Sunday, July 25, 2021

Centre announces stimulus package worth over Rs 6,28,993 crore to boost economy; focus on Health & Tourism sectors in fresh package

The Union Government has announced stimulus package of six lakh 28 thousand 993 crore rupees to boost economy during the fight against COVID-19 pandemic. Finance Minister Nirmala Sitharaman announced several economic relief measures amid COVID pandemic including eight economic relief measures, of which four are absolutely new and one is specific to health infrastructure. Addressing media in New Delhi, the Finance Minister announced 1.1 lakh crore rupee Loan Guarantee Scheme for COVID affected sectors. She said, of them 50 thousand crore rupees will be for health sector.

The scheme is aimed at upscaling medical infrastructure targeting 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 Finance Minister also announced 1.5 lakh crore rupees for Emergency Credit Line Guarantee Scheme, ECLGS which was launched as part of Atmanirbhar Bharat Package in May, 2020.

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

In yet another decision related to reviving the tourism sector, Ms Sithraman announced financial support to more than 11 thousand Registered Tourist Guides and Travel and Tourism Stakeholders. The Finance Minister also announced free tourist visa to five lakh tourists.

The total financial implication over it will be 100 crore rupees. Ms Sitharaman announced extension of Atmanirbhar Bharat Rojgar Yojana from 30th of June, 2021 to 31st of March, 2022. Ms Sitharaman also informed about extension of Pradhan Mantri Garib Kalyan Anna Yojana, PMGKAY as announced earlier by the government.

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