ECLGS was introduced to help Covid-hit MSMEs and other businesses recover from the Covid downturn.
Out of the Rs 20 lakh-crore economic stimulus package, only Rs 3 lakh crore is sanctioned through the Emergency Credit Line Guarantee Scheme (ECLGS, according to an IANS report citing replies to an RTI filed by a Pune businessman Prafull Sarda. Of the sanctioned amount, around Rs 1.20 lakh crore as loans to various states has been disbursed so far, Sarda said. This comes to approximately a loan of Rs 8 per head of the 130 crore Indians, which will have to be returned at some point in time, he added. The government had announced the Rs 20 lakh crore package under the Atmanirbhar Bharat Abhiyaan in May to tackle the Covid crisis.
The RTI query had sought details around sector and state-wise disbursement of the package and any balance amount pending with the government. Maharashtra took the maximum loans under the ECLGS scheme of Rs 14,364.30 crore followed by Tamil Nadu (Rs 12,445.58 crore), Gujarat (Rs 12,005.92 crore), Uttar Pradesh (Rs 8,907.38 crore), Rajasthan (Rs 7,490.01 crore), Karnataka (Rs 7,249.99 crore. States/Union Territories including Lakshadweep Islands (Rs 1.62 crore), Ladakh (Rs 27.14 crore), Mizoram (Rs 34.80 crore), and Arunachal Pradesh (Rs 38.54 crore) were in the lower bracket, according to the RTI reply.
Also read: 81 lakh MSMEs benefit from Modi govt’s guaranteed loans; over Rs 2 lakh cr already sanctioned
“Where is the remaining amount of Rs 17-lakh-crore from the total package, eight months after it was announced? Was this another fraud (Jumla) on the Indian people,” Sarda said. ECLGS was introduced to help Covid-hit MSMEs and other businesses recover from the downturn during the lockdown period. Apart from MSMEs and Mudra loan borrowers, the government had in August expanded the scope of the ECLGS scheme to cover individual loans for business purposes. As of December 4, 2020, 80.93 lakh accounts were sanctioned involving Rs 2.05 lakh crore loans while 40.49 lakh accounts involving Rs 1.58 lakh crore were disbursed, as per the data tweeted by the Ministry of Finance on Friday. The total number of eligible accounts was 1.39 crore (1,39,79,948) involving Rs 3.18 lakh crore – 20 per cent of the outstanding amount.
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