Center to provide financial support to 11,000 travel guides and tourism stakeholders
Finance Minister Nirmala Sitharaman announced on Monday that the government will provide financial support to more than 11,000 Registered Travel Guides / Travel and Tourism Actors (TTS), in order to revive the tourism industry.
Sitharaman noted that under the new loan guarantee program for sectors affected by COVID, working capital and personal loans will be provided to people in the tourism sector to pay off debts and restart affected businesses. by the COVID-19 pandemic.
The loan guarantee program is expected to cover 10,700 regional-level tour guides that have been recognized by the Department of Tourism and tour guides and tour guides recognized by state governments. Financial support will also be provided to 904 travel and tourism stakeholders (TTS) recognized by the Ministry of Tourism.
The Center will grant loans with a 100% guarantee within the following limits:
- Rs. 10,000,000 for travel and tourism stakeholders (per agency)
- Rs. 1,000,000 for approved tourist guides at regional or state level
The central government noted that the loans will be granted without processing fees, without foreclosure / prepayment fees. There will also be no additional warranty requirement.
The loan program will be administered by the Ministry of Tourism through the National Credit Guarantee Trustee Company Ltd (NCGTC).
In order to revive tourism in the country, the Minister of Finance announced that once international travel resumes, the first 5 lakh tourists who will come to India will not have to pay visa fees. “The regime is applicable until March 31, 2022, or will be closed after the distribution of the first 5 lakh visas. A tourist can only benefit once,” said Nirmala Sitharaman.
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