To assist revival of the economic system battered by COVID-19, Finance Minister Nirmala Sitharaman on Monday introduced a slew of measures, together with Rs 1.1 lakh crore (Rs 1.1 trillion) credit score assure scheme for bettering well being infrastructure, and enhancing the restrict below the ECLGS by 50 per cent to Rs 4.5 lakh crore for the MSME sector dealing with liquidity crunch.
Sharing the small print of stimulus bundle, the finance minister stated this contains eight aid measures and different eight measures to assist the financial development.
She introduced Rs 1.1 lakh crore mortgage assure scheme for COVID-affected sectors, together with well being sector, which incorporates assure cowl for enlargement or for brand spanking new initiatives.
In addition to, she stated, extra Rs 1.5 lakh crore restrict enhancement carried out for Emergency Credit score Line Assure Scheme (ECLGS) scheme.
The prevailing restrict for ECLGS scheme, introduced as a part of Rs 20-lakh crore Atmanirbhar Bharat Abiyan bundle in Could 2020, was Rs 3 lakh crore.
Final month, the finance ministry expanded the scope of the Rs 3 lakh crore ECLGS by together with concessional loans to hospitals for establishing on-site oxygen era crops.
In addition to, the validity of the scheme was prolonged by three months to September 30 and or until ensures for an quantity of Rs 3 lakh crore are issued.
The final date of disbursement below the scheme has been prolonged to December 31.
Beneath the ECLGS 4.0, 100 per cent assure cowl was given to loans as much as Rs 2 crore to hospitals, nursing properties, clinics, medical schools for establishing on-site oxygen era crops.
The rate of interest on these loans has been capped at 7.5 per cent, which suggests the banks can supply loans lower than this ceiling. PTI JD DP ANZ MR
(This story has not been edited by Enterprise Commonplace workers and is auto-generated from a syndicated feed.)