Cabinet Approves Rs 6.29 Lakh Crore COVID-19 Relief Package Announced By Finance Minister

As part of the package to support the COVID-19 pandemic-hit economy, Nirmala Sitharaman had announced Rs 1.5 lakh crore of additional credit for small and medium businesses, more funds for the healthcare sector, loans to tourism agencies and guides, and waiver of visa fee for foreign tourists.

The Union Cabinet on Wednesday approved the Rs 6.29 lakh crore relief package announced by Finance Minister Nirmala Sitharaman to support the pandemic-hit economy. This was informed by Information and Broadcasting Minister Prakash Javadekar after the Cabinet meeting. As part of the package to support the COVID-19 pandemic-hit economy, Ms Sitharaman had on Monday announced Rs 1.5 lakh crore of additional credit for small and medium businesses, more funds for the healthcare sector, loans to tourism agencies and guides, and waiver of visa fee for foreign tourists. Together with previously announced Rs 93,869-crore spending on providing free foodgrains to the poor till November and additional Rs 14,775 crore fertiliser subsidy, the stimulus package, which is mostly made up of government guarantee to banks and microfinance institutions for loans they extend to COVID-19-hit sectors, totalled up to Rs 6.29 lakh crore.