Allow more time to repay emergency loans and launch ECLGS 3.0: FISME
The government had unveiled the Emergency Line of Credit Guarantee Scheme (ECLGS) in May 2020 for MSMEs to help them overcome the impact of Covid-19 under Atmanirbhar Bharat. The program was then extended to 26 other sectors, as well as healthcare, via the ECLGS 2.0. FISME has now called for ECLGS 3.0 with “built-in flexibility” to be made available to more businesses to deal with the current crisis.
“With tens and thousands of small establishments, thousands of workers will come to (the) roads, greatly increasing human misery,” he warned. “In economic terms as well, it will further reduce purchasing power, creating a vicious circle of downward economic spiral.”