SME Times is powered by   
Search News
Just in:   • Adani Group to invest Rs 57,575 crore in Odisha  • 'Dollar Distancing' finally happening? Time for India to pitch Rupee as credible alternative: SBI Ecowrap  • 49% Indian startups now from tier 2, 3 cities: Jitendra Singh  • 'India ranks 3rd in global startup ecosystem & number of unicorns'  • LinkedIn lays off entire global events marketing team: Report 
Last updated: 30 May, 2021  

Rupee.9.Thmb.jpg Industry hails expansion of ECLGS, more support to MSMEs

MSME.9.jpg
   Top Stories
» 49% Indian startups now from tier 2, 3 cities: Jitendra Singh
» 'India ranks 3rd in global startup ecosystem & number of unicorns'
» Tripura exported over 9K tonnes of pineapples in 2 years
» CPI inflation eases to 6.71% in July, IIP falls to 12.3%
» Rupee depreciates 12 paise to close at 79.64 against US dollar
SME Times News Bureau | 31 May, 2021
As the Centre on Sunday announced the expansion of the Emergency Credit Line Guarantee Scheme (ECLGS), industry participants have lauded the move and said it would support more businesses amid the second wave of Covid-19.

FICCI President Uday Shankar said that the relaxations announced under the scheme will serve the MSMEs well.

"Relaxations announced under ECLGS 1.0 both in terms of extension of period of repayment as well as offer of an additional 10 per cent loan will serve the MSMEs well. Removal of the Rs 500 crore cap for eligibility under ECLGS 3.0 and inclusion of the civil aviation sector are also welcome," he said.

Noting that the new scheme ECLGS 4.0 provides financial support to the critical healthcare sector, Uday Shankar said: "We hope that the banks will go all out in disbursing the loans in a quick and timely manner."

He noted that there is a need to ramp up the health infrastructure in the country over the next few months to prepare well for any future waves.

On the announcements made by the State Bank of India and Indian Banks' Association (IBA), the FICCI chief said: "We welcome the steps taken by the banking fraternity to support industry, particularly the MSME sector, during this hour of crisis. The second Covid-19 wave has been devastating for a large number of businesses and it was only appropriate for the banking sector to come forward and announce these measures."

Commenting on the inclusion of the civil aviation sector among the beneficiaries of ECLGS, SpiceJet Chairman and Managing Director, Ajay Singh, said that the it is a timely move and should help the sector that has been the most severely impacted by the Covid-19 pandemic.

"World over, we have seen governments come to the rescue of their airlines multiple times over the last one year. Airlines in Indian have been at the very forefront of this war against Covid and the government's recognition of the difficulties being faced by our industry is certainly a move in the right direction," he said.
 
Print the Page
Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 13 Aug, 2022
  Daily Poll
PM Modi's recent US visit to redefine India-US bilateral relations
 Yes
 No
 Can't say
  Commented Stories
» GIC Re's revenue from obligatory cession threatened(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter