FM Sitharaman announces 8 major relief measures to boost Covid-affected sectors
Mangalore Today News Network
New Delhi, Jun 28, 2021: Finance Minister Nirmala Sitharaman on Monday announced a credit guarantee scheme worth Rs 1.1 lakh crore for Covid-affected sectors and Rs 50,000 crore for the health sector.
Union Finance Minister Nirmala Sitharaman said, "We are announcing about 8 economic relief measures, of which four are absolutely new & one is specific to health infrastructure. For Covid-affected areas, Rs 1.1 lakh crore credit guarantee scheme and Rs 50,000 crores for health sector."
Of the total amount, Rs 50,000 crore for health sector and Rs 60,000 crore for other sectors affected by Covid-19.
"Under Credit Guarantee Scheme, which is a new scheme, 25 lakh people to be benefited. Loan to be given to the smallest borrowers by Microfinance Institutions. A maximum Rs 1.25 lakhs amount to be lent. Focus is on new lending & not on repayment of old loans," Sitharaman said.
Interest rate under new Credit Guarantee Scheme 2% below RBI prescribed rate
Sitharaman said, "The interest rate under the new Credit Guarantee Scheme is 2 per cent below RBI prescribed rate, with a loan duration of 3 years. Focus on new loans, stressed borrowers except NPAs to be covered."
New Credit Guarantee Scheme to reach smallest borrowers
The Union Finance Minister said, "The new Credit Guarantee Scheme will also reach out to the smallest of the small borrowers in the hinterland, including in small towns."
Big boost for travel industry
Finance Minister Nirmala Sitharaman also announced support to tourism sector: Rs 10 lakh loan to travel agencies, Rs 1 lakh loan to tourist guides.
Rs 1.5 lakh crore for emergency credit line guarantee scheme
Nirmala Sitharaman also said: Additional Rs 1.5 lakh crore limit enhancement done for Emergency Credit Line Guarantee Scheme (ECLGS) scheme.
Rs 50,000 crore for health sector
The finance minister announced Rs 50,000 crore for the health sector to scale up medical infrastructure.
Courtesy:India Today
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