Question
Download Solution PDFIn 2020, which scheme was announced as part of the Atmanirbhar Bharat package with the objective of supporting businesses, including MSMEs, to meet their operational liabilities and restart their businesses post COVID-19 crisis, and provided 100 per cent guarantee to Member Lending Institutions against any losses due to non-repayment of ECLGS funding?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFKey Points
- The Emergency Credit Line Guarantee Scheme (ECLGS) was announced as part of the Atmanirbhar Bharat package in 2020.
- The scheme aims to support businesses, including MSMEs, to meet their operational liabilities and restart their businesses post the COVID-19 crisis.
- Under the ECLGS, a 100 per cent guarantee is provided to Member Lending Institutions (MLIs) against any losses due to non-repayment of ECLGS funding.
- The scheme helps in ensuring the availability of additional funding to support businesses in overcoming the financial challenges posed by the pandemic.
Additional Information
- The Atmanirbhar Bharat Abhiyan was launched by the Government of India to make the country self-reliant and resilient, especially in the wake of the COVID-19 pandemic.
- The initiative includes various measures and schemes aimed at revitalizing different sectors of the economy, including agriculture, healthcare, and MSMEs.
- Other key schemes under Atmanirbhar Bharat include the Pradhan Mantri Garib Kalyan Yojana, the PM SVANidhi scheme, and various reforms in the labor and agriculture sectors.
- The ECLGS has been extended and modified multiple times to ensure continued support to businesses and to cover a broader range of sectors affected by the pandemic.
Last updated on May 28, 2025
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