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Centre expands credit relief, unveils new COVID-19 recovery package

Monday, 28 Jun 2021

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The Central government has unveiled more support measures for the pandemic-hit economy, including 50 percent expansion in its emergency credit programme, as well as support for the health care and tourism sectors.

The announcement was made by Finance Minister Nirmala Sitharaman on 28 June 2021.

The expansion in the loan guarantee programme to Rs 4.5 trillion (USD 60 billion), from Rs three trillion, was announced along with other pledges to scale up medical infrastructure and provide micro-financing to 2.5 million people, among other steps.

The government also extended the loan guarantee programme to the tourist sector, after widening it to airlines and hospitals.

The credit programme supplements separate measures in May 2021 by the Reserve Bank of India (RBI) to boost credit for health care services and provide fresh lending to vaccine makers. It provided an on-tap liquidity window for banks worth Rs 500 billion to extend credit to health services and vaccine manufacturers until March 2022.

Other measures include expanded credit guarantee programme which includes Rs 500 billion for the health sector, additional health care spending in 2021 to focus on children. Free tourist visas for 5,00,000 visitors, which could have a financial impact worth Rs one billion, incentives for creating new jobs extended to March-end 2022.

It also includes facilitating micro-finance loans to 2.5 million persons, with guarantee up to Rs 75 billion and provide Rs 880 billion of insurance cover for goods exporters.