Covid-19 - FM announces financial aid to over 11,000 registered tourist guides and tourism stakeholders

In view of reviving the tourism sector, Finance Minister Nirmala Sitharaman today announced a financial package for the industry. The Finance Minister said that the government will provide financial aid to more than 11,000 registered Tourist Guides/ Travel and Tourism Stakeholders. The measures were announced during a press conference on Monday. This was among 8 relief measures that were announced by the government today.

The FM announced a new Loan Guarantee Scheme for Covid-Affected sectors. Under this Scheme, working capital/ personal loans will be provided to people in the tourism sector to discharge liabilities and restart businesses impacted due to COVID-19.

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The scheme covers 10,700 regional Level tourist guides, who are recognised by the Ministry of Tourism and Tourist Guides and recognised by the state governments. It also includes Travel and Tourism stakeholders (TTS) recognised by the Ministry of Tourism.

"Loans will be provided with 100 per cent guarantee, up to the following limits - Rs 10,00,000 for TTS (per agency), and Rs 1,00,000 for tourist guides licensed at regional or state level," Sitharaman announced.

She further mentioned that there will be no processing charges, waiver, or forclosure/ prepayment charges. No additional collateral requirement.

Scheme to be administered by the Ministry of Tourism through NCGTC.

After the COVID-19 pandemic started in March 2020, the Ministry of Finance had announced several measures to aid individuals and businesses.