MCCI president hails Modi govt for Emergency Credit Line Guarantee Scheme

In a letter addressed to PM Modi, Minister Lingaraju has congratulated the government for recognising the effects of the recent unsettled situation in the West Asia on global and domestic economic activities, and initiating the ECLGS 5.0.

Mysuru: President of Mysuru Chamber of Commerce and Industry (MCCI) K B Lingaraju has stated that the Emergency Credit Line Guarantee Scheme (ECLGS) 5.0, announced by the Central government is a timely and far-sighted initiative.

In a letter addressed to Prime Minister Narendra Modi, Finance Minister, and Commerce and Industry Minister, Lingaraju has congratulated the government for recognising the effects of the recent unsettled situation in the West Asia on global and domestic economic activities, and initiating the ECLGS 5.0.

In the letter, the MCCI president has stated, “By providing a credit facility of Rs 2.50 lakh crore, 100 per cent guarantee for MSMEs, waiver of guarantee fees, and moratorium facilities, this measure will ensure liquidity and serve as a genuine support for businesses facing distress”.

“The reduction in international air travel has severely affected the tourism and travel sector, and the support and credit facilities provided to the aviation sector under this scheme will significantly aid the revival of these businesses,” the letter states.

“On behalf of MCCI, we congratulate and thank the government for responding to the requests from various trade boards and organisations across the country and for taking the significant decision,” the letter states.