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The Modi authorities might lengthen the Emergency Credit score Line Assure Scheme (ECLGS) for Micro, Small & Medium Enterprises (MSMEs) by six months past the present deadline of end-March.
“A call on extending the timeline is into account”, a authorities official informed Enterprise At present TV.
Since inception, the scheme has offered reduction to over 10.5 million crore MSME companies.
The ECLGS was introduced as one of many key parts of the Rs 2 trillion financial stimulus bundle underneath the ‘Aatmanirbhar Bharat Abhiyan’ in Might 2020. It affords further working capital finance within the type of a time period mortgage to MSMEs and professionals. Initially, its corpus was Rs 3 trillion, however was finally raised to Rs 4.5 trillion in the course of the second Covid pandemic wave.
In September 2021, Ministry of Finance had prolonged the timeline of ECLGS to March 2022.
Some modifications to the scheme had been additionally introduced together with permitting present debtors to be eligible for added credit score help of as much as 10 per cent of complete credit score excellent as on March 31 final 12 months. Companies who had not availed help underneath the three phases might avail help as much as 40 per cent of their credit score excellent.
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