FM Nirmala Sitharaman Press Conference LIVE Updates: Finance minister Nirmala Sitharaman addresses media on Monday to announce various economic relief measures. Sitharaman announced a host of economic measures on June 28. FM announced Rs 1.1 lakh crore guarantee scheme for coronavirus affected sectors. Out of Rs 1.1 lakh crore guarantee scheme, health care sector will get Rs 50,000 lakh crore sector. Other sectors will get Rs 60,000 lakh crore. Centre has increased the threshold for Emergency Credit-Linked Guarantee Scheme (ECLGS) to Rs 4.5 lakh crore from the current Rs 3 lakh crore. To revive the sectors severely affected by the coronavirus pandemic, the finance ministry had introduced Emergency Credit Line Guarantee Scheme in last May. The ECLGS scheme aims to provide 100 per cent guaranteed coverage to the banks, non-banking financial institutions (NBFCs) and other lending institutions in order to enable them to extend emergency credit to business entities that have suffered due to the Covid-19 pandemic and are struggling to meet their working capital requirements. The finance ministry announced credit guarantee scheme to facilitate loans through micro finance institutions. The maximum amount will be Rs 1.25 lakh per person. The rate 2%. The focus will be on the new lending, annoucned finance minister.
Finance Minister could also announce the final outline of much-awaited ‘bad bank’ — the National Asset Reconstruction Company Limited, and and the entity which will manage the bad loans — the India Debt Management Company Ltd. In the wake of second wave of coronavirus pandemic and subsequent lockdowns to prevent the virus spread, the recovery process from the devastating impact of first wave of COVID-19 has become difficult for many sectores. They have urged the government to announce a “substantial” stimulus package to support economic growth hit by the pandemic.
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