The Union Cabinet on Wednesday approved raising the outlay of the Emergency Credit Line Guarantee Scheme (ECGLS) by Rs 50,000 crore to Rs 5 lakh crore and the additional amount will be earmarked for enterprises in the hospitality and related sectors.
In the 2022-23 Union Budget, there was a proposal for raising the limit of ECLGS from Rs 4.5 lakh to Rs 5 lakh crore to help hospitality sector hit by the coronavirus pandemic.
The hike in the amount has been made on account of the severe disruptions caused by the pandemic in the hospitality and related sectors, Information and Broadcasting Minister Anurag Singh Thakur said while briefing the media on various decision taken by the Cabinet. He said that loans worth around Rs 3.67 lakh crore have been sanctioned under ECLGS till August 5, 2022.