New Delhi has approved a $2 billion credit guarantee initiative for sectors, including aviation, impacted by the ongoing conflict  India has rolled out a credit guarantee initiative to support businesses affected by the Middle East conflict. The federal government announced the $2 billion capital allocation plan, the Emergency Credit Line Guarantee Scheme (ECLGS) 5.0, on Tuesday. The ECLGS facility was first introduced in May 2020 to support businesses impacted by the Covid-19 pandemic. The plan is expected to enable additional credit flow of $3.5 billion. The borrowing cap for passenger airline companies has been set at $160 million. “The scheme has been brought to address the stress in MSME and airline sectors due to the West Asia conflict,” Union Minister Ashwini Vaishnaw said. The Emergency Credit Line Guarantee Scheme (ECLGS) 5.0 approved by the Cabinet reflects our commitment to supporting India’s businesses, especially the MSME sector in challenging global times.…