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

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 With Your Friends & Fans:
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.

Election 2019 Live Updates

Track all the updates on one page as the results and trends trickle in

The Left has lost its deposit. It is time for the Right to fight Modi

Modi 2.0 heralds a new beginning for India and her people. It must not be allowed to cultivate the habits of Modi 1.0.
Shehla Rashid remembers 2014, says she had wanted Kejriwal as PM

Shehla Rashid loses it early on counting day, says “Felt like a Muslim when ‘mass murderer’ won in 2014”

As early trends show an NDA victory, Shehla Rashid calls him a mass murderer, says she had wanted Arvind Kejriwal as PM in 2014 and she had felt like a 'Muslim'.
NYT peddles Modi 2.0 as victory of India's most divisive leader

Dear New York Times, India has chosen Modi 2.0, deal with it

When India gives a thumping, unprecedented, overwhelming victory to a man who has made every single Indian feel proud of their nation and heritage, the NYT's heartburn is expected. 

The story of BJP’s rise and rise in West Bengal: The story starts not in 2019 but 2017 Ram Navami

History may remember the 23rd of May, 2019 as the day when the future of Bengal Politics changed forever. However, it was on the 5th of April, 2017, on the auspicious day of Ram Navami that the seeds of it were sown.
Rana Ayyub had a meltdown seeing BJP securing an unprecedented victory

Unprecedented Modi victory triggers meltdown for controversial journalist Rana Ayyub

Prospect of a stunning Narendra Modi victory in 2019 Lok Sabha election triggered a mental collapse for controversial journalist Rana Ayyub

A tribute to OpIndia’s fallen star

On 13th May 2019, Devandhu Rajput succumbed to cancer.

Rahul Gandhi should not fire his data analysis chief, but promote him. Here is why

The divine vision of Praveen Chakravarty, "Big Data" head of Congress, is too precious

Smriti… who? Smriti, the one who gave your brother a run for his money

In a major upset for Congress, BJP's Smriti Irani won the Congress 'family seat' Amethi defeating Congress President Rahul Gandhi by over 50,000 votes

Kanhaiya Kumar’s family uses LPG stove to prepare for his victory, contrary to his claims just a few weeks ago

Kanhaiya had claimed that his mother cooked on a Chullah and not on an LPG stove as it was not viable because of being too expensive and also exhausted within 3-4 days.
Subscribe to Day's Top Stories

Latest articles

Connect with us

Share This Post With Your Friends & Fans: