Finance Minister talks to hospitality, tourism sectors

Budget 2022-23 had proposed to open an additional INR 50,000 crore window under the Emergency Credit Line Guarantee Scheme (ECLGS) to support hospitality and related services sector

PRAVASISAMWAD.COM

Finance Minister Nirmala Sitharaman held a meeting with the travel, tourism and hospitality sectors to discuss various credit related issues. The meeting was attended by senior Finance Ministry officials and heads of various public sector banks (PSBs).

Budget 2022-23 had proposed to open an additional INR 50,000 crore window under the Emergency Credit Line Guarantee Scheme (ECLGS) to support hospitality and related services sector.

Also, the Budget proposed to extend the ECLGS by one more year till March 2023 and guarantee cover expanded to INR 5 lakh crore from INR 4.5 lakh crore

Sitharaman had said in the Budget speech: “Hospitality and related services, especially those by micro and small enterprises, are yet to regain their pre-pandemic level of business. Considering these aspects, the ECLGS will be extended up to March 2023 and its guarantee cover will be expanded by INR 50,000 crore to a total cover of INR 5 lakh crore with the additional amount being earmarked exclusively for hospitality and related sectors.”

Also, the Budget proposed to extend the ECLGS by one more year till March 2023 and guarantee cover expanded to INR 5 lakh crore from INR 4.5 lakh crore. This was announced as part of Atmanirbhar Bharat Abhiyaan package announced in May 2020 with an aim to provide relief to micro, small and mid-sized firms hit by the pandemic.

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