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FM Nirmala Sitharaman announces relief package of Rs 6,28,993 Cr to boost economy

Presentation of relief package of Rs 6,28,993 crore announced by FM Nirmala Sitharaman to support Indian economy in fight against COVID-19 pandemic

The Union Government today announced stimulus package of Rs. 6,28,993 crore 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 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 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 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 2.69 lakh crore rupees to 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 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 laons to new or existing NBFC- MFIs for on lending upto Rs. 1.25 lakh to about 25 lakh to small borrowers.

Midle of the post

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.

She said that under it loan will be provided with 100 per cent guarantee with the limits of Rs. 10 lakh to Travel and Tourism Stakeholders per agency and Rs. one lakh for tourist guides licenced at Regional or State Level.

The Finance Minister also announced free tourist visa to five lakh tourists.

The scheme will be applicable till 31st March 2022 or till five lakh visas are issued whichever is earlier.

The benefit will be available only once per tourist.

The total financial implication over it will be 100 crore rupees.

Ms Sitharaman annouced extension of Atmanirbhar Bharat Rojgar Yojana from 30th of June, 2021 to 31st of March, 2022.

The scheme had been launched in October last year with a view to incentivize employers for creation of new employment and restoration of loss of employment through EPFO.

She said, benefit of Rs. 902 core has been given to 21.42 lakh beneficiaries of 79,577 establishments till 18th of this month.

She also informed about earlier decision of government regarding additional subsidy of Rs. 14,775 crore for DAP and P&K fertilizers.

This include Rs. 9,125 crore additional subsidy of DAP and Rs. 5,650 crore for NPK based complex fertilizers.

Ms Sitharaman also informed about extension of Pradhan Mantri Garib Kalyan Anna Yojana, PKGKAY as announced earlier by the government.

Under it, five kilograms foodgrains will be provided free of cost to National Food Security Act beneficiaries from May to November this year.

The financial implication this year will be Rs. 93,869 crore bringing the total cost of PMGKAY to over Rs. 2.27 crore including last year’s cost.
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