutes of that state and the act or firms qualified as independent cost accountants.

Conclusion The Social Stock Exchange in India is another level of improvement in controlled and clear method of mobilizing funds for social issues. It offers a legal framework for social entrepreneurship to the extent of widening the concept of philanthropy with an additional close watch on the spending capacities of such organizations for positive and efficient change.

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Tamil Nadu Government Should Take Blame For AIIMS Project Delay: Nirmala Sitharaman

The DMK members shouted "Eppo" in Tamil demanding to know when the hospital would be built. The Minister replied in both English and Tamil.

New Delhi: Finance Minister Nirmala Sitharaman today said the ‘budget’ for the proposed AIIMS hospital at Madurai in Tamil Nadu escalated by ₹ 700 crore since land acquisition was delayed and that the state government should take the blame for it.

Speaking on the debate on the no-confidence motion in the Lok Sabha, Ms Sitharaman, amid slogan shouting by DMK members said the budget for the proposed hospital went up from ₹ 1,200 crore to ₹ 1,900 crore since land acquisition was delayed by Tamil Nadu.

The DMK members shouted “Eppo” in Tamil demanding to know when the hospital would be built. The Minister replied in both English and Tamil.

Ms Sitharaman said, hence, the state government should take the blame and not the Centre cannot be targeted for the delay.

At the same time, during coronavirus pandemic, she said site inspections could not happen and as a result, they (the state government) could not speed up the work.

“I can understand the difficulty of the state government…,” she said adding she had “more facts” on Tamil Nadu and wanted the members to watch the television, even as some of them were staging a walkout apparently protesting against her.

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Experts welcome Modi government’s booster dose for real estate sector Image Source : FILE FM tossed support for Real Estate sector and what realty expert thinks?

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Nirmala Sitharaman explains to Mamata Banerjee, what is tax

Nirmala Sitharaman explains to Mamata Banerjee, what is tax

Union Finance Minister Nirmala Sitharaman on Sunday in a series of tweets responded to West Bengal Chief Minister Mamata Banerjee after the latter wrote to the Centre seeking exemption from GST/customs and other duties, taxes on some items including Covid related drugs. “A list of items for COVID relief granted exemption from IGST for imports was issued on May 3, 2021. These were given exemption…

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Wealthy countries like Germany and Italy have allocated fiscal stimulus, including bank guarantees, of more than 30% of their gross domestic product. India’s support so far adds up to less than 1% of its GDP. Economists like Soumya Kanti Ghosh of the State Bank of India and Sanjay Mathur of Australia & New Zealand Banking Group Ltd. estimate the government’s support should be as big as 8 trillion rupees. Part of the reason for the government’s lack of action is its limited fiscal room. Faced with a weakening economy before the virus outbreak, (Finance Minister Nirmala) Sitharaman widened the fiscal deficit target for this year to 3.5% of GDP. An increase in fiscal spending to fight the virus could increase the shortfall to about 8%, according to Citigroup.

'Calls for India Fiscal Aid Grow Louder as Businesses Struggle', BloombergQuint  

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FM: Loan sanctions jump to Rs 6.45 lakh cr in over 2 months

Finance Minister Nirmala Sitharaman on Tuesday said the public sector banks (PSB) sanctioned Rs 6.45 lakh crore in two and a half months, between March 1 and May 15, to over 54.96 lakh accounts.

This is a notable increase compared to the Rs 5.95 lakh crore sanctioned as of May 8 with last Rs 50,000 crore being sanctioned in just the preceding week.

The Finance Minister had earlier said that higher bank sanctions is indicative that the Indian economy is poised to recover from the recent crisis brought upon it by the coronavirus pandemic.

In a tweet, the office of Sitharaman said that the borrowers for the sanctioned loans include MSMEs, retailers, farmers and corporate sectors.

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New cryptocurrency bill to be introduced after Cabinet approval: Sitharaman in Rajya Sabha - ET Government

New cryptocurrency bill to be introduced after Cabinet approval: Sitharaman in Rajya Sabha – ET Government

Finance Minister Nirmala Sitharaman said on Tuesday that the government is developing a new cryptocurrency bill that will be submitted to the current session of Parliament after approval by the Union Cabinet. The current winter session is scheduled to end on December 23. Responding to a series of questions in the Rajya Sabha, she said the new bill takes into account the rapidly changing…

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Nirmala Sitharaman To Meet Heads Of Financial

Nirmala Sitharaman To Meet Heads Of Financial

Finance Minister Nirmala Sitharaman will meet heads of banks next week Finance Minister Nirmala Sitharaman is scheduled to meet heads of banks and financial institutions next week to remove friction in credit flow to productive sectors of the economy battered by the Coronavirus pandemic. The two-day conference, beginning November 17, would see participation from all public sector banks and…

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India has created jobs during pandemic: Nirmala Sitharaman

India has created jobs during pandemic: Nirmala Sitharaman

At a high-level United Nations meet, Union Finance Minister details government moves to protect labour benefits. India is successfully carrying out the world’s largest free vaccination programme against COVID-19 and has taken strategic steps towards jobs and social protection during the pandemic, Finance Minister Nirmala Sitharaman said at a high-level United Nations meet. Stressing on the need…

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Too early to conclude on lessons learnt from COVID crisis: Nirmala Sitharaman

Too early to conclude on lessons learnt from COVID crisis: Nirmala Sitharaman

Image Source : PTI/ REPRESENTATIONAL. Too early to conclude on lessons learnt from COVID crisis: Nirmala Sitharaman.     It is too early to conclude on the lessons that India learnt from the COVID-19 crisis, Union Finance Minister Nirmala Sitharaman said as she stressed that the world is not going to be the same post-pandemic. Sitharaman said much before the second Covid wave struck, her…

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New employment in government fell by 60% in June compared to the monthly average in the last financial year. Ms Sitharaman told a meeting that India was "facing an extraordinary situation… an act of God where we may even see a contraction". The informal economy is slowly picking up, as many workers who returned to their villages after losing jobs after the lockdown are slowly trickling back to cities as their workplaces open up. Some are even getting paid more by their employers desperate to reopen their businesses. "By the end of the year, more jobs will return as the economy continues to open," says KR Shyam Sundar, a labour economist. "But salaried employment will take time to pick up. This is going to be a long haul."

Soutik Biswas, 'India coronavirus: Young bearing the brunt of sweeping job losses', BBC

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FM: Loan sanctions jump to Rs 5.95 cr in just over 2 months

Finance Minister Nirmala Sitharaman on Tuesday said the public sector banks (PSB) sanctioned Rs 5.95 crore in just over two months, between March 1 and May 8, to over 46.74 lakh accounts. The borrowers for the sanctioned loans include MSMEs, retailers, farmers and corporate sectors.

She had earlier said that higher bank sanctions is indicative that the Indian economy is poised to recover from the recent crisis brought upon by the coronavirus pandemic.