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FM Nirmala Sitharaman announces credit guarantee scheme for tourism players, free visa for tourists

Under the loan guarantee scheme for tourist guides and stakeholders, recognized travel and tourism stakeholders (TTS) will be eligible to get a loan up to Rs 10 lakh each while tourist guides can avail loan up to Rs 1 lakh each.

FM Nirmala Sitharaman announces credit guarantee scheme for tourism players, free visa for tourists
“There will be no processing charges, waiver of foreclosure/prepayment charges and no requirement of additional collateral,” the government said in a statement.

The Union government on Monday announced working capital support for more than 11,000 registered tourist guides and tourism stakeholders as well as free one month tourist visa to first five lakh tourists to revive the tourism sector, one of the most affected in the pandemic.

Under the loan guarantee scheme for tourist guides and stakeholders, recognized travel and tourism stakeholders (TTS) will be eligible to get a loan up to Rs 10 lakh each while tourist guides can avail loan up to Rs 1 lakh each.

“There will be no processing charges, waiver of foreclosure/prepayment charges and no requirement of additional collateral,” the government said in a statement.

Acting on the request of tourism industry to attract foreign tourists, who spent about $30.1 billion in 2019 in India on leisure and business, the government announced free one month tourist visa to five lakh tourists by waiving fees worth Rs 100 crore. “However, the benefit will be available only once per tourist. The facility will be applicable till March 31, 2022 or till 5 lakh visas are issued, whichever is earlier,” the government said.

About 10.93 million foreign tourists visited India in 2019. Average daily stay for a foreign tourist in India is 21 days. Average daily spending of a tourist in India is around $34 (Rs 2,400).

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