Govt hikes ECLGS for travel and hospitality with extended credit of INR 50,000 crore

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Union Cabinet has accepted Emergency Credit Line Guarantee Scheme (ECLGS) price INR 50,000 crore for hospitality, travel, and tourism sectors.  The extra quantity has been earmarked completely for hospitality and allied sectors until 31 March 2023.  In the 2022-23 Union Budget, there was a proposal for elevating the restrict of ECLGS from INR 4.5 lakh to INR 5 lakh crore to assist hospitality sector hit by the pandemic.

“Cabinet approved enhancement of limit of emergency credit line guarantee scheme by INR 50,000 crore for travel, tourism and hospitality sector,” the Information & Broadcasting Minister, Anurag Thakur had mentioned. He added, “For that, excessive additional guarantee will be given. The corpus will be given by the Central government that will be INR 7,500 crore for this year.”

ECLGS allocation in direction of the sector has been elevated to counter extreme disruptions triggered by the coronavirus pandemic. It has been a survival recreation for many, the extra credit will nearly assist meet operational liabilities.

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