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Govt Likely To Expand The Size Of Its Emergency Credit Guarantee Scheme To Rs 5 Lakh Crore: Report
Prime Minister Narendra Modi with Finance Minister Nirmala Sitharaman.
The Centre is likely to expand the size of its Emergency Credit-Linked Guarantee Scheme (ECLGS) from the present Rs 3 lakh crore to as much as Rs 5 lakh crore as it looks to cushion the impact of the pandemic on the economy, reports Economic Times.
The move comes as the loans sanctioned under the scheme so far have grown close to the original ceiling of Rs 3 lakh crore quicker than expected.
The Government is also likely to expand the scope of the scheme to include hospitals as it looks to ramp up health infrastructure in the country. The scheme, following the ramp-up, will likely be opened up to both brownfield and greenfield hospitals.
The hospitals will be allowed to avail a maximum of Rs 100 crore in loans under the scheme. The National Credit Guarantee Trustee Company will guarantee up to 75 per cent of the funding in cases where a new hospital will be set up. Meanwhile, for existing hospitals that are in the need of a scale-up, the guarantee would be 50 per cent.
It should be noted that initially, the scheme was limited to micro, small and medium enterprises. Later it was extended to a host of other sectors as well.
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