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AP Govt unveils ‘Restart package’ for tourism

AP-Govt-unveils-‘Restart-package’-for-tourism

The state government on Monday released Restart Package for the tourism sector. The tourism sector representatives and stakeholders had requested the state government to provide support to the sector which faced severe brunt due to Covid.

The Government has examined the representation in detail and after due consultations agreed on a Restart package to support the tourism sector. The Restart package has been approved with a view to support the tourism sector and to provide some relief. The Government has therefore approved a loan relief package at a cost of Rs 198.50 crore.

The Government has proposed to extend working capital loans through commercial banks and provide interest subsidies to operationalize these loans. As per the data collated by various associations, registration on trade and tourism portal and subsequent rationalization of the numbers department has estimated that an amount of Rs. 198.50 crore shall be required towards the working capital with a view to handhold the tourism sector.

The government proposed to extend interest subsidy at 50 percent of the interest on the loan for the first 12 months subject to a maximum of 4.50 percent for one year. After careful examination, the Government approved a package of Rs 198.50 crore loan for hotels/MICE and function halls /restaurants and service providers by extending interest subsidy at 50 percent of the interest on the loan for 12 months subject to a maximum of 4.50 percent of the loan amount for one year.

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