Union Finance Minister Nirmala Sitharaman has announced a Rs 1,100 billion loan guarantee scheme for COVID-19 affected sectors. Of this, Rs 500 billion has been allocated to the health sector for scaling up medical infrastructure and Rs 232.2 billion for public health.

In a press conference today, June 28, the Finance Minister announced economic relief measures for sectors severely affected by the second wave of the COVID pandemic. 

The Finance Minister has also announced that Rs 190.41 billion in additional support will be provided to all village panchayats towards broadband connectivity.

As part of the economic relief measures, the Minister announced a credit guarantee scheme to facilitate loans to 2.5 million borrowers under micro finance institutions (MFIs). 

A free tourist visa for 500,000 tourists has also been announced. Meanwhile, there will be financial support for more than 11,000 tourist guides, travel and tourism stakeholders. For certain categories, loans will be provided under 100 per cent guarantee.

The Finance Minister has also announced the extension of the Atmanirbhar Bharat Rozgar Yojana from June 30 this year to March 31 next year. This scheme incentivises job creation in the country.

Since October last year, about 2.142 million beneficiaries of 79,577 establishments have benefited from the scheme, said the Finance Minister.

A revival package of Rs 774.5 million has also been announced for financial restructuring and infusion of funds to North Eastern Regional Agriculture Marketing Corporation (NERAMAC). It proposes to set up the Northeastern Centre for organic cultivation to facilitate equity finance for entrepreneurs.