Finance Minister Nirmala Sitharaman announced that banks had sanctioned loans worth Rs 3.1 Lakh Crores under the Emergency Credit Line Guarantee Scheme (ECLGS) for the Micro, Small & Medium Enterprises (MSMEs) that was affected by the coronavirus pandemic. The scheme has been extended till March month of the year 2023.

“Those MSMEs who still want to get benefit out of it are most welcome to use it. The loan amount sanctioned under the ECLGS is Rs 3.1 Lakh Crores, and guarantee space is still Rs 1.4 Lakh Crores,” FM Sitharaman said in her 100-minute reply to the discussion on Union Budget 2022-23 in Lok Sabha.

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She also said that PM Mudra Yojana had created 1.2 Crores extra employment since its launch in the year 2015. “Concerning the employment, urban unemployment has dropped to pre-pandemic levels due to different efforts of the government,” she added.