FM Nirmala Sitharaman announces Rs 1.1 lakh crore loan guarantee scheme for COVID-hit sector
The finance minister said this comprises eight relief measures and other eight measures to support economic growth.
Finance Minister Nirmala Sitharaman on Monday announced a host of measures to provide relief to Covid-hit sectors. This included a Rs 1.1 lakh crore loan guarantee scheme for the affected sectors, including Rs 50,000 crore to scale up for healthcare infrastructure.
Sharing the details of stimulus package, the finance minister said this comprises eight relief measures and other eight measures to support economic growth.
Besides, she announced an additional Rs 1.5 lakh crore limit enhancement for Emergency Credit Line Guarantee Scheme (ECLGS) scheme.
Maximum loan provided will be Rs 100 crore and the guarantee duration will be up to three years. The interest rate will be at 7.95%. Rs 60,000 crore will be for other sectors and the interest rate will be at 8.25%.
“Credit Guarantee Scheme launched to provide loans to small borrowers, via Micro Finance Institutions. Maximum loan to individual is 1.25 lakh, interest rate 2% below RBI prescribed rate. Focus on new loans, stressed borrowers except NPAs to be covered. Loan duration is 3 years,” FM Sitharaman said.
To revive tourism, financial support for more than 11,000 registered tourist guides and travel & tourism stakeholders was also announced. Under this scheme, working capital loans will be provided to people in the tourism sector to discharge liabilities and restart businesses impacted due to Covid-19.
“Once tourist visa issuance is resumed, first 5 lakh tourist visas to be issued totally free of charge. Will apply till 31 March 2022 or till the first 5 lakh tourist visas get covered, whichever is earlier. One tourist can avail benefit only once,” the FM said.
She also announced an extension of the Atmanirbhar Bharat Rozgar Yojana date to March 31, 2022.
“Aatma Nirbhar Bharat Rozgar Yojana was launched to incentivize job creation and restoration has now been extended from June 30 2021 to 31 March 2022. More than 21.4 lakh people of nearly 80,000 establishments have already benefited from the scheme,” she added.
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