FM Nirmala Sitharaman Press Conference Live Updates: Finance Minister Nirmala Sitharaman on Monday addressed the media to announce various economic relief measures. Sitharaman announced several economic measures on June 28. The Center has increased the limit for the Emergency Credit-Linked Guarantee Scheme (ECLGS) from the existing Rs 3 lakh crore to Rs 4.5 lakh crore. To revive the severely affected areas from coronavirus pandemic, the finance ministry had launched the emergency credit line guarantee scheme last May. The objective of the ECLGS scheme is to provide 100% guaranteed coverage to banks, non-banking financial institutions (NBFCs) and other lending institutions to provide emergency loans to business entities that are suffering due to the COVID-19 pandemic and Struggling to meet working capital needs. The Finance Ministry announced a credit guarantee scheme to facilitate credit through micro finance institutions. The maximum amount will be Rs 1.25 lakh per person. rate 2%. The focus will be on new lending, announced the Finance Minister.
The finance minister is also likely to announce the final contours of the much-awaited ‘bad bank’ – National Asset Reconstruction Company Ltd., and the entity that will manage the bad loans – India Debt Management Company Ltd. In the wake of the second wave of the coronavirus pandemic and subsequent lockdowns to contain the virus’s spread, the process of recovering from the devastating impact of the first wave of COVID-19 has become difficult for many sectors. He has urged the government to announce an “adequate” stimulus package to support economic growth hit by the pandemic.
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