Covid Relief Packages Announced by Finance Minister

An overview and breakdown of the financial help provided by the Finance Minister to revive the economy of India from the losses suffered because of the Covid-19 pandemic. The relief comes in the form of launch of various schemes and boost to the existing ones.

Mon Jun 27 2022 | National & Social | Comments (0)


The  Finance Minister of India announced COVID  relief packages worth INR 6,28,993 crore to support the Indian economy groaning under the burden of the second wave of the pandemic and forced lockdowns. The entire package includes 17 measures and is to be implemented over several years. This also includes two initiatives, which had already been announced – the additional fertilizer subsidy, and free food grain supply to certain vulnerable sections of the society till November 2021 under, Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY).

The 17 measures, based on their purpose, have been divided into three categories:

Economic Relief from the Pandemic

There are eight schemes announced by the Finance Minister that fall under this category.

Loan Guarantee Scheme Worth INR 1.10 Lakh Crore for COVID Affected sectors

Under this scheme, additional credit will be provided to businesses. This includes the benefit of guarantee cover and subsidized loans, based on the following proportion:

Maximum loan admissible under this scheme is INR 100 crore and the guarantee duration is valid upto three years.

Emergency Credit Line Guarantee Scheme (ECLGS)

Credit Guarantee Scheme for Micro Finance Institutions

This scheme aims to benefit small borrowers served by the Micro Finance Institutions (MFIs) with a focus on lending. Under this scheme:

Tourist Guides and Stakeholders Scheme

The purpose of this scheme is to provide relief to the people in the tourism sector.

Free One Month Indian Tourist Visa to 5 Lakh Tourists

First 5 lakh tourist visas to visit India will be issued free of visa charge. The benefit is available once per tourist and is applicable till 31st March, 2022, or until 5 lakh visas are issued, whichever is earlier.

Aatma Nirbhar Bharat Rozgar Yojana (ANBRY) Extended

The Government has extended the date of registration under ANBRY from 30th June, 2021, to 31st March, 2022. The scheme was introduced to incentivise employers for creation of new employment and restoration of loss of employment of workers during the pandemic through EPFO. The scheme funds full or partial PF contribution of employees hired under the scheme, subject to the following conditions:

Additional Subsidy for Di-Ammonium Phosphate (DAP) & Phosphatic and Potassic (P&K) Fertilizers

An additional subsidy of INR 14,775 crore has been announced for the farmers using DAP and P&K fertilizers. The subsidy is divided in the following proportion:

Free Food Grains under Pradhan Mantri Garib Kalyan Yojana (PMGKY)

The PMGKY, initially launched in 2020, was re-launched in May 2021 to support the poor and needy with food security. Under the scheme, five kg of foods grains will be provided for free to the beneficiaries of National Food Security Act, 2013 (NFSA) till November 2021.

Strengthening of Public Health

Additional INR 23,220 Crore for Public Health

The Finance Minister announced a new scheme for strengthening of public health infrastructure and human resources, besides the support to health sector through credit guarantee scheme. The scheme has an outlay of INR 23,200 crore. The scheme focuses on:

Impetus for Growth and Employment

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