Friday, August 6, 2021

Centre announces eight economic relief measures

The Centre has announced several economic relief measures amid COVID-19 pandemic.

The government announced eight economic relief measures, of which four are absolutely new and one is specific to health infrastructure.

Addressing media, Finance Minister Nirmala Sitharaman announced Rs. 1.1 lakh crore Loan Guarantee Scheme for COVID affected sectors.

She said, of them Rs. 50 thousand crore will be for health sector.

The scheme aimed at upscaling medical infrastructure targetting unreserved areas.

Ms. Sitharaman said that the guarantee cover will be for expansion and new projects related to medical infrastructure in cities other than eight metropolitan cities.

The 50 per cent of the guarantee coverage will for expansion and 75 per cent for new projects.

She announced that for Aspirational Districts, the guarantee cover of 75 per cent for the new projects and expansion.

The Finance Minister also announced Rs. 1.5 lakh crore for Emergency Credit Line Guarantee Scheme, ECLGS which was launched as part of Atmanirbhar Bharat Package in May, 2020.

She said, ECLGS- 1, 2 and 3 have resulted in credit disbursal of Rs. 2.69 lakh crore to Rs. 1.1 crore units by 12 Public Sector Banks, 25 private banks and 31 Non- Banking Financial Companies.

She said that the overall cap of admissible guarantee has been raised from Rs. three lakh crore to Rs. 4.5 lakh crore will be beneficial to the people doing business.

In another economic relief measure, Ms. Sitharaman announced Creadit Guarantee Scheme which is a new scheme to facilitate loans to 25 lakh people through Micro Finance Institutions, MFI.

She said, the guarantee will be provided to Scheduled Commercial Banks for loans to new or existing NBFC- MFIs for on lending upto Rs. 1.25 lakh to about 25 lakh to small borrowers.

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