Finance Minister Nirmala Sitharaman announces relief package of Rs 6,28,993 crore to support Indian economy in fight against COVID-19 pandemic

Ministry of Finance:

Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman here today announced a slew of measures to provide relief to diverse sectors affected by the 2nd wave of COVID-19 pandemic. The measures announced also aim to prepare the health systems for emergency response and provide impetus for growth and employment. Union Minister of State for Finance & Corporate Affairs Shri Anurag Singh Thakur; Finance Secretary Dr T.V. Somanathan; Secretary, DFS, Shri Debashish Panda and Secretary, Revenue, Shri Tarun Bajaj were also present during the announcement of relief package.

A total of 17 measures amounting to Rs. 6,28,993 crore were announced. These included two measures announced earlier, i.e. the additional Subsidy for DAP & P&K fertilizers, and extension of Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY) from May to November, 2021.

The measures announced today can be clubbed into 3 broad categories:-

Economic Relief from Pandemic
Strengthening Public Health
Impetus for Growth & Employment

Economic relief from Pandemic:

Rs. 23,220 crore more for public health with emphasis on children and paediatric care/paediatric beds

1.10 lakh crore Loan Guarantee Scheme for COVID Affected sectors

Emergency Credit Line Guarantee Scheme (ECLGS)

Credit Guarantee Scheme for Micro Finance Institutions

Scheme for Tourists guides/ stakeholders

Free one month tourist visa to 5 lakh tourists

Extension of Aatma Nirbhar Bharat Rozgar Yojana (ANBRY)

Additional Subsidy for DAP & P&K fertilizers

Free food grains under Pradhan Mantri Garib Kalyan Yojana (PMGKY) from May to November, 2021

Strengthening Public Health:

Rs. 23,220 crore more for public health with emphasis on children and paediatric care/paediatric beds

Special attention has been paid by the Government to provide impetus for growth and employment.  For this the following eight schemes were announced:

Release of Climate Resilient Special Traits Varieties

Revival of North Eastern Regional Agricultural Marketing Corporation (NERAMAC)

Rs. 33,000 crore Boost for Project Exports through National Export Insurance Account (NEIA)

Rs. 88,000 crore boost to Export Insurance Cover

Digital India: Rs. 19,041 crore for Broadband to each Village through BharatNet PPP Model

Extension of Tenure of PLI Scheme for Large Scale Electronics Manufacturing

Rs 3.03 lakh crore for Reform-Based Result-Linked Power Distribution Scheme

New streamlined process for PPP Projects and Asset Monetization

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