New Delhi: Union Finance Minister Nirmala Sitharaman on Monday announced 8 economic measures to deal with the Kovid crisis. He said, “We are announcing about 8 economic relief measures, out of which four are brand new and one is specifically for health infrastructure. ”
Announcing the economic measures, the Finance Minister said that there is a credit guarantee scheme of Rs 1.1 lakh crore for the sectors affected by Kovid and Rs 50,000 crore has been kept for the health sector.
new credit scheme
Credit guarantee scheme (which is a new scheme) will benefit 25 lakh people. Loans will be given by micro finance institutions to the smallest borrowers. The maximum loan to be given is Rs 1.25 lakh. The focus is not on repayment of old loans but on giving new loans.
The Finance Minister said that the interest rate under the new credit guarantee scheme is 2% lower than the rate set by the RBI with a loan tenure of 3 years. Except for the NPAs to be covered, the focus is on fresh loans, stressed borrowers. He said that the new credit guarantee scheme will reach even the smallest borrowers in the hinterland including small towns.
Visa fee will not be charged from 5 lakh international tourists
The Finance Minister said that once international travel resumes, the first 5 lakh tourists visiting India will not have to pay visa fees. The scheme is applicable till March 31, 2022, or will be discontinued after disbursement of first 5 lakh visas. A tourist can avail the scheme only once.
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