economic package | Nirmala Sitharaman announced a stimulus package of Rs 6,28,993 crore, know who got what
Finance Minister Nirmala Sitharaman announced the stimulus package.  |  Photo Credits: PTI
- Emergency Credit Guarantee Scheme increased by Rs 1.50 lakh crore to Rs 4.50 lakh crore.
- 1 lakh 10 thousand crore rupees for the loan guarantee scheme.
- Rs 1.25 lakh per creditor through microfinance institutions for small loans.
New Delhi : Finance Minister Nirmala Sitharaman on Monday announced a total stimulus package of Rs 6,28,993 crore to support various sectors including health, MSME, tourism, export sector in the economy affected by the second wave of Kovid-19. In order to encourage new recruitments in the organized sector, the deadline for the Self-Reliant India Employment Scheme, launched in October last year, has been extended till March 2022. Under this, the government helps in the contribution of Employees Provident Fund. The Finance Minister announced a loan guarantee scheme of Rs 1 lakh 10 thousand crore for other sectors, including health infrastructure, which have come under pressure from the Kovid epidemic. At the same time, the size of the emergency loan guarantee scheme announced under the Atmanirbhar Bharat package in May last year has been increased by Rs 1.50 lakh crore to Rs 4.50 lakh crore. It is also proposed to increase the guarantee and loan limit under the scheme from the level of 20 per cent of the existing dues.
The Finance Minister has announced this new stimulus package for the revival of the economy at a time when the second wave of corona virus during the month of April and May at the beginning of this financial year has shaken the common man as well as various sectors of the economy. has kept. During this, problems especially came to the fore regarding lack of medical facilities, lack of oxygen and availability of medicines.
Rs 50,000 crore for health sector projects
This is the reason why the Finance Minister in the new stimulus package has announced a loan guarantee scheme of Rs 50,000 crore to complete the existing projects and develop new projects in the health sector. The scheme mainly encourages the development of health infrastructure in underprivileged and backward districts. It will have a maximum loan of up to Rs 100 crore and a guarantee period of three years. This loan will be given at an interest rate of 7.95%.
Loan guarantee of Rs 60,000 crore for other sectors
A loan guarantee of Rs 60,000 crore will be given for sectors other than the health sector, in which loans will be available at an interest rate of 8.25 percent. The Finance Minister has announced Rs 23,220 crore for one year under the new scheme focused on short-term emergency preparedness with children and paediatrics, medical beds in the public health sector. The Central Government’s share in this will be Rs 15,000 crore. Under this, emphasis will be laid on increasing human resource in the medical field through medical, nursing students, ICU beds and oxygen supply at sub-district, district, central level.
Credit guarantee limit raised to Rs 4.5 lakh crore from existing Rs 3 lakh crore
The Finance Minister said that under the Emergency Credit Facility Guarantee Scheme (ECLGS), loans worth Rs 2.69 lakh crore have been disbursed to 1.1 crore units so far. In this, 12 public sector banks, 25 private banks and 31 non-banking financial companies have provided loans. The total credit guarantee limit under the scheme has now been increased to Rs 4.5 lakh crore from the existing Rs 3 lakh crore.
Loan for 25 lakh small customers
The Finance Minister has announced to give credit guarantee to banks for loans up to Rs 1.25 lakh per creditor through micro finance institutions for small loans. Under this scheme, a target has been set to provide loans to 25 lakh small customers. For this, the government has fixed an interest rate of two percent above the marginal cost of credit (MCLR) rate from banks. Under the scheme, banks will provide loans to NBFCs and microfinance institutions, which will then be given to small creditors. The scheme is expected to cost Rs 7,500 crore from the exchequer during the current financial year.
Loans up to Rs 10 lakh for travel and tourism stakeholders
Sitharaman has announced financial support for more than 11 thousand registered tourist guides, travel and tourism sector units in tourism. For Travel and Tourism Stakeholders (TTS), 100% guarantee will be given on loans up to Rs 10 lakh, while the government will guarantee loans up to Rs 1 lakh for licensed travel guides. The scheme will be operated by the Ministry of Tourism. At the same time, the Finance Minister has announced to release 5 lakh visas without fees initially, after the restrictions are over for the promotion of the tourism sector. The free visa is estimated to cost the exchequer Rs 100 crore.
Expansion of self-reliant India employment scheme
On the employment front, the benefits given under the Self-Reliant India Employment Scheme launched to create new jobs for industries will now be available till March 31, 2022. Under the scheme, on the employment of a new employee in establishments with up to 1,000 employees, 24 percent of the total salary of both the employer and the employee is paid by the government in their provident fund. Whereas in companies with more than 1000 employees, 12 percent of the employee’s contribution will be made by the government. Under this scheme, benefits worth Rs 902 crore have been provided to 21.42 lakh beneficiaries in 79,577 establishments till June 18, 2021.
Fertilizer to farmers at cheap price
In the agriculture sector, the government has announced to provide an additional amount of Rs 14,775 crore over and above Rs 42,275 crore allocated in this year’s budget to maintain the availability of fertilizers at affordable prices to the farmers. This includes an additional subsidy of Rs 9,125 crore for Di-Ammonium Phosphate (DAP) and Rs 5,650 crore for NPK.
Expansion of Prime Minister’s Garib Kalyan Anna Yojana
During the Corona period, when the employment of many people was lost, the government has announced the Pradhan Mantri Garib Kalyan Anna Yojana to provide them free food grains. This scheme was launched on 26 March last year. Under this, 5 kg additional food grains were made available to the beneficiaries of the National Food Security Act. Last year the scheme was kept in force till November 2020. This year also, in view of the second wave of Corona, it has been decided to keep it in force from May to November. The expenditure on distribution of free food grains is estimated to be Rs 93,869 crore this year while the total financial burden from the scheme last year and this year will be Rs 2,27,841 crore on the government.
Rs 33,000 crore guarantee scheme to boost exports
The Finance Minister has announced a guarantee scheme of Rs 33,000 crore to boost project exports under the National Export Insurance Account (NEIA). Under this, NEIA will be able to guarantee project exports of an additional Rs 33,000 crore over the next five years. Along with this, it is proposed to infuse equity in Export Credit Guarantee Corporation (ECGC) to provide export insurance cover over a period of 5 years, which will increase the export insurance cover by Rs.88,000 crore.
Brandband facility to every Gram Sabha
Work will be done on Public Private Partnership (PPP) model to connect every Gram Sabha in the country with the broadband facility through Bharat Net. 19,041 crore is estimated to be spent on this scheme from 2021-22 to 2022-23. Along with this, the Finance Minister has also extended the period of production based incentives for large scale electronics manufacturing.
Apart from this, the agriculture, procurement, processing and marketing infrastructure in the North East region will be improved by revamping the North Eastern Regional Agricultural Marketing Corporation. Under this, measures will be taken to provide 10 to 15 percent more price to the farmers of the area for their produce.
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