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Govt approves Rs 50,000 crore under ECLGS to hospitality sector

Posted : 19 August 2022 08:57:03 | By TWO Bureau | GNN Bureau

Govt approves Rs 50,000 crore under ECLGS to hospitality sector

The government on Wednesday approved an additional Rs 50,000 crore under the Emergency Credit Line Guarantee Scheme (ECLGS) to ensure low-cost credit flow to hospitality and related segments hit hard by the COVID-19 pandemic.



The Union Cabinet has approved the enhancement in the limit of ECLGS by Rs 50,000 crore from Rs 4.5 lakh crore to Rs 5 lakh crore, with the additional amount being earmarked exclusively for enterprises in hospitality and related sectors, Information and Broadcasting Minister Anurag Singh Thakur told reporters.



The increase has been done on account of the severe disruptions suffered by hospitality and related enterprises due to the pandemic.



In Union Budget 2022-23, finance minister Nirmala Sitharaman had announced extending the validity of ECLGS till March 2023 and an increase in the limit of guaranteed cover by Rs 50,000 crore.




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Tags : #ECLGS, #Finance-ministr, #anurag-thakur, #nirmala-sitaraman, #travel-hospitlaity-industry,


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