Finance Minister Nirmala Sitharaman announced a series of measures aimed at reviving the Indian economy.
Among her announcements were further allotment of funds for the government’s emergency credit guarantee scheme, increased allocation towards public health, and a new loan guarantee scheme to help small borrowers.
Here are the key highlights from the finance minister’s presentation:
- Loan guarantees worth Rs 1.1 lakh crore to be provided for Covid-hit sectors.
- Size of emergency credit guarantee scheme to be increased from Rs 3 lakh crore to Rs 4.5 lakh crore.
- Government will offer guarantees to banks for lending to the microfinance sector.
4.Loan guarantees to be given to the tourism sector under the emergency credit guarantee scheme.
- Free visa for first 5 lakh tourists once borders reopen.
- An additional Rs. 23,220 crores has been earmarked for public health in FY22.
- BharatNet plan expanded with an additional amount of Rs 19,041 crore.
- Tenure of a performance-linked incentive scheme for electronic manufacturing extended one more year.
So what can be expected from this?
Finance Minister Nirmala Sitharaman will address a press conference at the time the government is looking to revive the Indian economy ravaged by the deadlier second wave of the Covid-19 pandemic. Sitharaman will hold the press conference at 3 p.m. on Monday, the Ministry of Finance said in a tweet.