Finance minister Nirmala Sitharaman Economic Relief Anouncement

Nirmala Sitharaman, the Finance Minister, announced a relief package and eight major announcements.

Highlights of Finance Minister Nirmala Sitharaman's Press Conference: Finance Minister Nirmala Sitharaman has offered a relief package to help the economy recover from the Corona epidemic.

Finance Minister Nirmala Sitharaman has established a Rs 1.1 lakh crore loan guarantee plan for Covid-19-affected areas.The Central Government has announced this package as a relief to revive the economy badly affected by the Corona epidemic. Addressing the press conference, Finance Minister Nirmala Sitharaman announced eight relief measures, out of these eight measures, four announcements are new.

Relief Number 1: Rs 50,000 crore for the health sector

Finance Minister Nirmala Sitharaman announced a 1.1 lakh crore loan guarantee scheme for Kovid-affected industries. The health sector has received Rs 50,000 crore under this scheme. Loans up to 100 crores will be issued at 7.95 percent interest, while interest rates in other sectors will not exceed 8.25 percent.

Relief number 2: Emergency Credit Line Guarantee Schem

The Finance Minister also stated that the Emergency Credit Line Guarantee Scheme will receive an additional 1.5 lakh crore. The loan guarantee scheme, according to the Finance Minister, is a new scheme that will assist 25 lakh people. Microfinance institutions will provide loans to the lowest creditors under this strategy.

Relief Number 3: Pradhan Mantri Gramin Anna Yojana 

The Pradhan Mantri Garib Kalyan Anna Yojana will cost an extra Rs 93,869 crore to provide free food grains until November 2021. Free food grains were distributed last year as well, resulting in a total expenditure of Rs 2.27 lakh crore under the scheme.

Relief Number 4: Employment in a self-sufficient India

The Employment Scheme for Self-Reliant India has been extended through March 31, 2022. So far, Rs 902 crore has been spent on this scheme, benefiting approximately 21.42 lakh people. The government has offered employers making slippers the advantage of the self-reliant India employment scheme; in the case of new appointments by private enterprises, the government would fund the cost.

Relift Number 5: Government assistance to registered tourist guides and travel tourism stakeholders

The government will provide financial aid to registered tourist guides and travel tourism stakeholders who have been affected by the Kovid outbreak. The licenced tourist guide will receive a loan of Rs 1 lakh, while the tourist agency would receive a loan of Rs 10 lakh. This loan will be backed by a 100% guarantee.

Relief Number 6: Free foreign tourist visas for 5 lakh people

The Modi government will first offer 5 lakh free foreign visitor permits to help the tourism industry recover from the damage caused by Corona. This scheme will be in effect until March 31, 2022. A total of Rs 100 crore would be made available under this scheme. A tourist will only be able to take advantage of the scheme once.

Relief Number 7: A Rs 14,775 crore additional fertiliser subsidy

Over and beyond the budget allocation of Rs 85,413 crore, Sitharaman announced an additional fertiliser subsidy of Rs 14,775 crore. Farmers in the country have received an additional subsidy of Rs 14,775 crore as a result of this. Only the DAP has received a subsidy of Rs 9125 crore. A subsidy of Rs 5650 crore has been offered on NPK at the same time. 432.48 lakh metric tonnes of wheat have been acquired for the Rabi season 2020-21. Until date, the farmers have received Rs 85,413 crore in direct payments.

Relief Number 8: ECLGS

Get an additional 1.5 lakh crore in ECLGS. ECLGS 1.0, 2.0, and 3.0 have so far distributed Rs 2.69 lakh crore. This project was initially announced with a budget of Rs 3 lakh crore. The scheme's total scope has now grown to Rs 4.5 lakh crore. It will benefit all of the sectors that have been covered thus far.

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