Finance Minister announces stimulus package; Raises ECLGS scheme limit to Rs 4.5 lakh crore

Finance Minister makes an announcement about the stimulus package 

To assist the revival of the financial system battered with the aid of using COVID-19, Finance Minister Nirmala Sitharaman on Monday introduced a slew of measures, inclusive of INR 1.1 lakh crore credit score assure scheme for enhancing health infrastructure and improving the restrict below the ECLGS with the aid of using 50 in keeping with cent to INR 4.5 lakh crore for the MSME zone dealing with a liquidity crunch. Finance Minister announces stimulus package; Raises ECLGS scheme limit to Rs 4.5 lakh crore

Sharing the information of stimulus package deal, the finance minister stated this contains 8 remedy measures and other 8 measures to help the monetary growth.

She introduces INR 1.1 lakh crore loan assure scheme for COVID-affected sectors, inclusive of health quarter, which incorporates assure cowl for enlargement or for brand new projects.

Besides, she stated, an extra INR 1.5 lakh crore restrict enhancement accomplished for Emergency Credit Line Guarantee Scheme (ECLGS) scheme.

The current restriction for the ECLGS scheme, introduced as a part of the INR 20-lakh crore Atmanirbhar Bharat Abhiyan package deal in May 2020, turned into INR 3 lakh crore. Last month, the finance ministry multiplied the scope of the INR 3 lakh crore ECLGS with the aid of using inclusive of concessional loans to hospitals for putting in on-web page oxygen technology plants.

However, the validity of the scheme turned into prolonged with the aid of using 3 months to September 30 and or until ensures for a quantity of INR 3 lakh crore is issued.

The final date of disbursement below the scheme has been prolonged to December 31. Under the ECLGS 4.0, one hundred in keeping with cent assure cowl turned into given to loans as much as Rs 2 crore to hospitals, nursing homes, clinics, clinical faculties for putting in on-web page oxygen technology plants.

The interest fee on those loans has been capped at 7.5 per cent, because of this the banks can provide loans much less than this ceiling.

 

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