ECLGS Scheme Extension uptill March 23 has come as a big boost for Over 1.3 Crore MSME’s in India. The Emergency Credit Line Guarantee Scheme Credit Line which also has been expanded by Rs 50,000 crore to Rs 5 lakh crore by the Finance Minister Nirmala Sitharaman cheered the industry.
The extra coverage shall be solely earmarked for the hospitality and associated segments to assist them to attain the pre-pandemic era. Presenting the Finances 2022-23 in Parliament, the Finance Minister stated the Credit Assurance Relief for Micro and Small Enterprises (CGTMSE) scheme shall be revamped with required infusion of funds.
“This may facilitate extra credit of Rs 2 lakh crore for micro and small enterprises and develop employment alternatives,” she stated.
Big Thrust on Hospitality Sector – ECLGS Scheme Extension by FM until March 2023
To assist the micro, small and medium enterprises (MSME) sector turn into more resilient, aggressive and environment friendly, Sitharaman stated a Elevating and Accelerating MSME Efficiency (RAMP) programme shall be rolled out with a Rs 6,000 crore outlay unfold over 5 years. “Hospitality and associated providers, particularly these by micro and small enterprises, are but to regain their pre-pandemic stage of enterprise.
Considering these points, the ECLGS shall be extended up to March 2023 and its guarantee cover will be expanded by Rs 50,000 crore to a total cover of Rs 5 lakh crore with the extra amount being earmarked solely for hospitality and related sectors,” the Finance Minister stated.