In the ₹ 1.1 lakh crore loan program, the health sector will receive get 50,000 crore to increase medical infra and other sectors will receive 60,000 crore
Finance Minister Nirmala Sitharaman has announced eight new economic empowerment schemes, with a special focus on health and tourism, to provide assistance to individuals and businesses in the midst of the coronavirus. Major announcements include ₹ 1.1 lakh crore loan scheme for the affected covid and l 1.5 lakh crore under the Emergency Credit Line Guarantee Scheme launched as part of the Atmanirbhar Bharat package last year. These measures come at a time when the economy has been hit by a second wave of the coronavirus epidemic and is preparing for a third wave of the worst virus.
In the ₹ 1.1 lakh crore loan program, the health sector will receive ₹ 50,000 crore to increase medical infra, especially in underserved areas, due to the health crisis of the century. The interest rate is tied to 7.95 percent. Some sectors will receive ₹ 60,000 crore with a high interest rate of 8.25% per annum.
The Minister of Finance also pledged support for the tourism industry with a l 10 lakh loan from tourism companies and a lakh lakh loan from tourism directors. Visitor visas will be issued free of charge to the first 500,000 visitors when the process begins.
Among other things, Ms Sitharaman has announced the expansion of the Emergency Credit Line Guarantee Scheme where MSME loans are not provided. Ms Sitharaman also announced a new loan scheme of 25 1.25 lakh to 25 lakh small lenders at low interest rates.
In an effort to increase employment, the finance minister has announced that Atmanirbhar Bharat Rozgar Yojana will be extended from June 30 to March 31, 2022. The program encourages employers to create new jobs through the Employee Provident Fund Organization.
Continuing the centre’s efforts to promote manufacturing, Nirmala Sitharaman has announced that the Production-Linked Incentive (PLI) program for large-scale electronics production will be extended annually. The program, which was supposed to start in 2020-21 and last for five years, will now continue until 2025-26.
With the rains reaching the western and southern parts of the country, the finance minister has announced an additional amount of ₹ 14,775 crore black DAP and NPK fertilizers
Meanwhile, India reported 46,148 new cases of covid19 and 979 deaths on Sunday, according to the Department of Health. Hopefully, the daily death toll has dropped to less than 1,000 marks for the first time since April 12.
The government has announced a number of measures since the start of the covid epidemic, including the first package of incentives called Aatmnirbhar Bharat in May last year. The package included a financial and financial support of l 21 lakh crore, which the government said was equivalent to 10 percent of gross domestic product.
The latest measures introduced by the Minister of Finance are considered important after the RBI estimates in its June 2021 report that a second wave of Covid could result in the loss of ₹ 2 lakh crore during the financial year as specific regional measures and the virus’ spread to small towns and villages.