Fort Cochin Heritage Walk
Monday, 31 August 2020
Onam
Thursday, 20 August 2020
Pandemic and Monetary relief in Tourism
With the devastating pandemic attack the world tourism sank like the sugar cube in our cup of tea. Lock down and the fear of infection forced people not to travel at all forcing the tourism stakeholders to shut down their enterprises and lay off the employees.
The 20 lakh crore stimulus package announced by the central government in February did not consider tourism for any sort of support though the authorities had mentioned that more package are coming and some indirect benefits are available to those tourism companies which fall under the MSME category with a 100 crore turn over and 25 crore in outstanding. They can avail an emergency credit to the amount of 20% of their outstanding with a four year tenor and an year of moratorium in repayment.
Almost six months after that, the Kerala state government announced yesterday Rs. 455 crore Relief package to the Tourism industry. The State Level Bankers Committee has agreed to disperse 355 crores of loans to small and large stakeholders in the Tourism Industry at 50% of the prevalent interest rate. Government has decided to pay the remaining 50% of the interest to the bank on behalf of the Tourism industry as a subsidy from the Government's Plan Fund.
Under the Relief program nearly 2500 small enterprises will get 1-3 lakhs and big enterprises will get 5-25 lakhs with a moratorium of 6 months for repayment.
Apart from the enterprises, the Tourism Employees Support Scheme with an outlay of Rs.100 Crore will provide tourism employees who come around to 50,000 in number a personal loan between 20-30 thousand through the Kerala Bank at an interest rate of 9% of which 6% will be paid by the Government itself. The personal loan will have a moratorium of 4 months on repayment. The employees will have to submit their application through the Tourism Deputy Director of their respective districts.
Kerala tourism revenue accounted for the year 2019 was Rs. 45,000 crores but in this pandemic year the industry has suffered a loss of Rs. 20,000 crore with an uncertain tourism season coming up from September to February.