FM announces stimulus measures to revive tourism sector-financial support to other businesses

FM announces stimulus measures to revive tourism sector-financial support to other businesses

New Delhi. Finance Minister Nirmala Sitharaman on June 28 announced financial support to over 11,000 registered tourist guides, travel agents, and tourism stakeholders under the new loan guarantee scheme.

Under the new loan, guarantee scheme, Travel and Tourism Stakeholders(TTS) – recognized by the Ministry of Tourism will be able to get Rs.10,00,000 loans per agency with a 100 percent guarantee. Also, a provision to provide a loan of Rs. 1,00,000 for tourist guides licensed at regional or state level has been made.

The Finance Ministry assures that there will be no requirement for any procession charges, waiver of foreclosures or prepayment charges, or additional collateral for these personal loans.

Sitharaman mentioned in her press conference on Monday that this new loan scheme will cover 10,700 regional level tourist guides who are recognized by the Ministry of Tourism and tourist guides recognized by the State Governments. The scheme will be administered by the Ministry of Tourism through NCGTC.

Finance Minister also announced an allocation of Rs. 3.03 lakh crore for a revamped reform-based result-linked power distribution scheme. Of this, the center’s share would be Rs. 97,631 crore.

The scheme is aimed at providing financial assistance to DISCOMs for infrastructure creation, up-gradation of system, capacity building, and process improvement, as per Finance Minister.

For the revival of the health sector, Rs 50,000 crore has been allocated, with an additional Rs 1.5 lakh crore under the Emergency Credit Line Guarantee Scheme (ECGLS). This credit guarantee scheme will help in facilitating loans of up to Rs 1.25 lakh to 25 lakh persons via MFIs.

Source: Moneycontrol.com

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