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Cabinet clears credit enhancement for hospitality sector
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IANS | 17 Aug, 2022
The Union Cabinet on Wednesday cleared the enhancement in the limit of
emergency credit line guarantee scheme (ECLGS) by Rs 50,000 crore, from
Rs 4.5 lakh crore to Rs 5 lakh crore for the hospitality and tourism
sectors, which had faced disruptions due to the Covid-19 pandemic.
Minister for Information and Broadcasting Anurag Singh Thakur
told the media after the Cabinet meeting, the additional amount of Rs
50,000 crore would be given to the hospitality sector till the validity
of ECLGS, i.e. till March 31, 2023.
According to an official
statement, the enhancement would provide relief to the tourism and
hospitality sector by incentivising banks to provide additional credit
of up to Rs 50,000 crore at low cost, which would help enterprises under
the sector to meet their operational liabilities.
Under ECLGS, which is an ongoing scheme, loans of Rs 3.67 lakh crore have been given till August 5.
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