Union finance minister Nirmala Sitharaman has announced a Rs 1.1 lakh crore loan guarantee scheme for Covid-hit sectors
Prime Minister Narendra Modi on Monday said that the slew of new measures introduced by Union finance minister Nirmala Sitharaman will boost private investment in medical infrastructure, help stimulate economic activities, generate employment and boost production and exports.
Addressing a press conference earlier today, Sitharaman announced many measures to help revive the economy following the second Covid wave.
To help revive the economy, she announced a Rs 1.1 lakh crore loan guarantee scheme for Covid-hit sectors. Up to Rs 100 crore loan at 7.95 per cent will be made available to the health sector, she said.
In an effort to help MSMEs, the minister announced a new scheme to give up to Rs 1.25 lakh loan to 25 lakh small borrowers at lower interest rates.
Amid these developments, Modi noted that the Centre is trying to focus on strengthening healthcare facilities for children and added that importance has also been given to helping farmers with multiple initiatives that will reduce their costs, increase incomes and support greater resilience and sustainability of agricultural activities.
The prime minister said more support has been announced for small entrepreneurs and self-employed persons to enable them to not only sustain their business activities but also expand them further.
Several initiatives, including financial assistance, are being taken to help those linked with tourism, he added.
"The measures will help to stimulate economic activities, boost production & exports and generate employment.
"Result linked Power Distribution Scheme and streamlined processes for PPP projects and Asset Monetisation demonstrates our Government's continuing commitment to reforms," Modi said.
“Importance has been given to helping our farmers. Multiple initiatives have been announced which reduce their costs, increase their incomes & support greater resilience and sustainability of agricultural activities,” Modi further noted.
Sitharaman's stimulus package for the economy totals Rs 6.29 lakh crore.
(With PTI inputs)