The 20-lakh crore package, called the Atma Nirbhar Package

The 20-lakh crore package, called the Atma Nirbhar Package, was announced by Prime Minister Narendra Modi on May 12. Over the next week, Finance Minister Nirmala Sitharaman held a series of press conferences to release details of the package, aimed at reviving the Indian Economy from the slowdown and make India self-reliant.

The Rs 3 lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) for the MSME sector was approved by the Union Cabinet on May 21.

Under the scheme, 100 per cent guarantee coverage is provided by National Credit Guarantee Trustee Company (NCGTC) for additional funding of up to Rs 3 lakh crore to eligible MSMEs and interested Micro Units Development and Refinance Agency (MUDRA) borrowers, in the form of a guaranteed emergency credit line (GECL) facility.

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The MSME units and MUDRA borrowers can avail the funding at a concessional rate of 9.25 per cent.

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