The Emergency Credit Line Guarantee Scheme (ECLGS) launched by the Government of India in May 2020 to provide relief to micro, small and medium enterprises (MSMEs) adversely affected by the Covid-19 pandemic has saved 1.35 million MSMEs from going bankrupt and consequently 15 million jobs. Disclosing this, a State Bank of India (SBI) research report claimed that MSME loan accounts worth Rs 1.8 trillion were saved from slipping into the non-performing asset (NPA) category during the period, which was equivalent to 14 percent of the outstanding MSME credit being saved from becoming NPA.
