Ministry of Finance announces key schemes to boost economy

29 Jun 2021 CW Team

Minister of Finance Nirmala Sitharaman has announced eight economic relief measures for sectors hit by the second wave of the Covid-19 pandemic, to boost the economy, focusing primarily on tourism and the health sector.

Some of the key announcements made by Nirmala Sitharaman are: The Atmanirbhar Bharat Rozgar Yojana (ABRY) has been extended from June 30, 2021, to March 31, 2022.

The government has increased the scope of the emergency credit line guarantee scheme as Rs 1.5 lakh crore has been added to the existing corpus of Rs three lakh crore. A new credit guarantee scheme to facilitate loans to 25 lakh people through microfinance institutions (MFIs) was announced.

The lending of Rs 25 lakh was announced, focusing on new lending and not on repayment of old loans.

Visas will be provided free of cost to the first five lakh travellers coming to India on the resumption of international travel. The scheme will be applicable till March 31, 2022.

A new loan guarantee scheme will support 10,700 regional-level tourist guides and travel and tourism stakeholders.

An expenditure of Rs 93,869 crore will be used for the distribution of ration to poor people, taking the total money allocation to Rs 227,841 crore in Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY).

Rs 23,220 crore has been allocated for public health, with the key focus on paediatric care for the current financial year.

Nearly Rs 15,000 crore additional subsidy for protein-based fertilizer for farmers.

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Also read: India’s global economic recovery positive: EY report

Also read: India to become global economic powerhouse: Nirmala Sitharaman

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