Wednesday, May 13, 2020

FM Nirmala Sitharaman Press Conference : PM's 'Aatmanirbhar' Economic Package

PM's Aatmanirbhar Economic Package
20 Lakh Grote Economic Package

On Tuesday at 8:00 pm, the Prime Minister Narendra Modi announced the 'Aatmanirbhar Bharat' economic package of Rs 20 lakh core i.e. 10% of India's GDP, that will focus on making India as a self-reliant country in the world economy. Today, Nirmala Sitharaman has addressed the press to detail the Rs 20 lakh crore economic package to overcome the economic crisis during the coronavirus (COVID-19) pandemic. These are the highlights of that press conference –

Union Finance Minister Nirmala Sitharaman said the announcements will be made in different tranches. Today's tranche will include measures as follows: 6 are for MSMEs, 2 are for EPF, 2 for NBFCs and MFIs, 1 for discoms, 1 for contractors, 1 for real estate sector, and 3 tax measures.

This Rs 20 lakh crore figure, however, includes the previous Rs 1.7 lakh crore stimulus package announced by Finance Minister Nirmala Sitharaman and steps taken by the Reserve Bank of India (RBI) since lockdown began on March 24 midnight. These earlier measures now together with today's first tranche to Rs 7.79 lakh crore of the complete package. Rest of the package will be announced in time.

"The prime minister laid out a comprehensive vision, and that vision was laid out after wide consultations with several sections of the society," says Finance Minister Nirmala Sitharaman.

Government will launch a Rs 30,000 crore special liquidity scheme for NBFCs/HFCs/MFIs. This will provide liquidity support to them. Finance Minister also announces Rs 45,000 Crore Partial Credit Guarantee Scheme 2.0 for NBFCs.

The government will provide Rs 3 lakh crore collateral-free automatic loans for businesses, including SMEs to soften the devastating impact of coronavirus and the lockdown on the economy. Union Finance Minister Nirmala Sitaraman says "Essentially this is to spur growth to build a very self-reliant India and that is why this initiative is called Atmnirbhar Bharat Abhiyaan." She also include, "This loan is for 4 year tenure and is 100 per cent guaranteed. This will last till October 21, 2020. It will benefit 45 lakh units, allowing them to resume activity and safeguarding jobs."

Finance Minister Sitharaman announces Rs 20,000 crore loan for stressed MSMEs. It is obvious that the stressed MSMEs need equity support. The government will facilitate provision of Rs 20,000 crore as subordinate debt, which will benefit 2 lakh MSMEs. Functioning MSMEs, which are NPA or are stressed will be eligible. The government will provide support of Rs 4,000 crore to CGTMSE.

Government of India, Central Agencies like Railways, Ministry of Road Transport and Highways, Central Public Works Department will extend the registration and completion sou moto by 6 months for all registered projects expiring on or after 25 March, 2020, and will Issue fresh project registration certificates automatically with revised timelines. These measures will de-stress real estate developers and ensure completion of projects. Nirmala Sitaraman also says that government agencies will partially release bank guarantees to the extent of the completed contract so that cash flow improves to facilitate greater liquidity.

"Indian MSMEs and other companies have often faced unfair competition from foreign companies. Therefore, global tenders will be disallowed in Govt procurement tenders upto Rs 200 crore. Necessary amendments of General Financial Rules will be effected. This will be a step towards self reliant India and support Make in India. This will also help MSMEs to increase their businesses," says FM.

"Sixth step for MSMEs is that post COVID-19, since trade fairs and exhibitions will be difficult, we will provide e-market facilities. The Government of India and Central Public Sector Enterprises (CPSE) will honour every MSME receivable in the next 45 days," says Sitharaman.

TDS and TCS rates for non-salaried specific payments  is reduced by 25 percent, in order to provide more funds at the disposal of the taxpayer. This is applicable on the payments like interest, rent, brokerage, fees, dividend, commission etc. This will be enforced from tomorrow till 31st March, 2021. As Nirmala Sitharaman says, this reduction on TDS and TCS rates will release Rs 50,000 crore in hands of people.
To ease financial stress as businesses get back to work, government decides to continue EPF support for business and workers for 3 more months providing a liquidity relief of Rs 2,500 crores, says finance minister.

Statutory PF contribution by employer reduced to 10 percent from 12 percent earlier, to provide Rs 6,750 crorw liquidity relief.

"All pending refunds of charitable trust, non-profit business, cooperatives and small partnerships, shall be issued immediately. Due date of all IT returns for FY19-20 from July 31, 2020 and October 31, 2020 extended till November 31, 2020. Tax audits extended from September 30, 2020 till October 31, 2020. Date of assessments getting barred as of September 2020 is extended till December 2020. Those getting barred on March 31, 2021 are being extended till September 31,  2021. Vivad se Vishwas scheme is being extended till December 31, 2020 without any additional amount," says Sitharaman.

Due date for all income tax returns extended to November 30, 2020.

