Fiscal package well-timed and will help many pandemic-hit sectors come on its feet: EEPC India

The second wave of pandemic badly hit many sectors and the fresh tranche of support would help them come on their feet, he assured.

Appreciating the relief measures, he said that the additional Rs 1.5 lakh crore under Emergency Credit Line Guarantee Scheme (ECLGS) would help trade and businesses especially in the MSME sector to tide over the liquidity crunch.

"The terms of availing the loan under ECLGS should, however, be relaxed to widen its coverage," said Desai.

In a major boost to merchandise exports, the government has proposed to infuse equity in Export Credit Guarantee Corporation (ECGC) over 5 years to boost export insurance cover by Rs 88,000 crore.

Further, a Rs 33,000 crore boost for project exports through the National Export Insurance Account has also been proposed.

"This will promote the export sector which has been the key engine of growth in recent months and is expected to remain positive. Extension of the PLI scheme for large electronic manufacturing by one year is another key announcement that will propel domestic manufacturing and hence create jobs," the EEPC India Chairman said.

Finance Minister Nirmala Sitharaman earlier in the day announced Rs 1.1 lakh crore loan guarantee scheme for Covid-affected sectors.

Desai said that increased spending on health infrastructure would give a fillip to the medical device sector which has emerged as a sunrise sector and has potential to become a leading exporter globally.

Apollo Hospitals Group welcomes Centre's announcement:

“Today’s announcement by the Hon’ble Finance Minister under the leadership of Hon’ble Prime Minister towards the support given to healthcare sector is encouraging and augurs well for a quick recovery of India’s economy. The encouraging stimulus will definitely ensure that we are prepared for any such future health challenge," Prathap C. Reddy, Chairman, Apollo Hospitals Group said.

The private health sector has played a crucial role in facing this crisis and helped save numerous lives. However, the period also saw hospitals in Tier 2 and Tier 3 cities face severe challenges that threatened their survival. These hospitals now have a lifeline in the form of the 50000-cr. loan guarantee scheme for the health sector with a cap on interest rates.

"The announcements will also encourage the larger private sector healthcare groups to invest further in health infrastructure in the smaller cities, which in turn will ease access to quality healthcare, bringing world class medical infrastructure to the doorstep of every common man," he said.

The allocation of Rs.23,220 cr. towards public health for COVID care and future preparedness with a special emphasis for paediatric emergency preparedness will bolster our efforts for any such healthcare challenges in future”