Union Cabinet enhances ECLGS corpus by Rs 50,000 crore to Rs 5 trn
- IBEF
- August 18, 2022
The Emergency Credit Line Guarantee Scheme (ECGLS) budget was authorised by the Union Cabinet to be increased by Rs. 50,000 crore (US$ 6.29 billion) to Rs. 5 lakh crore (US$ 62.96 billion), with the extra funds going to businesses in the hospitality and associated industries.
Mr. Anurag Singh Thakur, the Minister of Information and Broadcasting, Youth Affairs and Sports informed the media that the increase in the sum was decided because of serious disruptions brought on by the pandemic in the hospitality and allied sectors. According to him, loans of around Rs. 3.67 lakh crore (US$ 4.62 billion) will be approved under the ECLGS till August 5, 2022.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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