Saturday, May 2, 2020

Riboflavin or Vitamin B2 : Sources, Functions, Daily Requirement and Deficiency Symptoms

Riboflavin or Vitamin B2 : Sources, Functions, Daily Requirement and Deficiency Symptoms


Riboflavin or Vitamin B2 is a Water Soluble Vitamin that is needed for growth and overall health of human body. It is a member of the Vitamin B complex group vitamins. Riboflavin Vitamin B2 is also named as Vitamin G.

Sources of Riboflavin or Vitamin B2
Vitamin B2 (Riboflavin)

It has a fundamental role in cellular oxidation. It is also a co-factor in a number of enzymes involved with energy metabolism, i.e. it helps the human body to break down the carbohydrates, the proteins and the fats to produce energy. Riboflavin Vitamin B2 allows oxygen to be used by the body. Riboflavin Vitamin B2 is also used for the development and function of the skin, lining of the digestive tract, blood cells and other vital organs. Vitamin B2 is also important for the health of eyes. A proper diet can meet the daily requirement of Riboflavin Vitamin B2 by the body easily.

Let us study the food sources of Riboflavin Vitamin B2, it's functions and deficiency symptoms in our body.


Sources Of Riboflavin Or Vitamin B2 :

As Riboflavin Vitamin B2 is a water soluble vitamin, it is generally flushed out of the body daily and cannot be stored in the body.

So it is obvious to be restored everyday through diet. The best way to intake Vitamin B2(Riboflavin) in our body is by eating foods that are rich in Riboflavin Vitamin B2.

The rich sources of Riboflavin Vitamin B2 are –
  • Eggs
  • Milk and other dairy products
  • Meat and poultry (turkey, chicken, beaf)
  • Green leaf vegetables (parsley, kelp, asparagus, sage, spinach, sprouts, dandelion greens, watercress, avacodo etc)
  • Beans (lime beans, navy beans, peas, soya beans)
  • Mushroom
  • Pumpkin
  • Sweet potatoes
  • Broccoli
  • Brussels
  • Whole grain breads, enriched breads, wheat bran
  • Yeast
Also, some bacteria in our large intestine produces free riboflavin that is absorbed by the large intestine. More riboflavin are produced after the ingestion of vegetable-based than meat-based foods.


Daily Requirement Of Riboflavin Or Vitamin B2 :


Recommended daily requirement of Riboflavin Vitamin B2 are as follows –
  • For infants upto 12 months old – 0.4 mg
  • For children between 1 and 3 years old – 0.5 mg
  • For adult and children over 4 years old – 1.3 mg
  • For pregnant women and lactating women – 1.6 mg






Functions Of Riboflavin Or Vitamin B2 :


  1. Riboflavin or Vitamin B2 is needed in growth of body and overall good health.
  2. Riboflavin or Vitamin B2 participates in the metabolism of protein.
  3. Riboflavin or Vitamin B2 controls the activities of those endocrine glands which are involved in the metabolism of carbohydrates.
  4. Riboflavin or Vitamin B2 has a fundamental role in cellular oxidation. It acts as co-enzyme FMN in mitochondria.
  5. Riboflavin or Vitamin B2 is also involved in antioxidant activities. It controls the play of free radicals. It helps the prevention of heart diseases and cancer.
  6. Riboflavin or Vitamin B2 plays an important role in maintaining the integrity of mucocutaneous structure. It also helps in development and functions of skin, lining of the digestive tract, blood cells and other vital organs.
  7. Riboflavin or Vitamin B2 is also used in as preventive of severe migraine attacks.
  8. Riboflavin or Vitamin B2 is a co-factor for the enzyme glutathione which is an important antioxidant in the eyes. It prevents to develop cataracts.
  9. Riboflavin or Vitamin B2 performed a supportive role in treating sickle cell anemia.
  10. Riboflavin or Vitamin B2 is useful in acne, dermatitis, arthritis and eczema.
  11. Vitamin B2 also helps to repair damaged tissues and allow wounds to heal more quickly.

Deficiency Symptoms Of Riboflavin Or Vitamin B2 :


Deficiency of Riboflavin or Vitamin B2 is called as ariboflavinosis. However, riboflavin deficiency is very rare and if someone is suffering from it, it is obvious that they may be suffering from the deficiency of many other nutrients. The main symptoms of Vitamin B2 deficiency are –

Due to deficiency of riboflavin or vitamin B2, damage to the nervous system, skin and eyes may be formed.

The growth of the body is disrupted due to deficiency of Vitamin B2 or Riboflavin.

Deficiency of Riboflavin or Vitamin B2 may cause inflammation and small cracks in one or both corners of the lips. It is called Cheilosis.

Deficiency of Riboflavin or Vitamin B2 forms Glossitis having symptom like inflammation of tongue.

Weakness and fatigue, change in mood are also the symptoms formed due to the deficiency of Vitamin B2.

Deficiency of Riboflavin or Vitamin B2 develops many eye problems also such as (i) formation of hematoma in the cornea, (ii) formation of cataract, (iii) photophobia etc.

Some studies indicate that riboflavin deficiency may be a factor in causing preeclampsia which is a condition that causes high blood pressure in late pregnancy.