Cabinet clears proposal to enhance ECLGS corpus to Rs 5 lakh cr

by IANS |

New Delhi, Aug 17 (IANS) The Union Cabinet on Wednesday approved a proposal to enhance the outlay of Emergency Credit Line Guarantee Scheme (ECLGS) by Rs 50,000 crore from 4.5 lakh crore to Rs 5 lakh crore for the tourism and hospitality sector, which had faced disruptions due to the Covid-19 pandemic.

Information and Broadcasting Minister Anurag Thakur told mediapersons after the Cabinet meeting that the additional amount of Rs 50,000 crore would be given to the hospitality sector till the validity of ECLGS, i.e., till March 31, 2023. ECLGS is an ongoing scheme.

According to an official statement, the enhancement would provide relief to the tourism and hospitality sector by incentivising banks to provide additional credit of up to Rs 50,000 crore at low cost, which would help enterprises under the sector meet their operational liabilities.

Under ECLGS, loans of around Rs 3.67 lakh crore have been disbursed till August 5, 2022.

Latest News

Mumbai airport to shut for post-monsoon runway repairs on Oct 17

Fri, Sep 22, 2023, 08:10 PM

Winners of 2023 Men's ODI World Cup to receive USD 4 million prize money

Fri, Sep 22, 2023, 07:43 PM

Indian Railways raises compensation for death or injuries in train accidents by 10 times

Fri, Sep 22, 2023, 07:39 PM

Zeleskyy visits Canada, first time since Russia invaded Ukraine, to address Parl

Fri, Sep 22, 2023, 07:11 PM

14 rescued, 3 firemen injured as massive blaze engulfs Mumbai mall

Fri, Sep 22, 2023, 07:08 PM

INDvAUS, 1st ODI: Shami bags five-for as India bowl out Australia for 276

Fri, Sep 22, 2023, 07:06 PM

1st ODI: Mohammed Shami bags five-for as India bowl out Australia for 276

Fri, Sep 22, 2023, 07:04 PM

Asian Games: Indian men's volleyball team remain on course to history with 3-0 rout of Chinese Taipei

Fri, Sep 22, 2023, 04:55 PM

New wearable optical device may prevent maternal deaths

Fri, Sep 22, 2023, 04:54 PM

PM Modi to host special dinner for Delhi Police on Friday, 300 officials to attend the event

Fri, Sep 22, 2023, 04:52 PM

Reliance Jio announces attractive offers for 'make in India' iPhone 15 buyers

Fri, Sep 22, 2023, 04:49 PM

Under selling pressure through the week, Nifty falls 2.8% from all-time high

Fri, Sep 22, 2023, 04:46 PM

Cong eyes tribal votes in MP, to come up with 'Scheduled Tribes Charter'

Fri, Sep 22, 2023, 04:45 PM

PM Modi to inaugurate, address international lawyers conference tomorrow

Fri, Sep 22, 2023, 04:02 PM

Family court's approach should align with objectives of family law, not technical legalities: Delhi HC

Fri, Sep 22, 2023, 04:01 PM