Stimulus package: In Monday’s announcements, mainly emphasis has been given on four sectors- health, tourism, MFI and agriculture. Tomorrow’s announcement will provide an additional liquidity facility of Rs 70,000 crore for banks.
6.29 lakh crore relief package.
Stimulus package: The latest initiative to provide loans to the areas affected by the epidemic and other relief measures will have an additional impact of 0.60 percent on the fiscal deficit. This will provide additional liquidity facility of Rs 70,000 crore for banks. This has been estimated in a report.
Finance Minister Nirmala Sitharaman on Monday announced an additional loan of Rs 1.5 lakh crore to small business sectors. At the same time, he made announcements like additional funds to the health sector, loans to tourism agencies and guides and visa fee waiver. This package is mainly given to banks and micro finance institutions in the form of government guarantee. By adding such earlier packages, this amount becomes Rs 6.29 lakh crore.
70 thousand crore fresh loan will be issued
According to an analysis by SBI Research, with an equitable distribution of new announcements of Rs 1.10 lakh crore, along with 50 per cent and 75 per cent guarantee cover and 100 per cent risk weight, banks will have a capital relief of around Rs 7,500 crore. 70,000 crore loan will be created.
Special emphasis on four areas
SBI Chief Economist Soumya Kanti Ghosh said in the report, “Monday’s announcements have broadly focused on four sectors….health, tourism, MFI and agriculture. The other measures that have been announced will improve the existing system.
6.29 lakh crore stimulus package
Let us tell you that Finance Minister Nirmala Sitharaman on Monday announced a total stimulus package of Rs 6,28,993 crore to support various sectors including health, MSME, tourism, export sector in the economy affected by the second wave of COVID-19.
1.1 lakh crore loan scheme
The Finance Minister announced a loan guarantee scheme of one lakh 10 thousand crore rupees for other sectors including the health infrastructure under pressure from the COVID epidemic. At the same time, the size of the emergency loan guarantee scheme announced under the Self-Reliant India Package in May last year has been increased by Rs 1.50 lakh crore to Rs 4.50 lakh crore. Under this scheme, it is also proposed to increase the guarantee and loan limit from the level of 20 percent of the existing dues.
Also read: Report reveals that half of India’s working population is indebted
Also read, SBI customers should note, whether it is a branch or an ATM from July 1, charges will be levied after four cash withdrawals, know the rules changed
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