FM’s Over ₹6 Lakh Crore-Economic Relief Package

FM announced relief measures to help the economy that is struggling with the pandemic. So, what are they?

On Monday, Finance Minister Nirmala Sitharaman announced eight relief measures, of which four were new. In total, all the eight economic relief measures amount to more than ₹6 lakh crore. In today’s article, we will be covering some important announcements.

Loan Guarantee Schemes

  • The finance minister announced a ₹1.1 lakh crore loan guarantee scheme for sectors, which are affected by COVID-19.
  • ₹50,000 crore health sector guarantee coverage will be given for non-metros medical infrastructure while ₹60,000 crore in addition for other sectors.

Emergency Credit Line Guarantee Scheme (ECLGS)

  • As part of Atmanirbhar Bharat package, FM announced an additional ₹1.5 trillion for Emergency Credit Line Guarantee Scheme.
  • FM has increased ECLGS scheme limit to ₹4.5 trillion.

Helping The Tourism Sector

  • FM has announced financial support to over 11,000 registered tourist guides, travel and tourism stakeholders
  • Under the new loan guarantee scheme, working capital/personal loans will be offered to people in the tourism sector to discharge liabilities and restart business impacted because of COVID-19.
  • Working capital/personal loans will be offered with a 100% guarantee to people in the tourism sector.
  • The first five lakh tourist visas to India will be free of cost, costing the government ₹100 crore.

Update On Schemes

  • The Atmanirbhar Bharat Rozgar Yojna has been extended until March 31, 2022.
  • PM Garib Kalyan Ann has been extended by the government till November 2021.

For The Healthcare Sector

  • The Centre has announced ₹23,220 crore additional amount to be spent on this financial year to increase ICU beds, oxygen supply at central and district levels.
  • The new scheme will focus on short-term emergency preparedness with a special emphasis on children and paediatric care.

Agriculture & Farmers

  • ICAR has developed bio-fortified crop varieties and these will help boost farmers’ income.
  • The North Eastern Regional Agricultural Marketing Corporation will get a fund infusion of ₹77.45 crore for financial restructuring and revival.

Export Insurance

  • Project exports via the National Export Insurance Account will get a ₹33,000-crore boost over the next five years.
  • The Centre will also be injecting more equity in Export Credit Guarantee Corporation of India (ECGC) to enable it to extend ₹88,000 crore in export insurance.

Digital India

An additional amount of ₹19,041 crore will be provided to BharatNet to take broadband to each village of the country.

PLI Scheme

  • The government has extended the tenure of the PLI scheme for large-scale electronics manufacturing by a year till 2025–26.
  • Under the scheme, participating companies will be allowed to choose any five years to meet the production targets.

Head to moneyguru’s Insight section to stay updated on all major financial news updates of the day!

--

--

--

Your Best Direct Mutual Fund Investing Experience Begins Here. Invest, Read and Track — at one place & for free! vist us at: www.moneyguru.in

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

China and Iran sign a 25-year participation arrangement

Hurriyet’s coverage of the presidential elections: from bad to worse

The Kurds deserve their vote on independence

Parliamentary panel Chairman refutes Rahul Gandhi’s claim in meeting with LS speaker

Parliamentary panel Chairman refutes Rahul Gandhi's claim in meeting with LS speaker

2050 年,氣候變遷將使強烈熱帶氣旋的風險增加一倍以上

What is Nigeria?

It’s time for Washington and Riyadh to defuse the war hysteria

Memo on the Strategic Merits of a Renewed Census for Lebanon

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
moneyguru

moneyguru

Your Best Direct Mutual Fund Investing Experience Begins Here. Invest, Read and Track — at one place & for free! vist us at: www.moneyguru.in

More from Medium

Spirit of innovation world’s fastest all-electric aircraft

Is the Cellular Agriculture Industry a Bubble Waiting To Burst?

How Fortnite Was Gone For 116 Million Players

12 Excellent Tuttle Twins Books: The Synopsis