FM Nirmala Sitharaman Launched 8 Economy Relief Policies During Covid-19 Pandemic

Union Finance Minister Nirmala Sitharaman launched 8 major economy booster policies to help revive the affected sector in India due to the Covid-19 pandemic. FM addressed the press and briefed about the policies on June 28, 2021.

Read More

Get ₹5 Lac Health Insurance starts @ ₹200/month*
Get ₹5 Lac Health Insurance starts @ ₹200/month*
Tax Benefitup to Rs.75,000
Save up to 12.5%* on 2 Year Payment Plans
7 Lakh+ Happy Customers

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Tax benefit is subject to changes in tax laws. Standard T&C Apply

Get insured from the comfort of your home No medicals required
I am a

My name is

My number is

By clicking on ‘View Plans’ you, agreed to our Privacy Policy and Terms of use
Close
Back
I am a

My name is

My number is

Select Age

City Living in

    Popular Cities

    Do you have an existing illness or medical history?

    This helps us find plans that cover your condition and avoid claim rejection

    Get updates on WhatsApp

    What is your existing illness?

    Select all that apply

    When did you recover from Covid-19?

    Some plans are available only after a certain time

    Here are those 8 major economy booster policies announced by FM Nirmala Sitharaman.

    1. Loan Guarantee Scheme of Rs. 1.1 Lakh Crore

    FM Nirmala SItharaman announced a loan guarantee scheme of Rs. 1.1 Lakh Crore for the health and other sectors affected by Covid-19. The health sector will get Rs. 50,000 Crore and Rs. 60,000 would be for other sectors.

    This scheme is launched for the underserved areas of medical infrastructure and to scale them up. As per the FM Nirmala Sitharaman, the loan guarantee cover would be provided for new health infrastructure-related new projects in cities other than metropolitan cities.

    Both public and private hospitals will be provided with a maximum loan of Rs. 200 Crore with 3 years of guaranteed duration. Other than this, the funds will be divided into 60% for expansion and 75% for new projects.

    2. Rs. 1.5 Lakh Crore Additional Emergency Credit Line Guarantee Scheme

    FM Nirmala Sitharaman announced an additional Rs. 1.5 Lakh Crore fund for ECLGS. ECLGS was announced in May 2020 as a part of the Atmanirbhar Bharat Package.

    3. Financial Support to Around 11,000 Tourist Guides, Tourism Stakeholders

    FM Sitharaman also announced financial support to the people in the tourism sector through working capital or personal loan to restart their business affected due to the Pandemic. Banks will provide loans under the new loan guarantee scheme.

    This scheme will cover the 10,700 regional level tourist guides who have been recognized by the ministry of tourism as well as by the state government. The banks will provide a loan with a 100% guarantee up to the below-mentioned limits:

    • Loan up to Rs. 10 Lakh to the tourism and travel stakeholders.
    • Loan up to Rs. 1 Lakh to tourist guides who are licensed at state and regional levels.

    For the loan provided to the tourist guides and travel/tourism stakeholders, no processing charge or collateral requirements will be imposed.

    4. Tourist Visa to 5 Lakh Tourist for Free

    The first 5 Lakh tourist visas will be provided for free once the visa insurance restarts. The scheme will be applicable till 5 Lakh visas are issued or till March 31, 2020, whichever happens first.

    5. New Policy for Appraisal and Approval of PPP Proposals

    The government will formulate a new policy for approval and appraisal of PPP proposals as well as monetization of InvITs and infrastructure assets. This process will make sure that the projects get fast clearance to make the private sector efficient in managing the infrastructure and financing the construction work.

    Apart from this, Rs. 3.3 Lakh Crore has been announced to revamp the reform-based, for infrastructure creation linked-power distribution scheme of financial assistance to DISCOMS. Later, FM announced an additional Rs. 19,041 Crore package for Bharatnet to improve the connectivity of broadband in all villages.

    To North Eastern Regional Agriculture Marketing Corporation, FM launched Rs. 77.45 Crore for the infusion of funds and financial restructuring.

    6. Rs. 88,000 Crore for Export Insurance Account & Rs. 33,000 Crore for NEIA

    An additional corpus has also been announced by the FM to National Export Insurance Account for period of 5 years so that it can allow underwriting of additional Rs. 33,000 Crore of project exports. NEIA provides cover to buyer’s credit that is given by the EXIM Bank to the borrowers who are less creditworthy and supporting project exporters. Apart from this Rs. 88,000 Crore to boost the export insurance cover.

    7. Rs. 23,220 Crore to Public Healthcare Sector

    A separate announcement was made by FM for the healthcare sector from the credit guarantee scheme. This fund will be utilized in increasing ICU beds, medical equipment, Oxygen, etc. Apart from this the fund will help in increasing the capacity of testing and diagnostics, genome sequencing, and enhance the capacity surveillance.

    8. Atmanirbhar Bharat Rozgar Yojana Extention

    FM extended the scheme from June 30, 2021, to March 31, 2022. The central government has extended the wage subsidy scheme for 9 more months through the Employee Provident Fund Organization that will boost the creation of jobs at the lower salary structure jobs.

    It will increase the take-home pay o new joinees or those who have rejoined after being affected by Covid-19. The EPF dues will be take care of by the government that will reduce the cost of employees

    Finance Minister launched these schemes to provide financial support to the sectors that have been affected by the Covid-19 pandemic as well as help in boosting the economy eventually.

    Written By: PolicyBazaar - Updated: 25 August 2021

    Health insurance articles

    Recent Articles
    Popular Articles
    Most-Important Lessons from the Covid-19 Pandemic

    23 Sep 2021

    Not very long back, the entire world was thrown aback by a...
    Does Health Insurance Cover Preventive Health Check-ups?

    22 Sep 2021

    Every object needs to be checked regularly to identify a...
    Bid Goodbye to Seasonal Diseases during the Pandemic with 7 Basic Practices

    21 Sep 2021

    Adding to the insurmountable loss of life the ongoing COVID-19...
    What is the Survival Period in Health Insurance?

    21 Sep 2021

    The prevalence of critical diseases in India has increased...
    Health Insurance for Autoimmune Diseases in India

    16 Sep 2021

    Every human body comes with an immune system to fight against...
    Best Health Insurance Plans in India 2021
    Finding the best health insurance plan from so many different health insurance companies can get confusing for many...
    Top Maternity Insurance Plans
    Maternity or pregnancy is an important phase of life, and one needs to prepare in advance to embrace parenthood...
    Top Family Health Insurance Policies in India 2021
    From the air we breathe to the food we eat; everything is intentionally or unintentionally subjected to...
    Health Insurance Claims Ratio- Things You Should Look Before Buying Health Insurance
    There has always been a doubt in customers mind about whether the private company will keep its side of the bargain...
    Best Health Insurance Plans for Senior Citizens in 2021
    Considering the increasing percentage of medical inflation in India, it has become an absolute necessity to buy...
    Close
    Download the Policybazaar app
    to manage all your insurance needs.
    INSTALL