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To provide relief for businesses affected in the second wave of the COVID-19 pandemic, the Union Finance & Corporate Affairs Minister, Nirmala Sitharaman, announced a total of 17 measures worth Rs. 6,28,993 crore. They have been grouped into three broad categories, Economic Relief from Pandemic, Strengthening Public Health, Impetus for Growth & Employment.
Under this plan, there is a Rs 1.10 lakh crore Loan Guarantee Scheme for COVID Affected sectors, including Rs 50,000 crore for the health sector and Rs 60,000 crore for other sectors, including tourism. Also, additional Rs 1.5 lakh crore is for Emergency Credit Line Guarantee Scheme (ECLGS).
Under Credit Guarantee Scheme for Micro Finance Institutions (New scheme), an amount per loan capped at Rs 1.25 lakh at an interest rate of MCLR (the minimum lending rate for a bank) plus 2 per cent is to be given.
The total amount sanctioned for the scheme is Rs 100 crore. The facility will be applicable till 31st March 2022 or till 5 lakh visas are issued, whichever is earlier.
Under the scheme for Tourists guides/ stakeholders, the scheme will cover 10,700 Regional Level Tourist Guides recognised by the Ministry of Tourism and Tourist Guides recognised by the State Governments; and about 1,000 Travel and Tourism Stakeholders (TTS) recognized by the Ministry of Tourism.
TTS’s will be eligible to get a loan up to Rs. 10 lakh each while tourist guides can avail of loan up to Rs 1 lakh each. The scheme also includes a free one-month tourist visa to 5 lakh tourists. The total amount sanctioned for the scheme is Rs 100 crore. The facility will be applicable till 31st March 2022 or till 5 lakh visas are issued, whichever is earlier.