Govt. tries to save small businesses 🔥

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Jun 29, 2021

1 min read

With the 2.0 wave dying off a bit (or atleast hope so), GOI is ready to shift its focus to the economic crisis left in the wake. The Finance Ministry announced a slew of measures, predictably “conservative”, to help SMEs stand on their two feet.

Quick look:

  • ₹1.1 lakh crore loan guarantee program to help access to credit, and stop banks from turning down consumers because of worries of blow ups
  • The emergency credit line program announced last year will be extended by ₹1.5 lakh crores
  • Small merchants and individuals get a small personal “Credit Guarantee Scheme” with max loan of ₹1.25 lakhs with interest of under 2%
  • Sector specific doles were announced — with Tourism, Healthcare and other sectors getting a priority

Here’s a complete outline from Moneycontrol. Meanwhile, those expecting some direct cash in the bank were disappointed, as usual.

Going ahead — while GOI’s economic management of the crisis gets decent points, distribution of doles still needs to be worked out. The average dude barely has any idea what support he’s eligible for.

Chuck Grassley GIF by GIPHY News
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