Rs 6-trn stimulus includes Rs 3 trn of collateral-free loans; Rs 30,000-crore special liquidity scheme for NBFCs, HFCs, MFIs
Union Finance Minister Nirmala Sitharaman on Wednesday announced a set of stimulus measures of nearly Rs 5.94 trillion to provide relief to various constituents of the Indian economy. They are micro, small, and medium enterprises (MSMEs); taxpayers; non-banking financial companies (NBFCs); power distribution companies; the real estate sector; organised sector employees; and contractors working with the government.
These measures are part of the Rs 20-trillion “Atmanirbhar Bharat” package, announced by Prime Minister Narendra Modi on Tuesday. The finance minister said she would make announcements pertaining to different sectors every day, starting Wednesday, as the government looks to kick-start economic activities even as the nationwide Covid-19 lockdown is expected to continue beyond May 17.
The immediate fiscal impact of Wednesday’s announcements could be less than Rs 20,000 crore, even though analysts differ on that. The key measures were aimed at MSMEs, with a Rs 3-trillion credit guarantee fund for collateral-free automatic loans, a Rs 20,000-crore subordinate fund for stressed MSMEs, and a Rs 50,000-crore equity infusion “fund of funds”.
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