New Delhi: Finance Minister Nirmala Sitharaman on Monday announced a Rs 1.1 lakh crore loan guarantee scheme for Covid-affected sectors.
The scheme would include Rs 50,000 crore loan to the health sector aimed at scaling medical infrastructure targeting underserved areas.
The scheme would entail guarantee cover for expansion and new projects related to health and medical infrastructure in cities other than eight metropolitan cities.
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For aspirational districts, the guarantee cover would be 75 per cent for both new projects and expansion.
The maximum loan amount under the newly announced scheme would be Rs 100 crore and the duration of the guarantee would be up to three years.
The interest rate for the loans would be capped at 7.95 per cent.
Sitharaman also said that the guarantee would be provided by National Credit Guarantee Trustee Company Ltd.
Under the scheme, loans worth Rs 60,000 crore would be allowed for sectors other than health at an interest rate capped at 8.25 per cent per annum.
The normal interest rate without the guarantee cover is 10-11 per cent.
Centre's Monetary Support For Several Sectors
The Centre announced eight economic relief measures for India Inc, state governments as well as microfinance credit users.
Accordingly, Finance Minister Nirmala Sitharaman announced these measures here.
The schemes entail the enhancement of existing relief measure such as ECGLS and support for state governments.
Besides, a total of four new measures were announced to provide loans to microfinance credit users as well as the tourism industry.
Further, FM announced a Rs 50,000 cr guaranteed loan for the creation of medical infrastructure.
She said that ECLGS scheme will be enhanced by Rs 1.5 lakh crore.
She said that first 5 lakh tourist visa will be issued free of charge. This step will be taken once the visa issuance start.
Apart from these the Atmanirbhar Bharat Rozgar Yojana has been extended till March 31, 2022 entailing government nearing PF liability of employees and employers depending on the size of the organisation.