FM Nirmala Sitharaman: Existing Emergency Credit Line Guarantee Scheme to get an extension till March 31, 2021

Union Finance Minister Nirmala Sitharaman on Thursday declared that the already existing Emergency Credit Line Guarantee Scheme (ECLGS) has been given an extension till March 31 in the following year.

Addressing the reporters in the press conference, Nirmala Sithraman stated, “The existing Emergency Credit Line Guarantee Scheme which was announced in the Atmanirbhar Bharat 1.0 has now been extended till March 31, 2021. There is guaranteed credit support for 26 stressed sectors identified by the Kamath Committee. Original ECLGS had one year of moratorium and 4 years of repayment, while the new scheme will have 1-year moratorium and 5 years of repayment.”

The finance minister further said, “We are launching credit guarantee support scheme for the healthcare sector and 26 sectors stressed due to COVID-19. Entities will get additional credit up to 20 per cent of outstanding credit. Repayment can be done in five years’ time (1 year moratorium + 4 years repayment ).”

Sitharaman then broached about 10 new champion sectors which will be covered under the Production Linked Incentives Scheme for further enhancing the competency of domestic manufacturing. It is anticipated that it will raise out the economic growth and domestic employment. She said, “Rs. 18,000 crore will be provided over and above the budget estimate which was mentioned in the Budget 2020-21 under Pradhan Mantri Awas Yojna, particularly for the urban areas.”

Sithraman further added, “This extra budgetary resource being provided will help 12 lakh houses to be grounded and 18 lakh houses will completed as a result.”

Sitharaman to provide perks to companies on boosting employment

The finance minister, in the press conference, also spoke regarding the new job creation scheme by providing subsidies as perks for those institutions that are having fresh recruitment and employment. Sitharaman said, the perks would to add up to the retirement fund donations by employees and the employers both.

She iterated employee contribution (12 per cent) along with the employer’s contribution (12 per cent),adding up to overall 24 per cent shall be catered to the establishments for a period of two years.

Following the Atmanirbhar Bharat Rozgar Yojnar, each Employees’ Provident Fund Organization (EPFO) registered estbalishment hiring new employees will be privided with the subsidy, which will be for monthly wages under Rs. 15,000 crore.

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