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Stimulus package: FM releases 3,000 cr to EXIM Bank via lines of credit

Union Finance Minister Nirmala Sitharaman addresses during a press conference on Cabinet Decisions (ANI)
Union Finance Minister Nirmala Sitharaman addresses during a press conference on Cabinet Decisions (ANI)

  • Supported projects under the cover are Railways, power, transmission, road and transport, auto and auto components, sugar projects etc, Sitharaman said
  • Sitharaman also announced a 65,000-crore fertilizer subsidy for farmers as part of her stimulus package to boost the economy

Finance Minister Nirmala Sitharaman on Thursday said that 3,000 crore will be released to EXIM Bank for promotion of 'Project Exports' through lines of credits under IDEAS scheme.

EXIM Bank extends lines of credits (LOC) on behalf of the government of India as assistance to developing countries under Indian Development and Economic Assistance Scheme (IDEAS) Scheme.

Supported projects under the cover are Railways, power, transmission, road and transport, auto and auto components, sugar projects etc, Sitharaman said.

"As on date, 811 export contracts, aggregating USD 10.50 bn are being financed under LoC," Finance minister added.

Moreover, FM alannounced a 65,000-crore fertilizer subsidy for farmers as part of her stimulus package to boost the economy.

She said 65,000 crore is being provided to ensure adequate availability of fertilisers to farmers and to enable timely accessibility of fertilisers in the upcoming crop season.

She said an additional outlay of 10,000 crore will be provided for PM Garib Kalyan Rozgar Yojana in the current financial year.

This, she said, will accelerate growth of the rural economy.

Under the Atmanirbhar Bharat's third stimulus package, Sitharaman today announced tax relief on select home sale deals, enhanced credit guarantee programme for small businesses and provide incentives for new job creation as the government widened stimulus measures to boost the economy.

The measures, that also include additional fertiliser subsidy and already announced production-linked inventive scheme for manufacturing units, totalled 2.65 lakh crore, taking the cumulative stimulus package announced since the lockdown to almost 30 lakh crore, or 15 per cent of the Gross Domestic Product (GDP).

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