Union Finance Minister Nirmala Sitharaman announced economic measures for several sectors affected by the coronavirus pandemic.
Union Finance Minister Nirmala Sitharaman on Monday (June 28) announced economic relief measures for the sectors worst hit by the second wave of the coronavirus pandemic. The Finance Minister announced a total stimulus package of Rs 6.29 lakh crore for the economy. Nirmala Sitharaman said that we are announcing about 8 economic relief measures, out of which 4 are brand new and one is specific to health infrastructure. Rs 1.1 lakh crore credit guarantee scheme for Covid affected sectors and Rs 50,000 crore for health sector. The Finance Minister said that in addition to the Emergency Credit Loan Guarantee Scheme announced under the Aatma Nirbhar Bharat package, another Rs 1.5 lakh crore credit is being given. The scope of the scheme was increased, the total limit was increased from Rs 3 lakh crore to Rs 4.5 lakh crore.
The Finance Minister announced an additional emergency credit facility guarantee scheme of Rs 1.5 lakh crore. The Finance Minister said that the scope of the Emergency Credit Facility Guarantee Scheme is being expanded, under this scheme loans have been made available to MSMEs (Micro, Small and Medium Enterprises), other sectors without any guarantee. The Finance Minister announced a new scheme to provide loans at lower interest rates to 25 lakh small loan creditors. Under this, a loan of up to Rs 1.25 lakh will be given. The Finance Minister announced measures to give relief to the tourism sector. Travel agencies will get loans up to Rs 10 lakh, tourist guides will get loans up to Rs 1 lakh.
loan for health sector
The Finance Minister said that the maximum loan amount for the health sector is Rs 100 crore, the maximum interest rate limit is 7.95%. For other sectors: The interest rate is capped at 8.25%. Coverage will be changed based on changing needs. The Finance Minister said that Rs 23,220 crore would be made available for pediatric and pediatric beds in hospitals.
New Credit Guarantee Scheme for Micro Finance Institutions
The Finance Minister said that a new Credit Guarantee Scheme has been announced for Micro Finance Institutions to reach out to small borrowers in hinterlands including small towns. Credit Guarantee Scheme launched to provide loans to small borrowers through micro finance institutions.
5 lakh tourist visa completely free
The Finance Minister said that a new plan has been made to revive tourism. Financial assistance will be provided to over 11,000 registered Tourist Guides, Travel and Tourism Stakeholders (TTS). To get TTS up to Rs. 10 lakh loan. Licensed Tourist Guides will get loans up to Rs.1 lakh. Once tourist visa issuance resumes, the first 5 lakh tourist visas will be issued completely free of cost. This will be applicable till March 31, 2022 or till the first 5 lakh tourist visas are covered, whichever is earlier. A tourist can avail the benefit only once.
Free food grains to the poor till November
The Finance Minister said that under the Pradhan Mantri Garib Kalyan Anna Yojana, as announced earlier, free food grains (from May to November 2021 (as per previous year) will be provided to the poor. This will entail an additional burden of Rs 93,869 crore). Free food grains were also provided last year, thus totaling Rs 2.27 lakh crore would be spent under the scheme.
Additional subsidy to farmers
The Finance Minister said that additional subsidy will be given to the farmers. An additional amount of Rs 14,775 crore will be provided. Announced to provide additional fertilizer subsidy of Rs 14,775 crore over and above the budget allocation of Rs 85,413 crore.
Self-reliant India employment scheme for shoe maker
The government has given the benefit of self-reliant India employment scheme to the employers making slippers, in case of new appointments of private companies, the government will bear the share of employees in the provident fund.
Extension of Atmanirbhar Bharat Employment Scheme
The Finance Minister said that the Atmanirbhar Bharat Rozgar Yojana has now been extended from June 30, 2021 to March 31, 2022. More than 21.4 lakh people from around 80,000 establishments have already benefitted from the scheme.
Broadband connectivity to all Gram Panchayats
The Finance Minister said that an additional support of Rs 19,041 crore would be given for providing broadband connectivity to all gram panchayats. The Finance Minister extended the production linked incentive scheme for large scale electronics manufacturing sector by one year till 2025-26.
Earlier this month, in an exclusive interview with Navika Kumar, Political Editor of Times Network Group, the finance minister spoke at length about how the government has dealt with the second wave of COVID-19 and what it is doing in terms of economic revival and vaccination. ? Commenting on how the pandemic has challenged the government, Sitharaman said that these are certainly challenging times globally for any finance minister. The second wave of COVID was recognized for its intensity, scale and spread. Not sure if any country will be ready for a second wave of Covid. No one could have predicted the intensity of this pandemic.
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