Govt extends mobile phone PLI scheme by a year
The Ministry of Electronics and IT has cleared 16 proposals from domestic and international companies entailing investment of Rs 11,000 crore.
New Delhi: The government on Monday extended the period of production-linked incentive scheme for large-scale electronics manufacturing with a focus on mobile phones by a year until 2025-26.
The base year of the scheme 2019-20 remains the same but the companies will have the option to choose their five-year period either from the base year or the year 2020-21 for calculation of the incentives under the scheme.
“Now we have extended the tenure of the scheme from 2020-21 to 2025-26. Earlier, it would have ended in 2024-25. For those who have made investments even in 2020-21 they will also get counted because we have given them the option of choosing any five years for meeting their production target under the scheme,” Finance Minister Nirmala Sitharaman said while announcing new measures to help revive the Covid-hit economy.
The Ministry of Electronics and IT has cleared 16 proposals from domestic and international companies entailing investment of Rs 11,000 crore under the production linked incentive (PLI) scheme to manufacture mobile phones worth Rs 10.5 lakh crore over the next five years.
The companies include iPhone maker Apple’s contract manufacturers Foxconn Hon Hai, Wistron and Pegatron, apart from Samsung and Rising Star.
Domestic companies whose proposals have been approved include Lava, Bhagwati (Micromax), Padget Electronics (Dixon Technologies), UTL Neolyncs and Optiemus.
The eligible companies will get 4-6 per cent incentives on incremental sale of companies.
Mobile phone makers’ body India Cellular and Electronics Association chairman Pankaj Mohindroo said the extension would establish India as an integral part of the global value chain in the electronics sector.
Loan guarantee scheme for tourist guides, travel agencies
New Delhi: Loans will be provided to registered tourist guides and other travel and tourism stakeholders with 100 per cent guarantee.
Loans of up to Rs 1 lakh would be available with guarantee to tourist guides licenced at regional or state level. A total of 10,700 regional level tourist guides recognised by the Minister of Tourism and state governments would benefit from the scheme.
Further, loans with an upper limit of Rs 10 lakh would be available with 100 per cent guarantee to travel and tourism stakeholders such as travel agencies.
FM announces Rs 1.1 L cr loan guarantee scheme for Covid affected sectors
New Delhi: Finance Minister Nirmala Sitharaman on Monday announced a Rs 1.1 lakh crore loan guarantee scheme for Covid-affected sectors.
The scheme would include Rs 50,000 crore loan to the health sector aimed at scaling medical infrastructure targeting underserved areas.
The scheme would entail guarantee cover for expansion and new projects related to health and medical infrastructure in cities other than eight metropolitan cities.
For aspirational districts, the guarantee cover would be 75 per cent for both new projects and expansion.
The maximum loan amount under the newly announced scheme would be Rs 100 crore and the duration of guarantee would be up to three years.
The interest rate for the loans would be capped at 7.95 per cent.
Sitharaman also said that the guarantee would be provided by National Credit Guarantee Trustee Company Ltd.
Under the scheme, loans worth Rs 60,000 crore would be allowed for sectors other than health at an interest rate capped at 8.25 per cent per annum.
The normal interest rate without the guarantee cover is 10-11 per cent.
Govt to infuse equity in ECGC
New Delhi: In a bid to support the exporters, the Finance Ministry has announced to infuse equity into the Export Credit Guarantee Corporation (ECGC) over a period of five years to boost export insurance cover by Rs 88,000 crore.
ECGC promotes exports by providing credit insurance services. Its products support around 30 per cent of India’s merchandise exports.
The Government also announced a Rs 33,000 crore boost for project exports through the National Export Insurance Account (NEIA).
MFIs to facilitate loans
New Delhi: The government on Monday announced a new credit guarantee scheme that will facilitate loans to 25 lakh people through micro finance institutions (MFIs).
Guarantee will be provided to Scheduled Commercial Banks for loans to new or existing NBFC-MFIs or MFIs for on lending up to Rs 1.25 lakh.
Interest Rate on Loans from banks will be capped at MCLR plus 2 per cent.
Maximum loan tenure 3 years, 80 per cent of assistance to be used by MFI for incremental lending, interest at least 2 per cent below maximum rate prescribed by RBI.
The focus of the scheme will that lending would be for new activities and not repayment of old loans. Loans to borrowers to be in line with extant RBI guidelines such as number of lenders, borrower to be member of JLG, ceiling on household income and debt.
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