Existing Emergency Credit Line Guarantee Scheme extended till March 31 next year: Finance Minister Sitharaman

Union Finance Minister Nirmala Sitharaman on Thursday announced that the existing Emergency Credit Line Guarantee Scheme (ECLGS) has been extended till March 31 next year.

"The existing Emergency Credit Line Guarantee Scheme which was announced in the Atmrbhar Bharat 1.0 has now been extended till 31 March 2021. There is guaranteed credit support for 26 stressed sectors identified by the Kamath Committee. Original ECLGS had one year of moratorium and 4 years of repayment, while the new scheme will have 1-year moratorium and 5 years of repayment," Sitharaman said at a press conference here.

"We are launching credit guarantee support scheme for the healthcare sector and 26 sectors stressed due to COVID-19. Entities will get additional credit up to 20 per cent of outstanding credit. Repayment can be done in five years' time (1 year moratorium + 4 years repayment)," the Finance Minister said.

She said, 10 new champion sectors will now be covered under the Production Linked Incentives Scheme to boost the competitiveness of domestic manufacturing. It is expected to give a significant boost to economic growth and domestic employment.

"Rs 18,000 crore will be provided over and above the budget estimate which was mentioned in the Budget 2020-21 under Pradhan Mantri Awas Yojana, particularly for the urban areas," she said.

"This extra budgetary resource being provided will help 12 lakh houses to be grounded and 18 lakh houses will get completed as a result," she added.

( With inputs from ANI )