The emergency line of credit guarantee program will be extended until March 2023; MSMEs and the hospitality sector are supported
The Emergency Credit Line Guarantee Scheme (ECLGS) will be extended till March 2023 and its guarantee coverage will be extended by Rs. 50,000 crores. The total coverage will now be Rs. 5 lakh crore, the Union Finance and Corporate Affairs Minister has announced
The additional amount is reserved exclusively for the hotel and related businesses.
The Finance Minister noted that the ECLGS has provided much needed additional credit to more than 130 lakh
The proposal was made taking into account that hospitality and related services, especially those offered by
The Minister of Finance also made several other proposals relating to the
During this time, the
The Finance Minister also announced the roll out of the Raising and Accelerating MSME Performance (RAMP) program with an expenditure of Rs. 6,000 crores over 5 years. This will help the MSME sector to become more resilient, competitive and efficient.
The Minister of Finance has also proposed that
And as part of the streamlining of various duties, the Minister of Finance has proposed that the duty on umbrellas be increased to 20%. The exemption for parts of umbrellas be removed. Exemption is also being streamlined for agricultural implements and tools that are manufactured in India.
The duty exemption given last year to steel scrap is being extended for another year to provide relief to MSMEs producing secondary steel. Certain anti-dumping and countervailing duties on stainless steel and coated steel flat products, alloy steel and high-speed steel bars are being revoked in the public interest, given high metal prices.