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Govt Taking Actions To Restore And Reactivate Tourism Sector: Reddy

The Union Cabinet has approved the enhancement in the limit of the Emergency Credit Line Guarantee Scheme (ECLGS) by Rs 50,000 crore from Rs. 4.5 Lakh crore to Rs. 5 Lakh crore

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The decision to enhance the ECLGS by Rs 50,000 crore from Rs 4.5 Lakh crore to Rs 5 Lakh crore is timely as the demand for these services is picking up, said Union Minister for Tourism G Kishan Reddy on Friday. 

He said that the ongoing pandemic has adversely impacted the hospitality and tourism-related sectors severely. 

He added, “The Modi government has been taking immediate actions and doing whatever it takes to restore and reactivate the tourism sector while protecting jobs and businesses. We are planning to support the sustainable recovery of tourism, shifting to ecotourism and rethinking tourism for the future."

The minister said that the enhancement is expected to provide much-needed relief to enterprises in these sectors by incentivising lending institutions to provide additional credit of up to Rs 50,000 crore at a low cost, thereby enabling these business enterprises to meet their operational liabilities and continue their businesses.

He said that tourism and hospitality play a pivotal role in economic development and the central government has been actively engaging with industry and other stakeholders to revive the economy.

"With this all business enterprises / MSMEs in the hospitality and related sectors like hotels and restaurants, marriage halls, canteens, travel agents, tour operators, adventure or heritage facilities, leisure and sporting, private bus operators, etc."

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union cabinet Emergency Credit Line Guarantee Scheme