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WILL THE NEW PACKAGE BY FM SAVE APPAREL INDUSTRY?

Nirmala Sitharaman

Finance Minister Smt Nirmala Sitharaman announced a Rs 6.29 lakh crore stimulus package for economic relief and growth.

In the package the Minister has announced a credit guarantee scheme to facilitate loans to 25 lakh borrowers under micro-finance institutions (MFIs) and Rs.60,000 crore relief for other sector. ₹1.1 lakh crore loan guarantee scheme for Covid-affected sectors have been announced by FM

Centre proposes to infuse equity in ECGC over five years to boost export insurance cover by ₹88,000 crore.

Additional Rs 1.5 lakh crore provision for ECLGS, extension of Atmanirbhar Bharat Rozgar Yojana scheme from 30 June 2021 to 31 March 2022, and infusion of equity in Export Credit Guarantee Corporation (ECGC) over 5 years to boost merchandise export insurance cover by Rs 88,000 crore might benefit the MSMEs and exporters in apparel sector as well.

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