Credit and Finance for MSMEs: The Modi government’s flagship acclaim arrangement for Covid-hit MSMEs and others Emergency Acclaim Line Guarantee Arrangement (ECLGS) has been accustomed its fifth addendum back its barrage aftermost year. The Finance Admiral on Wednesday continued the arrangement by six added months till March 31, 2022, or till guarantees for the all-embracing beam of Rs 4.5 lakh crore are issued, whichever is earlier. The arrangement launched in May aftermost year was continued from October aftermost year to November and again to March 2021 followed by June and again September forth with consecutive amplification in ambit as able-bodied to accommodate added sectors and markets.
As of September 24, 2021, loans accustomed had beyond Rs 2.86 lakh crore beneath the ECLGS scheme, and out of absolute guarantees issued, about 95 per cent were for loans accustomed to MSMEs, the admiral said in its statement. The aftermost date of cost beneath the arrangement has additionally been continued to June 30, 2022. The admiral added that abacus that back its launch, ECLGS has continued abatement to over 1.15 crore MSMEs and businesses. However, the MSME ecosystem this time with the addendum had approved added focus on sectors that are witnessing slower accretion and/or those with aerial potential.
“I would advance the addendum should be till the time the bulk is finished. 52 sectors accept been articular that are about wiped off with the added Covid advance and are predominantly run by micro and baby entrepreneurs. These sectors accommodate salons, gyms, cinema theatres, architecture contractors, area metal manufacturers, cardboard manufacturers, artery vendors, auto ancillaries, bales forwarding, exhibition and accident administration firms, and more. In animosity of our several requests for alleviation of accommodation instead of aloof appropriate acknowledgment accounts (SMA) 0 accounts, the bulk paid to be 20 per cent of accommodation accustomed instead of accommodation outstanding, etc., the government has never advised them. There has been an absolute abortion of the actual cold of the arrangement to save MSME from Covid impact,” KE Raghunathan, Convenor, Consortium of Indian Associations told Financial Express Online.
On Wednesday, the government additionally appear modifications to the scheme. First, absolute borrowers beneath ECLGS 1.0 and 2.0 would be acceptable for added acclaim abutment of up to 10 per cent of absolute acclaim outstanding as of February 29, 2020, or March 31, 2021, whichever is higher. Second, businesses who accept not availed abetment beneath ECLGS can account acclaim abutment of up to 30 per cent of their acclaim outstanding as of March 31, 2021. Third, Businesses in sectors defined beneath ECLGS 3.0, who accept ahead not availed ECLGS, can account acclaim abutment up to 40 per
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