Government announces aid for a struggling tourism sector

Government announces aid for a struggling tourism sector

In a move to help the tourism industry, Finance Minister Nirmala Sitharaman has now announced that the government would be providing financial assistance to 11000 tourist guides, and tourism stakeholders. The financial assistance will be provided in view of the havoc that the pandemic has caused to the tourism industry in the country. The centre has declared that people belonging to the COVID affected sectors will be provided with working capitals, and personal loans. This will enable them to restart their businesses.

Furthermore, the government has also promised that the first five lakh tourists will be issued visas free of charge once tourism resumes. The scheme is applicable until March 31, 2022, or until the first 5 lakh visas have been granted. However, under this scheme, one tourist can avail this benefit only one time.

The government’s Loan Guarantee scheme should be able to cover 10700 tourist guides as recognised by the tourism ministry. The loans will be provided with a 100 percent guarantee to tourism stakeholders, and guides. The amount of loan is upto 10 lacs. Such loans will not have any processing charges, or waiver of repayment charges. Also, no collateral is required.

A country going through various degrees of lockdown and restrictions for more than a year is certainly a delicate situation. The tourism industry has suffered immensely due to the travel restrictions worldwide, and has seen people losing their jobs across the country. The new schemes should allow them to get back in the game once the country opens up for tourism.

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