HON’BLE Prime minister on 12th may declared that the govt. will be giving a 20 lakh crore relief package to our country for surviving this epidemic and will keep the economy going. Later on 13 may at 4 pm new delhi hon’ble Finance minister Mrs. Nirmala Sitharaman Discussed the roadmap of Govt.s Releif of this 20 lakh crore As mega covid-19 economic Package which comprises of following points
·         Relief for taxpayers: ITR filing date extended, EPF contribution reduced. ...
·         TDS, TCS rates for non-salaried payments cut by 25% till March 31, 2021. ...
·         Centre announces Rs 3 lakh crore collateral free automatic loan for MSMEs.

check the highlights of this data driven package in this post

 So, here we are going to practically dicuss about this announcement and its need in this time when we are losing lives and day to day corona cases are increasing . Its really sad that Govt. is focusing more towards making India a financed economy by encouraging the People to Go for Loans despite the negative market conditions.Basically in a finance economy everything is dependent on financed sources like nowadays in india .

Thanks to Banks especially the Private sector banks and some small finance companies.Because of whom our citizens are financed from head to toe e.g., Mobile is financed,bike ,car,jewellery,travel and tours,marriages, honeymoons,  education etc etc everything can be financed some how ,and these private firms don’t properly asses the capacity of the borrower because they want to increase their sales and charge the borrower unnecessarily. And in case of default they can use those Recovery agents legally or illegally to serve their purpose which happens rarely in Public sector banks.
And in case of MSME,MUDRA,JANDHAN,ENTERPRENUERSHIP development schemes These private players  disappear because they want to earn heavy interest and can act according to their benefit in case of default and the total burden of these Govt.s schemes Goes on to Public sector banks.
Well that’s a harsh Reality of Indian banking sector where a big lobby of Public sector banks is doing social service and private players are earning from the common man’s pocket, thanks to our Government for the conditions of Indian Banking sector. Now coming to the question of this 20 lakh crore joke , till today 13 may 2020 the roadmap has shown the infusion of only 6 lakh crore in our economy ,not in the hands of the needy ones.
The focus is to provide more MSME loans for opening Micro ,small and medium enterprises which has already been done in the name of MUDRA, and MUDRA is a kind of failure and burden for Public sector banks. They PSB’s are already suffering from the npa accounts in mudra which was like a scam in the name of new employment generation by giving loans to small vendors for starting new business but those who already owned a business are the most beneficiaries of MUDRA. In time of this lockdown Govt. has given relaxations in emi for all type of loans without monitoring the repayment capacity ,which has a negative effect in the mindset of borrowers .After phase 1 on lockdown some businesses have started working who can easily pay their emi in most of the places but due to this decision of govt. they have denied to pay emi’s to their respective banks.
These things happen with banks ,they have to suffer because of the short-sighted decision making power of this govt. In all the cases where there is any kind of issue this Centre Govt. utilizes banks be it heal insurance,life insurance,pension schemes,fasal bima and etc, etc.
 And ironically in this epidemic corona Govt. saw the only way from where the country can Go through is this Banking sector, why not focusing on nationalisation of hospitals like Italy and European countries. Why the govt. is not utilising its administrative machinery , ias-ips, police ,municipal and other local departments most of them are busy making TIK-TOK, YOUTUBE VIDEOS, for becoming hero of their area. But no only banks can revive this country and no other department.
So in this time where people are refraining from purchasing most of the things, and prices have shot up for most of the goods, improper  transportation and logistics , migrating labours and lack of resources ,Our govt wants banks to provide new loans without guarantee as if Getting a CGTMSE cover is very easy process .Despite focusing on the routine services and safety of people , govt wants people to develop entrepreneurship skills and start their business without having buyers in market.
And a big joke of becoming vocal for the local ,and using more and more swadeshi products, why so early after 73 years of independence the govt. has thought to become self dependent economy. Is it easy  this time to compete with the established players in the market and when the same govt. is allowing the foreign players with established brand names and market presence .Then how can the mass will move towards the swadeshi , can’t the Chinese and other countries unnecessary  products be banned .If the centre wants to move towards self dependency. Firstly the govt. will have to make space for the entrepreneurs because its not easy in this technological era to compete with the established players,creation of more special economic zones specially in UP,BIHAR,MP & ODISHA because of availibilty of land and labour and then providing infrastructure for setup of various units  .Only guiding banks to provide loans for the MSME will not serve the purpose centre has to take some harsh steps  keeping its foreign relations aside ,otherwise this package will become a joke. https://www.bankingsuvidha.com/
And it will be much better to focus on health and administrative sector, especially keeping a watch on social media platforms to strengthen the country because our youth is busy in MOBILE GAMES, Social -media platforms and following the celebrities instead of developing competencies. https://www.bankingsuvidha.com/
But what  govt is doing just making the youth and people lame by feeding them for free. Instead of making govt schools,hospitals,colleges, township,industries  its going for privatisation and divestments .So that it can feed its vote bank for free by xyz yojna’s  and giving the remote of the country in the hands of capitalists.

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