Verma updates Rajya Sabha on initiatives for MSMEs
The Government has taken a number of recent initiatives to support MSMEs in the country, including Rs.5 lakh crore Collateral Free Automatic Loans for business, and MSMEs, Rajya Sabha was updated on the sector on 19 Dec 2022.
Further, the initiatives also include Rs.50,000 crore equity infusion through MSME Self-Reliant India Fund, Minister of State for Micro, Small and Medium Enterprises Bhanu Pratap Singh Verma said.
Other initiatives are:
New revised criteria for classification of MSMEs.
No global tenders for procurement up to Rs.200 crores.
“Udyam Registration” for MSMEs, for Ease of Doing Business.
Launching of an online Portal “Champions” in June, 2020, to cover many aspects of e-governance including grievance redress and handholding of MSMEs.
Inclusion of Retail and Wholesale trades as MSMEs w.e.f. 2 July 2021.
Non-tax benefits extended for 3 years in case of an upward change in status of MSMEs.
Verma said the MSME Ministry also implements various schemes and programmes for the promotion and development of the sector across the country.
These are Prime Minister’s Employment Generation Programme (PMEGP), Micro and Small Enterprises-Cluster Development Programme (MSE-CDP), Scheme of Fund for Regeneration of Traditional Industries (SFURTI), Credit Guarantee Scheme for Micro and Small Enterprises (CGTMSE) and A Scheme for Promoting Innovation, Rural Industry & Entrepreneurship (ASPIRE). fiinews.com
