Indian govt broadcasts ECLGS 2.zero for careworn sectors

2020/11 12 12:11


Indian minister of finance and company affairs Nirmala Sitharaman at the moment introduced assured credit score for supporting careworn sectors, as a part of Atmanirbhar Bharat Package deal three.zero. Tenor of extra credit score beneath ECLGS 2.zero shall be 5 years, together with one-year moratorium on principal compensation. The scheme shall be out there until March 31, 2021.

The Emergency Credit score Line Assure Scheme (ECLGS) 2.zero is to be utilised for 100 per cent assured collateral free extra credit score at capped rates of interest to: entities in 26 careworn sectors recognized by Kamath Committee plus well being care sector with credit score excellent of above ₹50 crore and as much as ₹500 crore as on February 29, 2020; entities with excellent as much as ₹50 crore beforehand coated beneath present scheme; no higher ceiling on annual turnover; entities to be as much as 30 days overdue (SMA zero) as on February 29, 2020; and extra credit score as much as 20 per cent of excellent as on February 29, 2020.

“ECLGS 2.zero will present a lot wanted aid to careworn sectors by serving to entities maintain employment and meet liabilities. Will even profit MSME sector which offers items and companies to eligible entities,” Sitharaman stated.

To spice up employment, Sitharaman additionally introduced Atmanirbhar Bharat Rozgar Yojana, whereby the Central authorities will present subsidy for 2 years in respect of latest eligible staff engaged on or after October 1, 2020 at following scale: 24 per cent of wages for institutions using as much as 1,000 staff; and 12 per cent of EPF wages for institutions using greater than 1,000 staff.

Welcoming AtmaNirbhart Bharat three.zero measures, Indian Texpreneurs Federation (ITF) convenor Prabhu Dhamodharan stated, “Extending ECLGS scheme with 100 per cent assured collateral-free credit score at capped rates of interest to entities within the 26 careworn sectors together with textiles with no higher ceiling on annual turnover will assist medium-sized corporations to utilise the chance in enhancing their enterprise efficiency.”

ECLGS scheme helped MSMEs in resolving the liquidity points and now with this announcement, different corporations with giant employment additionally will get profit, in keeping with Dhamodharan.

“To incentivise new employment, the brand new scheme of 24 per cent EPF contribution from authorities to corporations participating as much as 1,000 staff will assist most variety of corporations in textile and attire sector,” Dhamodaran added.

Underneath the ₹three lakh crore present ECLGS 1.zero introduced as a part of the Aatmanirbhar Bharat Abhiyaan, ₹2.05 lakh crore has been sanctioned to 61 lakh debtors as on November 12, 2020, Sitharaman stated. Of this, ₹1.52 lakh crore has been disbursed until date.

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Indian minister of finance and company affairs Nirmala Sitharaman at the moment introduced assured credit score for supporting careworn sectors, as a part of Atmanirbhar Bharat Package deal three.zero. Tenor of extra credit score beneath ECLGS 2.zero shall be 5 years, together with one-year moratorium on principal compensation. The scheme shall be out there until March 31, 2021.




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