Interest-Free Loans for Tourism Development

On 29th November, 2024, the Union government sanctioned interest-free loans worth ₹3,295 crore to states for developing tourism infrastructure under the SASCI scheme, with a 50-year repayment period.

Key Points

40 Projects Identified: A total of 40 projects in 23 states were selected, including lesser-known destinations like Bateshwar (Uttar Pradesh), Ponda (Goa), Gandikota (Andhra Pradesh), and Porbandar (Gujarat).
Operational Guidelines: State governments will provide land, implement the projects, and handle post-completion operations. The funds, 66% disbursed in the first installment, will be monitored by the Ministry of Tourism.
Training Collaboration: MoUs signed with global hospitality chains to train Indian youth in tourism sector skills, ensuring employment post-training.
Project Timeline: States are tasked with completing the projects within two years. West Bengal did not submit proposals for the scheme.