ADVERTISEMENTREMOVE AD
Members Only
lock close icon

Government Guaranteed Credit (ECLGS) Loans: Another Achilles Heel for Banks?

What is the situation of the credit extended under the ECGLS? Will it lead to another spurt of NPAs?

Published
Opinion
5 min read
story-hero-img
i
Aa
Aa
Small
Aa
Medium
Aa
Large

On 20 May 2020, in the immediate backdrop of COVID-induced lockdowns, the government approved an Emergency Credit Line Guarantee Scheme (ECLGS) to guarantee bank and NBFC (Non-Banking Financial Company) credit of up to Rs 3 trillion to MSMEs (Micro, Small and Medium Enterprises) and MUDRA (Micro Units Development and Refinance Agency) borrowers.

Initially, the government guarantee was meant to cover only NPA (Non-Performing Asset) MSME borrowers and additional credit was limited to 20 percent of the outstanding loans, not exceeding Rs 25 crore as of 29 February 2020.

The scheme, initially meant to expire on 31 October 2020, was extended several times before it finally closed on 31 March 2023. The guarantee amount was increased to Rs 5 trillion and the extent of credit was raised to 100 percent of the outstanding amount for some borrowers.

What is the situation of the credit extended under the ECGLS? Will it lead to another spurt of NPAs?

Read Latest News and Breaking News at The Quint, browse for more from opinion

Topics:  MUDRA   MSMEs 

Become a Member to unlock
  • Access to all paywalled content on site
  • Ad-free experience across The Quint
  • Listen to paywalled content
  • Early previews of our Special Projects
Continue
×
×
ADVERTISEMENTREMOVE AD

'We Don't Like Kangana Ranaut's Speeches But We Love Modi' | Mandi Elections

Kangana Ranaut is not very liked in Mandi even among the BJP supporters. PM Modi continues to be immensely popular.

Published: 
Politics
6 min read
Aa
Aa
Small
Aa
Medium
Aa
Large

Actor-turned-politician Kangana Ranaut is facing royal scion and Congress minister Vikramaditya Singh in a heated contest for the Mandi Lok Sabha constituency in Himachal Pradesh, which is going to polls on 1 June. This is being dubbed as the fight between the ‘queen’ and the ‘king’-- a hat tip to Ranaut’s popular movie ‘Queen’ and to Singh’s royal lineage.

“Vikramaditya Singh is good, really good. He is from a family of kings and monarchs,” said GS Rawat, who runs a shop of temple-goods next to the Bhoothnath temple in Mandi city. However, he quickly adds, “But everyone will vote for Kangana. It’s because of the Modi wave. We want Modi. It’s because of Modi that we will all vote for Kangana,” Rawat added.

Kangana Ranaut is not very liked in Mandi even among the BJP supporters. PM Modi continues to be immensely popular.

GS Rawat supports Kangana Ranaut due to his admiration for PM Modi. 

(Ribhu Chatterjee/ The Quint) 

This seems to be the common sentiment among most Kangana-supporters across Mandi. Scratch the surface and they aren’t Kangana supporters at all, but Modi supporters instead. The actor’s Bollywood persona may have made her a household name, but what is working against her in most places in the Mandi districted visited by The Quint, are primarily her own speeches.

ADVERTISEMENTREMOVE AD

'Kangana Our Daughter...But Wouldn't Have Voted Her If Not For BJP'

In Ranaut’s village, Bhambla, where she was born and brought up before she became the Bollywood celebrity she is today, most residents see her as their own “daughter.” 
 
For instance, Bhambri Devi, said she has seen Kangana grow up in front of her own eyes. “She used to be so little...she attended the school nearby. I have seen her throughout her childhood. She is our daughter. Himachal’s daughter. Our pride,” she said.

Kangana Ranaut is not very liked in Mandi even among the BJP supporters. PM Modi continues to be immensely popular.

Bhambri Devi and Pratap Singh's sense of pride for Kangana is connected to PM Modi.

(Ribhu Chatterjee/ The Quint) 

Asked if she would vote for Kangana had she been contesting from a Congress ticket, Devi, without hesitation, replied in the negative. “No never. I would not have voted for her if she was in Congress. I only care about Modi. I want Modi. It’s a Modi wave,” Devi said.  

