Finance Minister Nirmala Sitharaman took stock of the progress made under various plans under the three Aatmanirbhar Bharat (ANBP) packages to help reactivate the economy hit by the outbreak of COVID-19 pandemic. Following the Prime Minister’s announcement, Sitharaman presented the details of the Rs 20.97 crore ANBP 1.0 in a series of press conferences on May 13-17. It was followed by AatmaNirbhar Bharat Package 2.0 on October 12 and the third leg on November 12.
Sitharaman on Friday concluded a comprehensive review of ANBP with secretaries from various concerned ministries and departments over three days, the Finance Ministry statement said Sunday. Sharing details of the progress made by various schemes under the ANBP, the statement said that banks have sanctioned loans worth Rs 2,05,563 crore to approximately 81 lakh accounts under the Rs 3-lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) for the MSME sector that was affected by the interruptions caused by the coronavirus pandemic. While 40 lakh of MSME accounts have received Rs 1,58,626 crore as of December 4, Rs 3 lakh crore secured loans without collateral budget forecast of Rs 4,000 crore made for the scheme in the first supplemental grant claim for the fiscal year 2020-21.
In announcing the Aatmanirbhar Bharat 3.0 package last month, the Finance Minister had said that Rs 2.05 lakh crore sanctioned and Rs 1.52 lakh crore disbursed under ECLGS 1.0. As part of the Aatmanirbhar Bharat Abhiyan 3.0 (announced on November 12), the ECLGS scheme has been extended through ECLGS 2.0 for the 26 stress sectors and the healthcare sector with an outstanding credit of more than Rs 50 crore. and up to 500 crore rupees on February 29. , 2020.
According to ECLGS 2.0, entities with outstanding credit exceeding Rs 50 million and not exceeding Rs 500 million as of February 29, 2020, which were 30 days or less behind on February 29, 2020, are eligible, said the ministry. Loans granted under ECLGS 2.0 will have a term of five years, with a 12-month moratorium on repayment of the principal.
The full scheme (ECLGS 1.0 and ECLGS 2.0) valid until March 31, 2021, he said. Some of the sectors identified by the Kamath Committee for one-time debt restructuring included energy, construction, real estate, textiles, pharmaceuticals, logistics, cement, auto parts and hospitality, restaurants and tourism.
In August, the RBI had established the committee headed by former ICICI Bank President KV Kamath to suggest financial parameters to take into account in resolution plans under the ” Resolution Framework for COVID-19 related stress ” along with the industry-specific reference ranges for those parameters. Speaking about the progress of other schemes, the Finance Ministry said that 775 million rupees has been given to the Small Industries Development Bank of India (SIDBI) under the ‘MUDRA-Shishu Loan Interest Grant’ of 1,500 rupees.
Of this, Rs 206.73 crore has already been disbursed to member lending institutions (MLIs) as part of the first tranche for the immediate release of the interest subsidy benefit. Regarding the Kisan Credit Card (KCC) scheme, another tweet said that it has covered farmers of Rs 1.69 crore with an authorized credit limit of Rs 1.54 crore lakh crore on December 4, 2020.
As part of the Aatmanirbhar Bharat package, the government has announced that it will cover 2.5 crore farmers under the KCC scheme with a credit increase of Rs 2 lakh crore through a special saturation boost. In addition, he said that public sector banks (PSBs) have purchased Rs 27,794 million worth of commercial paper and bonds issued by 67 NBFCs under the renewed Partial Credit Guarantee Scheme (PCGS).
“PCGS 2.0-Rs 27,794 cr portfolio purchase already approved by banks … Rs 25,000 cr. Disbursed of additional emergency working capital funds for farmers through NABARD (on December 4),” he said. New Rs 30 billion front-loading refinancing facility sanctioned by the National Bank for Agriculture and Rural Development (Nabard) during COVID-19 to Regional Rural Banks and Cooperative Banks. This is more than the 90 billion rupees that NABARD will provide through the normal refinancing route this year. “The Central Board of Direct Tax (CBDT) has issued refunds of more than Rs 1,45,619 crore to more than 89.29 lakh taxpayers between April 1, 2020 and December 8, 2020. Refunds of the tax on the Income of Rs. 43,274 crore has been issued in 87,29,626 cases and corporate tax refunds of Rs. 1,02,345 crore have been issued in 1.99,554 cases, “he said.