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Last updated: 28 Jun, 2021  

India.Growth.9.Thmb.jpg Stimulus package: A big push for economy

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Bikky Khosla | 28 Jun, 2021

In a much needed relief, the Centre on Monday announced a relief package worth Rs 6,28,993 crore to support the Indian economy in its fight against the COVID-19 pandemic. It is aimed at providing economic relief to India Inc, state governments as well as micro finance credit users. The measures are categorised into 3 broad categories: economic relief from pandemic, strengthening public health and economic relief from pandemic. These measures are welcome.

Eight out of the total 17 schemes fall in the first category, with a special focus is on health and travel-tourism sectors. Among them include additional credit of Rs 1.1 lakh crore for health and other sectors, including tourism, expansion of the ECLGS scheme, Credit Guarantee Scheme for micro finance institutions, a new scheme for people working in tourism sector, free one month tourist visa to 5 lakh tourists, extension of ANBRY scheme, additional subsidy for DAP & P&K fertilizers and free food grains under PMGKY scheme, etc.

In addition, under the second category, a new scheme with an outlay of Rs. 23,220 crore was announced for public health. Similarly, in the third category, there are schemes like a revival package of Rs 77.45 crore for NERAMAC, Rs. 33,000 crore boost for project exports through NEIA, Rs. 88,000 crore infusion into ECGC to boost to export insurance cover, extension of tenure of PLI scheme for large scale electronics manufacturing, Rs 3.03 lakh crore for reform-based result-linked power distribution scheme, etc.

No doubt, this comprehensive economic package is welcome. Support to the Covid affected sectors was the need of the hour. MSMEs belonging to these sectors will definitely benefit from the new measures. Also, the support extended to the exports sectors will help our Covid-hit exporters. One the one hand, expansion of the scope of the emergency credit guarantee scheme will help in increasing liquidity for a large number of small exporters and, on the other hand, an increased insurance cover will address the rising credit risks for the sector.

I invite your opinions.

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