Similar is the sentiment resonated by Chunni Lal, a vegetable vendor close to Ranaut’s home in Bhambla, Mandi. “We are connected to the party. It’s the party we care about,” he said. 
 
Another resident asserted that while Kangana's popularity does come handy, it doesn’t matter in the larger scheme of things. “Even if BJP fielded an illiterate person from here, that candidate would have won. Kangana is still educated,” the resident said. 

Kangana's Speeches Receive Criticism

Similar is the sentiment resonated by Chunni Lal, a vegetable vendor close to Ranaut’s home in Bhambla, Mandi. “We are connected to the party. It’s the party we care about,” he said.

Another resident asserted that while Kangana's popularity does come handy, it doesn’t matter in the larger scheme of things. “Even if BJP fielded an illiterate person from here, that candidate would have won. Kangana is still educated,” the resident said.

“One day she says we got freedom in 2014. Another day she says Subhash Chandra Bose was India’s first PM. Mandi’s people are not uneducated to fall for things like these,” Vaidya said. 
Kangana Ranaut is not very liked in Mandi even among the BJP supporters. PM Modi continues to be immensely popular.

Ajay Vaidya is critical of Kangana Ranaut's speeches.

(Ribhu Chatterjee/ The Quint) 

In another speech, Kangana brought up the Russia-Ukraine war. “From Putin (Russia) to Ukraine, everyone turns towards PM Modi for guidance. And he does guide them. This is maybe why there isn’t a World War 3 happening today,” she said, at an election rally a few weeks ago.

Ankush Rawat, a 24-year-old Masters’ student said that he is supporting Kangana in the elections but doesn’t want to defend her speeches. “I saw her speeches. She is faltering a little, isn’t she. But that’s okay, this much is allowed...Actually no, not really,” he said, correcting himself. 
Kangana Ranaut is not very liked in Mandi even among the BJP supporters. PM Modi continues to be immensely popular.

Ankush Rawat says he cannot make excuses for Kangana Ranaut's speeches.

(Ribhu Chatterjee/ The Quint) 

Devi and her husband Pratap Singh, both are ardent BJP supporters, but get embarrassed when asked if they agree with Kangana’s speech where she said that “after Amitabh Bachchan if there is someone who gets this much love and respect, it’s me.” 
 
“She is a child, mistakes happen. She made a mistake, nevermind,” Devi said Singh said.  

ADVERTISEMENTREMOVE AD

Vikramaditya Singh's Family Legacy

34-year-old Vikramaditya Singh is the son of 6-time Himachal Pradesh CM late Virbhadra Singh. “Virbhadra Singh ji worked so much for Himachal Pradesh. I consider him a true king, from the heart. If he was around, we wouldn’t see which party is in the center. We would vote for him,” said Rashmi Thakur, 22, who knew it is the late CM’s son who is contesting this time, but struggled to remember his name.

Kangana Ranaut is not very liked in Mandi even among the BJP supporters. PM Modi continues to be immensely popular.

Rashmi Thakur says she is still a fan of Virbhadra Singh's politics.

(Ribhu Chatterjee/ The Quint) 

25-year-old Sanidhya Pathak, said that it is “only Vikramaditya Singh who understand the youth of Himachal Pradesh and their woes.”

“We consider Kangana Ranaut a good heroine. A good Bollywood actress. But she is not emerging as a good politician. She is indulging in personal attacks against Vikramaditya Singh. She isn’t talking about issues that matter. She is going after his family, whose son he is. But we can’t choose which family we are born into. It is our deeds that make our identity. And Vikramaditya Singh’s deeds have proven he is a true Himachal leader,” Pathak said. 
Kangana Ranaut is not very liked in Mandi even among the BJP supporters. PM Modi continues to be immensely popular.

Sanidhya Pathak says that Kangana indulges in personal attacks towards the Congress candidate.

(Ribhu Chatterjee/ The Quint) 

Hindutva Vs Himachaliyat

In 2022, Congress’ state election winning campaign was centred around emphasising the difference between Hindutva and Himachal Pradesh’s unique ‘Himachaliyat’. While Himachal Pradesh is a highly religious state, with Mandi referred to as ‘Choti Kashi’, most Gods that people here worship are the local Gods of the region.

