Loan relief scheme, government will give credit guarantee of 1.1 lakh crores

Loan relief scheme, government will give credit guarantee of 1.1 lakh crores

Union Finance Minister Nirmala Sitharaman announced eight major relief measures on 28 June. Sitharaman told that four of these are new.

Under this scheme, the health sector has got Rs 50,000 crore. The Finance Minister also announced an additional 1.5 lakh crore for the Emergency Credit Line Guarantee Scheme.

“Loans will be given from microfinance institutions to the smallest creditors. The maximum loan that can be given is Rs 1.25 lakh. The focus is on giving new loans and not on repayment of old loans.”

Nirmala Sitharaman

Finance Minister’s announcement

● The government has taken forward the Self-Reliant India Employment Scheme.

● Free food grains will be given till November 2021, due to which the cost of Pradhan Mantri Garib Kalyan Anna Yojana will be 2.27 lakh crores.

● Announcement of package of Rs 77.45 crore for North Eastern Regional Agricultural Marketing Corporation.

● Government announces package of 33,000 crores to increase exports through NEIA.

● Government gave support package of 19,041 crores to Digital India.

● Government extends PLI scheme for large scale electronics manufacturing.

● The Finance Minister has made big announcements to give relief to the tourism sector. An attractive scheme has been announced for foreign tourists. Sitharaman said, “After the opening of international travel, the first 5 lakh tourists will not have to pay visa fees. This scheme will stop after 31 March 2022 or the first 5 lakh visas are distributed.”

● The Central Government has given 100% guarantee under the Credit Guarantee Scheme for the travel sector.

● In the tourism sector, this scheme will give a loan cover of Rs 10 lakh to travel agencies and a loan cover of Rs 1 lakh to tourist guides.

Read more at: Economic Relief Package Announced by the Finance Minister in the Wake of COVID-19