Govt extends scope for emergency credit plan to MSMEs

The government has expanded the scope of the INR 3 lakh crore easy credit scheme meant for micro, small and medium enterprises (MSMEs) to cover loans for setting up oxygen generation plants in hospitals, and extended its tenure by another three months up to September 30. According to the modified version of the scheme — Emergency Credit Line Guarantee Scheme (ECLGS 4.0) — 100% guarantee cover will be available to loans up to INR 2 crore to hospitals, nursing homes, clinics and medical colleges for setting up on-site oxygen generation plants with an interest rate cap at 7.5%.