Finance Minister Nirmala Sitharaman gave the economy a Rs 1.1 lakh crore lifeline to cushion the blow of the second wave of Covid 19. The announcements from the FM included 8 relief packages including 4 new packages focused on sectors such as health and travel. Finance Minister Nirmala Sitharman's stimulus package for economy totals to Rs 6.29 lakh crore. Here are the big highlights-:
- Loan support: Rs 1.1 lakh cr loan guarantee for COVID affected sectors
- Health sector: Rs 50,000 cr earmarked for loans to health infrastructure in areas outside the 8 metros, Additional Rs 23,000 crore announced for public health with an emphasis on children and paediatric care/paediatric beds.
- Credit extended: Additonal Rs 1.5 lakh cr added to the emergency credit line guarantee scheme (ECLGS) taking the limit upto Rs 4.5 lakh crore
- Boost to lending: Micro Finance Institutes (MFIs) given loan guarantee and allowed to lend upto Rs 1.25 lakh per person. Defaulters upto 89 days are also eligible.
- Support for tourism: Loan, Credit line to be opened for 11,000 tourist guides, travel, tourism stakeholders. Loans will be provided under 100 per cent guarantee.
- Travel incentives: First 5 lakh tourist visas issued by India will be free of charge when the process starts
- EPFO Scheme: Support to employers and employees under Aatmanirbhar Bharat Rozgar Yojana has been extended till March 31, 2022.