Home Uncategorized FM Nirmala Sitharaman holds meeting with hospitality and tourism sectors

FM Nirmala Sitharaman holds meeting with hospitality and tourism sectors


Finance Minister Nirmala Sitharaman on Friday held a meeting with representatives of the travel, tourism and hospitality sectors to discuss with them various credit-related issues.

The meeting also brought together senior officials from the Ministry of Finance and heads of various Public Sector Banks (PSBs).

“Along with FM, the meeting also brought together MoS Finance Shri @DrBhagwatKarad; Finance Secretary; Secretaries of Finance, Economic Affairs and Revenue; Heads of PSBs and IBA, in addition to senior officials from @FinMinIndia,” the finance ministry said in a tweet.

It should be noted that the 2022-23 Budget had proposed to open an additional Rs 50,000 crore window under the Emergency Credit Line Guarantee Scheme (ECLGS) to support the hospitality sector and related services.

“Hospitality and related services, especially those of micro and small enterprises, have not yet returned to their pre-pandemic level of activity. In view of these aspects, the ECLGS will be extended until March 2023 and its warranty coverage will be extended from Rs 50,000 crore to full coverage of Rs 5 lakh crore, with the additional amount exclusively reserved for the hospitality and related sectors,” Sitharaman had said in the budget speech.

In addition, the budget also proposed to extend the ECLGS for one more year until March 2023 and the warranty coverage extended to Rs 5 lakh crore from Rs 4.5 lakh crore.

This was announced as part of the Atmanirbhar Bharat Abhiyaan package announced in May 2020 with the aim of providing relief to the micro, small and medium enterprises hardest hit by the pandemic.

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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