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The disruption in global trade and oil supply due to the ongoing war between Iran and Israel in the Middle East has increased India's concerns. In view of the increasing pressure especially on airlines and import-export companies, the Union Cabinet of India has approved a special credit guarantee scheme of about Rs 18,000 crore. The purpose of this 'suraksha kavach' is to provide additional liquidity to distressed businesses, save jobs and maintain the pace of economic growth.

Amid growing threats of war with Iran and tensions in the strategically important 'Strait of Hormuz', the Indian government has given a big relief to the corporate world and the aviation sector. A new credit guarantee scheme with a capital allocation of Rs 181 billion, approximately Rs 18,000 crore, was given the green signal in the Cabinet meeting chaired by the Prime Minister on Tuesday.

Relief for aviation and other sectors

According to the official statement issued by the government, this scheme is for those borrowers and companies whose operations have been affected due to the war. Under this scheme, the government will provide sovereign guarantee to banks and financial institutions, enabling them to give loans to the affected companies without any additional risk. The main objective of this initiative is to streamline the operations of the airlines, which are currently facing huge losses due to route diversion and rising fuel prices.

Help on the lines of Covid period

This emergency loan guarantee scheme is largely based on the model that was implemented for micro, small and medium enterprises (MSMEs) during the COVID-19 pandemic. Data till March 2023 shows that the government had given a guarantee of Rs 2.42 trillion at that time, which saved millions of businesses from going under. Now, on the same lines, efforts are being made to reduce the impact of the 'Iran War'.

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