Rajya Sabha updated on support for MSMEs
Self-Reliant India (SRI) Fund has been set up to infuse Rs.50,000 crore as equity funding in those MSMEs, which have the potential and viability to grow and become large units, the Minister of State for Micro, Small and Medium Enterprises (MSMEs) Shobha Karandlaje has updated Rajya Sabha on 18 Aug.
The SRI Fund is one of the various steps taken by the Ministry for promotion and development of MSME sector, she said in a written reply http://commerce.gov.in.
Other steps taken are:
Udyam Registration for MSMEs, for Ease of Doing Business w.e.f. 1 July 2020.
Launch of Udyam Assist Platform (UAP) to bring the Informal Micro Enterprises (IMEs) under the formal ambit for availing the benefit under Priority Sector Lending (PSL) https://www.makeinindia.com/home/.
Inclusion of Retail and Wholesale traders as MSMEs w.e.f. 2 July 2021.
Credit Guarantee Scheme revamped with required infusion of funds of Rs.9,000 crore to facilitate additional credit of Rs.2 lakh crore for Medium and Small Enterprises (MSEs) and expand employment opportunities.
Launch of ‘PM Vishwakarma’ Scheme on 17 Sept 2023 to provide end to end holistic benefits to the traditional artisans and crafts people engaged in 18 trades https://www.bseindia.com/.
Collateral free loan up to a limit of Rs.10 crore (w.e.f. 1 April 2025) to MSEs with guarantee coverage up to 90%, for various category of loan are provided through Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) under Credit Guarantee Scheme.
The Trade Receivables Discounting System (TReDS) has been set up to facilitate the financing of trade receivables of MSMEs from corporates and other buyers, including government departments and public sector undertakings (PSUs) through multiple financiers electronically to solve the problem of delayed payment to MSMEs https://www.nseindia.com/.
Enhancement of maximum project cost from Rs.25 lakh to Rs.50 lakh for manufacturing sector and from Rs.10 lakh to Rs.20 lakh for service sector under Prime Minister’s Employment Generation programme (PMEGP) thus enhancing the scope of the scheme https://sbi.com.in/.
There were 6.63 crore of MSMEs registered on the Udyam Registration Portal and Udyam Assist Platform in All India from 1 July 2020 to 31 July 2025, she said. fiinews.com
