India extends Rs 3 lakh crore loan-guarantee offer to airlines

India expanded an emergency credit program to airlines and hospitals to cushion them from the impact of a wave of coronavirus infections and deaths.

The loans, which were previously intended for specific sectors such as small borrowers, can be availed until September 30 or until total guarantees worth 3 trillion rupees ($41 billion) are offered, the Finance Ministry said in a statement Sunday. So far, about 2.5 trillion rupees have been disbursed, Sunil Mehta, Chief Executive of the Indian Banks’ Association, said at a subsequent briefing.

Prime Minister Narendra Modi’s administration is turning focus to protecting the economy as a devastating surge of Covid-19 infections ebb.