81 lakh MSMEs benefit from Modi govt's ensured loans; over Rs 2 lakh cr previously sanctioned

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Almost 81 lakh MSMEs have taken benefit of Prime Minister Narendra Modi's Emergency Credit Line Guarantee Scheme (ECLGS) under the Atma Nirbhar Bharat bundle. The banks have authorized around Rs 2.05 lakh crore out of the Rs 3 lakh crore guaranteed under the plan to help the MSME area to revive from the Covid 19 danger circumstance. 

The FM Nirmala Sitharaman today addressed that 40 lakh MSME accounts have received Rs 1.58 lakh crore till December 4.  

Nevertheless, the additional liquidity managed through the scheme for the 26 sectors would be a lot higher at right around multiple times of income withdrawal because of the Covid - 19 incited pandemic, a Crisil report said. While the organizations in high-versatility sectors, for example, dairy, information technology, chemicals,FMCG, and pharmaceuticals are less affected, with the decrease in their income cashflow restricted to 10%, they are likewise expected to be profitable by the ECLGS scheme. 

Loan tenure given under ECLGS 2.0 has Five year repayment period plus 12 months moratorium of principal and even the whole scheme is available till the end of current financial year 2020-21. 

In additional help to the business, power, development, land, materials, drugs, coordinations, concrete, auto segments, and inns are a portion of the areas identified by the Kamath Committee for one-time debt reconstruction.

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