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FM Nirmala Sitharaman announces 8 economic relief measures; details here

FM Nirmala Sitharaman announces 8 economic relief measures; details here

FM Nirmala Sitharaman announces 8 economic relief measures; details here
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By Ritu Singh  Jun 28, 2021 10:32:39 PM IST (Updated)

The finance minister announced a slew of measures to help the revival of economy battered by COVID-19 pandemic.

Finance minister Nirmala Sitharaman on Monday announced eight economic relief measures to boost the economy which has been hit by the second wave of infections that was dubbed as the world's worst COVID-19 surge.

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The support measures were announced as states start lifting restrictions after COVID-19 cases showed a decline.
Here are the eight key announcements made by the finance minister:
Measure 1
A total of Rs 1.1 lakh crore loan guarantee scheme for sectors affected by COVID-19
Rs 50,000 crore to the health sector for scaling up health infrastructure. For health sector, maximum interest rate capped at 7.95 percent
Rs 60,000 crore to other sectors. For other sectors, interest rate capped at 8.25 percent
Measure 2
Scope of ECLGS enlarged, the overall cap increased from Rs 3 lakh crore to Rs 4.5 lakh crore.
Rs 2.69 lakh crore loans disbursed under ECLGS so far to 1.1 crore units.
Measure 3
Credit Guarantee Scheme launched to provide loans to small borrowers via MFIs
Maximum loan to the individual at Rs 1.25 lakh, interest rate 2 percent below RBI prescribed rate.
Focus on new loans, stressed borrowers except NPAs to be covered.
Loan duration of 3 years under the scheme.
Measure 4
New scheme to revive tourism with 100 percent guaranteed loans
Financial support to be extended to more than 11,000 registered tourist guides,
Travel & Tourism Stakeholders (TTS).  TTS to get up to Rs 10 lakh loans under the scheme
Licensed Tourist guides to get up to Rs 1 lakh loan
Measure 5
Free tourist visas to 5 lakh tourists. Scheme applicable till 31 March 2022 or till the first 5 lakh tourist visas get covered, whichever is earlier
Measure 6
Atmanirbhar Bharat Rozgar Yojana extended from 30 June 2021 to 31 March 2022. More than 21.4 lakh people of nearly 80,000 establishments have already benefited from the scheme
Measure 7
Farmers to get additional protein-based fertilizer subsidy of nearly Rs 15,000 crore.
Measure 8
Free food grains will be provided to the poor from May to November 2021 under Pradhan Mantri Garib Kalyan Anna Yojana (PMGKY). Total financial implication nearly Rs 94,000 crore, making the total cost of PMGKY nearly Rs. 2.28 Lakh crore
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