“We have a saying here that ‘kings and Gods work as per the people’s wishes’. So if the people wish for something, then the Gods have to listen. Here there isn’t a single village where there isn’t a local God present. Every area has their own God. So people don’t care much about Ram temple here. People here only care about the local Gods and their rituals,” said Hardev Thakur, a 68-year-old man and former pradhan of a village.
Kangana Ranaut is not very liked in Mandi even among the BJP supporters. PM Modi continues to be immensely popular.

Hardev Thakur at a local God's temple.

(Ribhu Chatterjee/ The Quint) 

Others too agreed that there wasn't much hysteria or hype in Himachal Pradesh during the consecration of the Ram Temple ceremony.

“Here only 1-2 per cent people went to Ram Temple. No one went especially. The only one who went especially was Vikramaditya Singh. No one else. We worship our kul devtas. We believe only in them and so we build their temples only,” a resident said.

Heightened Polarisation In Mandi

Despite the fact that BJP’s pet issues like Ram Mandir haven’t gotten much traction in Himachal Pradesh, most voters we spoke to here do not see this as a contest between Vikramaditya Singh and Kangana Ranaut, where the former might have had an edge, but as a contest between Congress and Modi. This is leading to conversations being less about the local candidates—and is in fact causing some serious heated discussions on national issues.

“PM Modi in his speech made certain claims about Congress’ manifesto promises. As far as I have read, the manifesto doesn’t speak of mangalsutra or Muslims,” said Rakesh Walia, a resident. However, seated in front of him, another resident called Gagan Kashyap, said “no one reads manifestos anymore.”

Kangana Ranaut is not very liked in Mandi even among the BJP supporters. PM Modi continues to be immensely popular.

Gagan Kashyap lost his temper at a fellow Mandi resident when countered on PM Modi's speeches.

(Ribhu Chatterjee/ The Quint) 

“He is saying we shouldn’t do ‘Hindu-Muslim’ politics. What was the 1947 partition about then? When the country’s foundation is Hindu-Muslim divide, what you call new India, has Hindu-Muslim politics ever ended here? What is Muslim personal law? What is the Waqf property Act? What is Shariat law.. Now you listen carefully. He is insulting Veer Savarkar. How is Jinnah related to him? He isn’t saying a single word against Jinnah. If he has so much hatred for Veer Savarkar, he should dare and say such things in Maharashtra. Is Jinnah his predecessor or guardian?,” said an angry Kashyap. 

“They divide the country on the basis of religion. And then keep people of that religion here? That has led to the creation of a mini-Pakistan in this country,” he added.

Despite the heightened polarisation, especially on national issues, most people across the spectrum agree that it is two pronged fight-- not necessarily between Vikramaditya Singh and Kangana Ranaut, but between PM Modi and the legacy left behind by Virbhadra Singh.

(At The Quint, we are answerable only to our audience. Play an active role in shaping our journalism by becoming a member. Because the truth is worth it.)

Read Latest News and Breaking News at The Quint, browse for more from news and politics

×
×
ADVERTISEMENTREMOVE AD

'Hope Slogan Stops the Genocide': Palestinian Ambassador on 'All Eyes on Rafah'

The slogan 'All Eyes on Rafah' has been trending after Israel's recent strikes in the city killing 45 civilians.

Published: 
World
4 min read
story-hero-img
i
Aa
Aa
Small
Aa
Medium
Aa
Large
Hindi Female

Amid unrelenting strikes and ground offensives conducted by Israel in Gaza, the months-old slogan "All Eyes on Rafah" has come into focus across social media platforms with renewed vigour.

The slogan, shared by millions of people online since Tuesday, 28 May, is a medium to express solidarity with the 1.4 million Palestinians who have taken shelter in the Gaza Strip's Rafah city after having fled from attacks by the Israeli Defence Forces (IDF) in other parts of the region. It is also a plea to bystanders to not look away from the alleged atrocities in Palestine.

"We encourage the initiative 'All Eyes on Rafah' and we call on all the people in the world to support this campaign against Israel's extremist government," Palestinian Ambassador to India Adnan Abu Al-Hija said while speaking to The Quint.

"We hope that the slogan might stop this genocide against the Palestinian people in Rafah and Gaza," he added.

ADVERTISEMENTREMOVE AD
The phrase and the campaign associated with it were triggered by Israel's latest strikes in Rafah on Sunday, 26 May, which led to the deaths of at least 45 civilians. The outrage further escalated after the IDF on Tuesday, 28 May allegedly obliterated a refugee camp in al-Mawasi – labelled as a designated "safe zone" by Israel itself – which led to at least 21 civilian casualties.

