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Booster dose: Govt unveils Rs 6.3-trillion package
to spur growth
Includes credit guarantee schemes, steps to revive tourism, strengthen health infra
Union Finance Minister Nirmala Sitharaman on Monday
announced the much-awaited fiscal package to revive the
economy ravaged by the second pandemic wave, keeping the
fiscal outgo limited for the current year. The Rs 6.28-trillion
package included a new credit guarantee scheme for health,
tourism and micro borrowers, besides expanding the Emergency
Credit Line Guarantee Scheme (ECLGS) by half to Rs 4.5 trillion
and extending the Aatmanirbhar Bharat Rozgar Yojana.
“Measures announced by the FM will enhance public health
in under-served areas, boost private
investment in medical infrastructure and augment critical human
resources. Special focus is on strengthening healthcare facilities
for our children,” Prime Minister Narendra Modi tweeted. The new
announcements include extending credit guarantees of Rs 2.6
trillion and schemes worth Rs 2.4 trillion, spread over the next two
to four years.
Economists estimate the fiscal outgo for fresh announcements in
the current financial year at around Rs 60,000 crore, excluding the
credit guarantee schemes. An additional allocation of Rs 2.32
trillion has been made to develop health facilities for children.
“There are eight such measures being announced as relief. Of
those, four are absolutely new. One is specific to health
infrastructure and others pertain to growth in general, exports and
employees … We also want to revive tourism to survive the
second Covid-19 wave,” Sitharaman said.