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The Federation of Indian Export Organisations (FIEO) on Friday requested Union Finance Minister Nirmala Sitharaman to extend benefits till March 2024 that were provided under the Emergency Credit Line Guarantee Scheme (ECLGS).
According to reports, the scheme ended in March 2023. The Emergency Credit Line Guarantee Scheme (ECLGS) was launched in May 2020 as part of 'Aatmanirbhar Bharat Abhiyaan' to support eligible Micro, Small and Medium Enterprises (MSMEs) and business enterprises in meeting their operational liabilities and restarting their businesses in context of the disruption caused by the COVID-19 pandemic. FIEO President A Sakthivel in a letter to Sitharaman said the scheme was extremely helpful and provided support to the industry. The support extended through ECLGS will help them to sail through this difficult time and bounce back when the situation improves, the letter read. The scheme covered all sectors of the economy. It was introduced to provide 100 per cent guarantee coverage to banks and NBFCs to enable them to extend emerging credits to meet their working capital requirements.(ANI)
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