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Wednesday, August 04, 2021

Nirmala Sitharaman announcements: Here are the key takeaways

Here are the highlights from Finance Minister Nirmala Sitharaman's economic relief announcements.

By: Express Web Desk | New Delhi |
Updated: June 28, 2021 8:13:56 pm
Income tax e-filing portal, nirmala sitharaman, nirmala sitharaman on new income tax website, nirmala sitharaman on efiling website, nirmala sitharaman news, nirmala sitharaman update, nirmala sitharaman infosys, infosys news, business newsFinance Minister Nirmala Sitharaman announced a slew of economic relief measures. (PTI)

Finance Minister Nirmala Sitharaman on Monday announced a slew of economic relief measures to boost the pandemic-hit economy of the country. These include a Rs 1.1 lakh crore loan guarantee scheme for Covid-affected sectors and an additional Rs 1.5 lakh crore limit enhancement for Emergency Credit Line Guarantee Scheme (ECLGS) scheme, expanding the existing limit of Rs 3 lakh crore by 50%.

Here are the highlights from FM Nirmala Sitharaman’s announcements

# Under Rs 1.1 lakh crore loan guarantee scheme, Rs 50,000 crore loan guarantee has been provided for the health sector, which includes a guarantee coverage of 50% for expansion of health-related projects and 75% for new projects. A 50% guarantee coverage will be given for aspirational districts in case of both expansion and new projects. Up to Rs 100 crore loan at 7.95% to health sector, and Rs 23,220 crore to be provided for paediatric care/paediatric beds at hospitals.

# With an additional Rs 1.5 lakh crore limit enhancement for ECLGS scheme, 25 lakh people to be benefitted. A maximum of Rs 1.25 lakh to be lent to the smallest borrowers by micro-finance institutions. Focus will be on new lending, not on repayment of old loans. Interest rates on loans from banks to be capped at MCLR plus 2%

# Government will also extend Atmanirbhar Bharat Rozgar Yojana to foot employer, employee’s share of post-retiral benefit of new hires by private companies

# Sitharaman said that government will provide free visas to 5 lakh tourists visiting India. The benefit will be available only once per tourist. The scheme will be applicable till March 31, 2022, or till the first 5 lakh visas are issued.

# Under the loan guarantee scheme, working capital or personal loans will be provided to more than 11,000 registered tourist guides, travel and tourism stakeholders. Loans will be provided with 100% guarantee up to Rs 10 lakh for TTS (agency) and Rs 1 lakh for tourist guides licensed at regional or state level.

# Free foodgrain to poor till November 2021 to take total cost of Pradhan Mantri Gareeb Kalyan Anna Yojana to Rs 2.27 lakh crore. Additional Rs 14,775 cr fertiliser subsidy to be provided over and above Rs 85,413 crore budgeted.

# Rs 33,000 crore for National Export Insurance Account and Rs 88,000 crore for Export Insurance Account

# Additional Rs 19,041 crore for broadband to each village through BharatNet PPP Model

# PLI Scheme tenure extended for large scale electronics manufacturing

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