"The massacre in the refugee camps near Rafah and al-Mawasi, which had been announced by the Israelis as secured places, led to the killing of civilians – most of whom were women, children, and senior citizens," Abu Al-Hija told The Quint.

The deadly attack came just days after the International Court of Justice directed the Benjamin Netanyahu government to cease its operations in Rafah – which has caused global uproar and warnings from even some of Israel's closest allies, including the US.

Origins of the Slogan 'All Eyes on Rafah'

The slogan 'All Eyes on Rafah' purportedly originated when Rick Peeperkorn, Director of the World Health Organization’s Office of the Occupied Palestinian Territories, used the phrase days after Israel ordered the creation of an evacuation plan for the city ahead of planned offensives to destroy the "remaining strongholds" of the Palestinian militia Hamas.

"All eyes are on Rafah," Peeperkorn had said in February this year, warning that Israel's plans would create a "humanitarian disaster beyond all imagination."

The slogan has since been used as a "rallying cry" by pro-Palestine protesters in the US and across Europe. It has also been helmed by several non-profits, including Oxfam, Palestine Solidarity Campaign, Save the Children, and Jewish Voice for Peace in pursuit of calling for an end to the war.

The phrase is accompanied by a picture on social media platforms – purportedly AI-generated – which shows the words 'All Eyes on Rafah' spelt out using tents to highlight the dire humanitarian catastrophe in the Gaza Strip.

The slogan 'All Eyes on Rafah' has been trending after Israel's recent strikes in the city killing 45 civilians.

The picture with the hashtag #AllEyesOnRafah has been shared a staggering 41 million times on Instagram in the last 24 hours.

Indian celebrities are among the lakhs of people who have shared the hashtag, expressing solidarity with Palestine. These include Priyanka Chopra Jonas, Alia Bhatt, Kareena Kapoor Khan, Varun Dhawan, Tripti Dimrii, Richa Chadha, Dia Mirza, Samantha Ruth Prabhu, Dulquer Salmaan, and Rashmika Mandanna among others.

International celebrities Dua Lipa and Bella Hadid also took to social media to express solidarity with Gazans.

ADVERTISEMENTREMOVE AD

Israel's Reaction To Outrage Over Latest Gaza Strikes

Amid global outrage over the killing of civilians, Israeli Prime Minister Benjamin Netanyahu said on Monday, 27 May, that a "tragic mishap" had occurred with Israel's strike on Rafah.

"Despite our utmost efforts not to harm innocent civilians, last night there was a tragic mishap," the prime minister said on Monday while addressing the Israeli Parliament. "We are investigating the incident and will obtain a conclusion because this is our policy," he added.

While Netanyahu expressed regret over the strikes in Rafah, Israel's military denied any involvement in Tuesday's attacks in al-Mawasi that led to at least 21 civilian deaths.

"Contrary to the reports from the last few hours, the IDF (Israel Defence Forces) did not strike in the Humanitarian Area in Al-Mawasi," the military said in a statement on Tuesday, according to Reuters.

Despite applying pressure on Israel in the last few weeks to prevent civilian casualties, the Joe Biden government said that the IDF's strikes in Rafah had not crossed any "red lines" delineated by the US.

Earlier this month Biden had warned Israel of reduced weapons supplies if the IDF were to enter "population centres" of Rafah – where hundreds of thousands of Palestinians are believed to be taking shelter.

"We have said we don't want to see a major ground operation in Rafah that would really make it hard for the Israelis to go after Hamas without causing extensive damage and potentially a large number of deaths. We have not seen that yet. We have not seen them smash into Rafah," White House spokesperson John Kirby said while speaking to the press on Tuesday.

He also added that Israel's attacks were mostly in a corridor on the outskirts of Rafah."Israelis have said this is a tragic mistake," he said, adding, "The US doesn't have a measuring stick here or a quota."

Over 36,000 Palestinians have been killed and more than 81,000 wounded since Israel's offensive began in Gaza in October last year, according to the region's health ministry. The death toll from Hamas' attacks in Israel stands at 1,139.

(At The Quint, we are answerable only to our audience. Play an active role in shaping our journalism by becoming a member. Because the truth is worth it.)

Read Latest News and Breaking News at The Quint, browse for more from news and world

×
×