Finance Minister Nirmala Sitharaman has announced Rs. 6.29 lakh crore stimulus package for economic relief and growth.
The package also includes the decision of additional Rs. 1.5 lakh crore provision for Emergency Credit Line Guarantee Scheme (ECLGS), which will facilitate loans through micro finance institutions to 25 lakh persons.
Atmanirbhar Bharat Rozgar Yojana scheme has been extended from 30 June 2021 to 31 March 2022.
The minister also announced the infusion of equity in Export Credit Guarantee Corporation (ECGC) over 5 years to boost merchandise export insurance cover by Rs. 88,000 crore. It is believed that these steps will significantly benefit the MSMEs and exporters.
The package also includes Rs. 33,000 crore to boost for project exports through National Export Insurance Account (NETA).
Apparel Export Promotion Council (AEPC) Chairman Dr. A. Sakthivel congratulated Finance Minister for this stimulus package.
“I sincerely thank her for the Rs. 1.1 lakh crore guarantee scheme for Covid-affected sectors, including Rs. 50,000 crore guarantee cover for the health sector. Besides, the additional Rs. 23,220 crore Government funding earmarked for this fiscal towards improving the paediatric care in the country is the need of the hour as we get ready to face any successive waves of the pandemic,” he said.
He further added that the measures announced regarding Digital India, PLI scheme, Rs. 3.03 lakh crore financial assistance to DISCOMS for improving power scenario in India, and streamlining the process for PPP projects for speedy execution will encourage economic growth, exports and employment in the country.
