8 Point Economic Relief Measure

Finance Minister Nirmala Sitharaman announced major economic relief measures to boost economy

✅ ₹1.1 lakh crore loan guarantee scheme for Covid-affected sectors. Under this scheme, ₹50,000 crore would be for the health sector and ₹60,000 crore for other sectors. The fund allocation would be divided into 60% for expansion and 75% for new projects.

✅ ₹1.5 lakh crore for ECLGS (Emergency Credit Line Guarantee scheme), which was announced as part of the Aatmanirbhar Bharat Package in May 2020.

✅ ₹23,220 crore for the public healthcare sector is a separate announcement from the credit guarantee scheme for the healthcare sector. This funding is aimed to increases ICU beds, oxygen availability, medical equipment availability etc.

✅ ₹33,000 crore for NEIA (National Export Insurance Account) and ₹88,000 crore for Export Insurance Account

✅ Financial support to over 11,000 tourist guides, tourism stakeholders to restart their businesses impacted due to the Covid pandemic. Loan would be provided with 100% guarantee up to the following, limits: ₹10 lakh for Travel and Tourism Stakeholders  and ₹1 lakh for tourist guides licensed at regional or state level. There would not be any processing charge, no additional collateral requirements.

✅ Free tourist visa to 5 lakh tourists visa issuance restarts and will be applicable till March 31, 2022, or till 5 lakh visas are issued, whichever is earlier.

✅ Extension of Aatmanirbhar Bharat Rozgar Yojana from June 30, 2021 to March 31, 2022. The Centre will extend wage subsidy scheme for nine more months via the Employees Provident Fund Organisation (EPFO) to boost job creation at the lower end of the salary structure in formal jobs.

✅ New streamlined process for PPP projects and asset monetisation of core infrastructure assets, including InvITs.

▪️ Further, the FM announced ₹3.03 lakh crore to revamp reform-based, result-linked power distribution scheme of financial assistance to DISCOMS for infrastructure creation, up-gradation of system, capacity building and process improvement.

▪️ The FM also provided additional ₹19,041 crore for BharatNet to improve the broadband connectivity to all inhabited villages.

▪️ Announcement was also made for revival package of ₹77.45 crore for the financial restructuring and infusion of funds to the North Eastern Regional Agricultural Marketing Corporation (NERAMAC).

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