The scheme provides government-backed credit guarantees to banks and financial institutions, enabling faster and collateral-free emergency lending to eligible businesses, he added.

ECLGS is designed to address temporary liquidity shortages faced by industries during periods of economic stress by reducing lending risk for financial institutions through sovereign-backed guarantees to enable continued credit flow to viable businesses across manufacturing, services, trade, logistics, healthcare, hospitality, aviation, and among others.

Under the scheme, eligible firms are able to access additional working capital support without the requirement of fresh collateral which will help industries meet operational expenses, maintain production cycles, pay suppliers, and retain employees, he added

The availability of guaranteed emergency credit will help MSMEs:

• Maintain working capital operations
• Continue wage payments
• Procure raw materials
• Prevent supply-chain disruptions
• Avoid insolvency and business closures

“Further, the scheme will play an important role in stabilizing industrial supply chains and protecting employment. By ensuring continuity of credit production stoppages are reduced, vendor payment cycles are maintained and large-scale layoffs were mitigated”, added Juneja

The government guarantee mechanism supports financial-sector stability by encouraging banks and non-banking financial institutions to continue lending during uncertain economic environment. The scheme continues to be regarded as one of India’s largest emergency credit-support interventions aimed at safeguarding industrial activity, MSME resilience, and employment continuity said Dr. Ranjeet Mehta, SG & CEO, PHDCCI.

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Shri Hemant Jain, President, PHDCCI and Managing Director of KLJ Group of Companies, brings his vast experience and visionary leadership to the helm of PHDCCI. On his new role, Shri Jain expressed, that It is an honor to lead PHDCCI at this pivotal time. I am committed to building on the strong foundation laid by my predecessors and working closely with all stakeholders to drive innovation, industry growth, and a self-reliant India for Viksit Bharat @2047, marching towards the peak of progress.

Shri Rajeev Juneja, Sr. Vice President, PHDCCI and Vice Chairman & Managing Director of Mankind Pharma Ltd, added, I am excited to take on this new role and work alongside Shri Hemant Jain to further strengthen the Chamber’s initiatives and foster a positive business environment in India.

Shri Anil Gupta, Vice President, PHDCCI and Chairman cum Managing Director, KEI Industries Ltd. shared his thoughts on taking up the new position, and discussed that It is a privilege to step into this leadership role at PHDCCI. I look forward to working closely with the new team to foster greater collaboration across industries, enhance business opportunities, and contribute to India’s economic and industrial growth, with a focus on sustainability and innovation

Shri Sanjeev Agrawal, Immediate Former President and Chairman of MMG Group, reflected on his tenure, and stated that serving as President of PHDCCI has been a fulfilling experience. I am confident that under Shri Hemant Jain’s leadership, the Chamber will continue to scale new heights and contribute meaningfully to the nation’s progress.

Dr. Ranjeet Mehta, CEO & Secretary General, PHDCCI, welcomed the new leadership team and said that we are fortunate to have such accomplished leaders guiding PHDCCI as an institution. Their combined expertise and vision will be invaluable as we continue to advocate for the interests of the industry and contribute to nation-building efforts.

The post Hemant Jain Takes Over as President of PHDCCI, Rajeev Juneja as Senior Vice President, and Anil Gupta as Vice President appeared first on newsmantra.in l Latest news on Politics, World, Bollywood, Sports, Delhi, Jammu & Kashmir, Trending news | News Mantra.