FM addresses media to announce various economic relief measures

FM Nirmala Sitharaman addressed the media on Monday to announce various economic relief measures. "We are announcing about 8 economic relief measures, of which four are absolutely new & one is specific to health infrastructure" Said Union Finance Minister Nirmala Sitharaman.

Highlights of the press conference:

Additional Rs 1.5 lakh crore has been announced for emergency credit line guarantee scheme that was launched as part of Atma Nirbhar Bharat Package in May last year.

Increased the threshold for Emergency Credit-Linked Guarantee Scheme (ECLGS) to Rs 4.5 lakh crore from the current Rs 3 lakh crore. To revive the sectors severely affected by the coronavirus pandemic.

Credit guarantee scheme to facilitate loans for 25 lakh through micro finance institutions with maximum loan tenure of three years.

The Atmanirbhar Bharta Rozgar Yojana is extended from June 30, 2021 to March 31, 2022.

Finance Minister announced Rs 23,220 crore for the public health - the scheme is focused on short term emergency preparedness with emphasis on children, pediatric care.

Marketing Corporation Revival package of Rs 77,45 crore announced for financial restructuring and infusion of funds. It proposes to set up Northeastern Centre for organic cultivation, facilitating equity finance for entrepreneurs

Additional Rs 14,775 cr fertilizer subsidy to be provided over and above Rs 85,413 cr budgeted.

EPFO scheme extended till March 31, 2022.

Rs 33,000 crore boost announced for Project Exports through National Exports Insurance Account.

Boost to tourism sector:

Financial support to more than 11,000 registered tourist guides/travel and tourism stakeholders throughthe loan guarantee scheme for COVID-affected sectors. Free tourist visa to 5,00,000 tourists.

Finance minister said that capital and personal loans wll be provided to the tourism sector in the credit guarantee scheme for Covid-hit sectors.

The scheme will cover 10,700 regional level tourist guides and 904 stakeholders in the travel sector, the minister said.

Loans will be provided with 100% gurantee for loans up to Rs 10 lakh for agencies, and Rs 1 lakh for individual tourist guides.