Major Schemes Announced By Finance Minister Nirmala Sitharaman on June 28: While the economy has been shattered after the second wave of the coronavirus pandemic, the country is now gearing up for the possible third wave. Amidst this, Finance Minister Nirmala Sitharaman has announced major relief packages to boost up the economy, focusing majorly on health infrastructure and tourism. Addressing a press conference at New Delhi on Monday (28 June), the measures announced by the FM aim at providing economic relief, strengthening the public Health and providing stimulus for growth and employment.Also Read - First Dalit CM of Punjab Charanjit Singh Channi, All You Need To Know | Watch Video
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A Rs. 1.1 lakh crore Credit Guarantee Scheme for COVID-affected sectors, of which Rs 50,000 crore has been set aside for the health sector. With an emphasis on pediatric care and beds, an additional of Rs. 23,220 crore has been announced for public health, for a period of one year. Also Read - Covid 19 Unlock Guidelines: Delhi, UP, Maharashtra, Haryana, Tamil Nadu, Himachal, Goa Latest News
To provide Economic Relief from the pandemic:
Boost Tourism: For the revival of tourism industry, travel agencies to get a retail loan of Rs.10 lakh while the tour guides will be eligible for a loan of Rs.1 lakh. The minister also added that the first five lakh tourists will be provided with Visas free of cost.
New Credit Guarantee Scheme: This Scheme is said to benefit more than 25 lakh people in which loans will be given to small borrowers, through Micro Finance Institutions (MFIs), where the maximum loan to individuals will be Rs 1.25 lakh at an interest rate below 2 percent – as prescribed by the RBI.
Emergency Credit Line Guarantee Scheme: It was announced that Emergency Credit Line Guarantee Scheme (ECGLS) will be raised to Rs. 4.5 lakh crore from Rs. 3 lakh crore which was a part of Aatmanirbhar Bharat Package last year to facilitate collateral-free loans to MSMEs.
The following schemes were announced to stimulate growth and employment:
Production-Linked Incentive Scheme: The tenure of the Production-Linked Incentive (PLI) scheme for large scale electronics manufacturing has been extended by one year. This scheme will now continue till 2025-26.
Broadband: The central government has decided allocation of an additional Rs 19,041 crore to be spent on providing broadband in each village across the country.
Power Distribution Scheme: The Central Government has allocated Rs 3.03 lakh crore for reform-based, result-linked power distribution scheme
To Boost Project Exports:
- The ministry of Finance has also allocated an additional corpus to the National Export Insurance Account (NEIA). This would allow the NEIA to underwrite an additional Rs 33,000 crore of project exports over five years.
- The minister also proposed Rs.88,000 crore to boost export insurance cover.
- The Centre has also announced a revival package of ₹77.45 crore for the financial restructuring and infusion of funds to the North Eastern Regional Agricultural Marketing Corporation (NERAMAC).
- 21 varieties of bio-fortified crop for nutrition, climate resilience and other traits to be dedicated to the nation
- Extension of Free food grains under Pradhan Mantri Garib Kalyan Yojana (PMGKY) from May to November, 2021.
- Extension of Atmanirbahar Bharat Rozgar Yojana from June 30, 2021 to March 31, 2022.
- Additional Subsidy of Rs. 14,775 crore was also announced for DAP & P&K fertilizers.
Script by Sneha M Jain