Covid Relief Stimulus package cleared by the Union Cabinet

The covid Relief Stimulus package

The covid relief stimulus package was approved by the Union Cabinet on Wednesday. This package was announced by the finance minister, Nirmala Sitharaman.  Covid Relief Stimulus package cleared by the Union Cabinet

The scheme includes 3.03 lakh crores allocated towards the power distribution sector, 1. 5 lakh crores package for Micro small and medium-sized enterprises. They also comprise more funds for the loans to tourism, guides and organisations, healthcare sector and feel waiver for foreign tourists. 

Under this, state power distribution agencies will be granted more aid if they complete the milestone which was set in the previous fiscal year. Any unmet target of one year gets added on to the next year.

R.K. Singh, the power and renewable energy minister said that this scheme is directed towards decreasing commercial losses. He said that this scheme is not the same as the others since in other schemes, there were no criteria before the disbursement of funds but in this scheme, only if the organisation fulfils the said criteria, they will be granted the grants.

This scheme is expected to install 10,000 feeders, four lakh kilometres of low tension overhead lines and 25 crore smart meters. To the brownfield and Greenfield projects, 50,000 crore financial guarantee cover will be given.

 

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