Religare Enterprises today hailed Government’s stimulus package for the NBFCs.
Commenting on the measures, Dr. Rashmi Saluja, Executive Chairperson, Religare Enterprises Ltd. said, “We welcome the Rs. 20 lakh crore – stimulus package announced by the Central Government. It is a step in the right direction to spur growth as we look towards making India self-reliant with focus on land, labour, liquidity and laws.
For NBFCs, the INR 45,000 crore Partial Credit Guarantee Scheme 2.0 will be a game changer for the sector. As AA rated and unrated papers will all be eligible under the scheme, it will ease the funding pressure from the NBFCs, HFCs and MFIs and help develop funding sources. Moreover, the INR 30,000 crore Special Liquidity Scheme including investment grade debt papers and fully guaranteed by the Govt. is another breather for the NBFC sector.
With the announcement of special measures and credit guarantee schemes for MSMEs, the Govt. has ensured the de-stressing and revival of India’s engines of growth. Overall, all the measures will help the NBFCs in providing the lending support to the MSMEs in these difficult times and contribute towards the long term vision of building India as an economic powerhouse.”