te EXCLUSIVE: FM may make major announcements for hospitality and tourism industry today | Zee Business

EXCLUSIVE: FM may make major announcements for hospitality and tourism industry today

Finance Minister Nirmala Sitharman is set to make several major announcements for the hospitality industry during her third press conference on Friday evening, Zee Business TV has learnt.

EXCLUSIVE: FM may make major announcements for hospitality and tourism industry today
The finance minister has been making announcements for different sectors for the last two days.

Finance Minister Nirmala Sitharman is set to make several major announcements for the hospitality industry during her third press conference on Friday evening, Zee Business TV has learnt. The hospitality and tourism industry are among the worst-hit sectors during the coronavirus crisis and it has been seeking relief from the government. 

Zee Business TV has learnt through sources that some of their demands could be met. The announcements may include an EMI moratorium on loan and a new relief fund for tourism industry that can help it pay salaries and continue operations during the ongoing crisis. 

The government can also make announcements around tax holiday and GST relief for these sectors. It will be interesting to see how many demands of the industry are eventually met. Also, the value of the relief package is still unknown.

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The finance minister has been making announcements for different sectors for the last two days. While on first day, she focused on MSMEs and common man, the second tranche of stimulus for the country's economy was aimed at migrant workers and farmers. Finance Minister Nirmala Sitharaman on Thursday announced a Rs 3.16 lakh crore package of free foodgrains for migrant workers, concessional credit to farmers and working capital loan for street vendors as part of the second tranche of fiscal stimulus to heal an economy hit hard by the coronavirus-forced lockdown.

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As many as 2.5 crore farmers will be provided Rs 2 lakh crore of concessional credit through Kisan Credit Cards. Also for post-harvest (Rabi) and current Kharif crop requirements in May and June, NABARD will provide Rs 30,000 crore additional emergency working capital funding for farmers through rural cooperative banks and regional rural banks.

Prime Minister Narendra Modi hailed these measures by saying that this will benefit both the segments. 

"Today's announcements by FM Nirmala Sitharaman will especially benefit our farmers and migrant workers," the prime minister tweeted. The announcements, Modi pointed out, include a series of "progressive measures and will boost food security, credit to farmers as well as street vendors".

Written By: ZeeBiz WebTeam
Edited By: Harish Dugh
Updated: Fri, May 15, 2020
02:05 pm
New Delhi, ZeeBiz WebDesk
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