India’s government injected ₹2.55 lakh crore via ECLGS 5.0 for small businesses and airlines, a prompt emergency response to the West Asian crisis. This fifth tranche targets vulnerable sectors. The author acknowledges credit guarantees' counter-cyclical impact and timely government response. However, structural issues like limited SME access and high defaults persist. To enhance impact, incorporating international models with higher coverage and risk-sharing is advised. Despite anticipated disruptions, healthy bank balance sheets and extraordinary government support should reduce lender resistance, ensuring vital aid reaches affected industries.