Budget 2018 : Aiding formalisation and job creation, 3794 crores for MSMEs, 3 trillion rupees for Mudra

MSMEs and self employment sectors provide jobs and livelihood for maximum number of people in the Indian economy. Strengthening these two sectors is very important for growth of the economy and job creation.

Allocation for MSMEs

The finance minister while speaking on his plan for MSMEs said

The medium small and  micro enterprises are major engine for growth and employment.  I have provided rupees 3794 crores to the MSME sector for credit support , capital and interest subsidy on innovations. Mass formalisation of business of MSME is taking place in the country after demonetisation and introduction of GST. This is generating an enormous amount of financial information and database of the MSME business and finances. This database will be used for financing the MSMEs and the requirement of working capital.

- Advertisement - - Article resumes -

The finance minister said that it was proposed to take the public sector banks to operate the TReDS system and link it with GSTN . Online loan sanction facilities for MSMEs will be revamped for prompt decision making by the banks he said. Government will soon announce. He also said that the government was looking into measures needed for addressing non performing assets and stressed accounts in MSME sector.

The finance minister has retained 25% corporate tax for MSMEs that were announced last year. He also stated that the NBFC(non banking financial companies) had stepped up lending for MSMEs after demonetisation. He also said that growth of fin-tech would aid MSME sector.

MUDRA yojana

While speaking on MUDRA yojana the finance minister said :

MUDRA yojana launched in April 2015 has led to sanction of loans of rupees 4.6 lakh crores of credit to some 10.38 crore MUDRA loans. 76% of loan accounts are of women and more than 50% of them belong to SC, ST and OBCs. It is proposed to set up a target of rupees 3 lakh crore for lending in 2018-19.

The strengthening of MUDRA loans scheme will further help marginalised sections and entrepreneurs to avail loans from the banks for self employment and business expansion purposes. Thus, the focus on job creation has been given adequate attention by the finance minister in his budget presentation.


Share This Post and Support:
We need your support to survive in the media industry. Please consider paying us for the content we produce:

To know more about these payments, please click here.


Most read articles recently

Rahul Gandhi’s lucrative and seemingly clandestine means of income and his links to scam accused FTIL, Unitech

How does Rahul Gandhi earn to buy land and other properties? A mystery we try to unravel

Nitin Gadkari at the receiving end: Is there a pattern?

Indian Express has a massive interview of Union Minister Nitin Gadkari in its March 23, 2019 edition.
AM Sheikh Dawood promised of offering 10 litres of free liquor monthly to the families in his constituency on his victory

Independent candidate from Tamil Nadu promises 10 litres of free liquor every month on winning elections

An independent candidate from Tamil Nadu has come up with a strange promise of offering 10 litres of free liquor every month to every family in his constituency

Shunned by the BJP, jilted Shatrughan Sinha goes on a rampage against the party, rumoured to join Congress

Shatrughan Sinha was visibly irked and had a Twitter meltdown after the BJP declared Ravi Shankar Prasad's candidature from Patna Sahib constituency
Rahul Gandhi

Staring at an imminent defeat in Amethi, Congress on the scout to secure a safe seat for Rahul Gandhi

The Congress units of southern states have been feverishly imploring Rahul Gandhi to fight from any constituencies in southern states, apart from Amethi in Uttar Pradesh .
Prakash Raj was welcomed with pro-Modi slogans in Bengaluru

Actor-turned-politician Prakash Raj greeted with pro-Modi slogans as he went to file his nomination

Prakash Raj seemed visibly miffed with a large number of Modi supporters welcoming him with pro-Modi slogans in Bengaluru
'Rahul Gandhi is running away from Amethi, not me': Smriti Irani on rumours BJP might field her from Wayanad

‘Rahul Gandhi is running away from Amethi, not me’: Smriti Irani on rumours BJP might field her from Wayanad

Smriti Irani rubbishes rumours that have surfaced about BJP thinking about fielding Smriti Irani from the Wayanad constituency too, to counter Rahul Gandhi. 
Sapna Chaudhary denies rumours of her joining Congress

Embarrassment for Congress: Sapna Chowdhury says she never joined Congress, picture with Priyanka Gandhi old

Denying rumours, Sapna Chaudhary said that the photos in circulation on Internet were old

How Caravan and Congress’ attempts to create ‘bribegate’ before 2019 election fell flat

The 'bribegate' that Congress and The Caravan tried to cried falls flat on its face on several counts. 

AAP propagandist tweets false claim about Adani Group, deletes due to fear of defamation

Earlier Delhi's Education Minister Manish Sisodia had also tweeted false claim about Adani Group

Latest articles

Connect with us

148,877FansLike
120,534FollowersFollow
31,403SubscribersSubscribe

Don't miss these


Share This Post and Support: