Sitharaman announces Rs 1.1 lakh crore loan guarantee scheme for Covid-hit sector

Finance Minister Nirmala Sitharaman on Monday announced a slew of economic relief measures to boost the pandemic-hit economy of the country. “We are announcing about eight economic relief measures, of which four are absolutely new and one is specific to health infrastructure,” Sitharaman said.

She announced Rs 1.1 lakh crore loan guarantee scheme for Covid-affected sectors, including health sector, which includes guarantee cover for expansion or for new projects. Besides, an additional Rs 1.5 lakh crore limit enhancement was also announced for Emergency Credit Line Guarantee Scheme (ECLGS) scheme expanding the existing limit of Rs 3 lakh crore by 50%.

Sitharaman also said that government will provide free visas to 5 lakh tourists visiting India and that financial support would be provided to more than 11,000 registered tourist guides, travel and tourism stakeholders.

# Rs 50,000 crore for health sector. A guarantee coverage of 50% for expansion of health related projects and 75% for new projects

# A 50% guarantee coverage for aspirational districts in case of both expansion and new projects.

# Up to Rs 100 crore loan at 7.95% to health sector.

# # Rs 23,220 crore to be provided for paediatric care/paediatric beds at hospitals.

# As many as 25 lakh people will be benefitted under ECLGS. A maximum Rs 1.25 lakhs amount will be lent to the smallest borrowers by micro-finance institutions. “Focus is on new lending & not on repayment of old loans,” Sitharaman added.

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