Finance Minister Nirmala Sitharaman in a press conference today starting at 3 PM, is announcing some economic relief measures to boost sectors worst affected by the second wave of coronavirus. The government and RBI (Reserve Bank of India) have been working in tandem to support the economy since the pandemic hit the country in March 2020.
Sitharaman has recently announced free tourist visas in the press conference that would be given to the first 5 lakh tourists once Visa issuance resumes. The scheme will be applicable till March 31, 2022 or till 5,00,000 visas are issued, whichever is earlier.
The benefits of the scheme will be available only once per tourist. The scheme would have a great incentivising impact on short term tourists who come in for just one month.
The total financial implications of this scheme would be Rs 100 crore. Once the scheme expires, regular fees for applying for a visa will resume.
Apart from this, the centre on June 28 has also expanded the financial support being provided under the Emergency Credit Line Guarantee Scheme (ECLGS) by Rs 1.5 lakh crore. The overall cap of admissible guarantee has been raised from Rs 3 lakh crore to Rs 4.5 lakh crore, FM Nirmala Sitharaman said. FM has also announced an additional Rs 23,000 crore announced for public health with an emphasis on children and paediatric care/paediatric beds.
The government had also announced several relief measures during the first wave of coronavirus that included the first stimulus package of Atmanirbhar Bharat which came into force in May 2020.