Saturday, May 8, 2021
Home Economy and Finance Atmanirbhar Bharat Abhiyan: FM Sitharaman announces economic relief packages, MSMEs to get collateral-free loans...

Atmanirbhar Bharat Abhiyan: FM Sitharaman announces economic relief packages, MSMEs to get collateral-free loans up to Rs 3 lakh crore

Finance Minister Nirmala Sitharaman has announced a slew of measures to be taken by the government to alleviate the financial concerns faced by the MSME sector.

Giving details about PM Modi’s announced “Atmanirbhar Bharat Abhiyan” package worth Rs 20 lakh crores to restart the economy following the coronavirus induced lockdown, the Finance Minister Nirmala Sitharaman has announced a slew of measures to be taken by the government to alleviate the financial concerns faced by the MSME sector.

Finance Minister Nirmala Sitharaman announced that MSMEs will get collateral-free loans for MSME up to Rs 3 lakh crores with 4 years tenor. 100 per cent of the credit guarantee will be provided by the government to the banks and NBFCs on principal and interest. The scheme can be availed by the MSMEs till October 31, 2020. She said that this will enable 45 lakh MSME units to resume business and safeguard jobs.

Sitharaman further added that for the stressed MSMEs, Rs 20,000 crore liquidity will be earmarked by the government to benefit around 2 lakh MSMEs. Stressed and NPA MSMEs will be eligible for this facility. The government will provide a cover of Rs 4000 crore to CGTMSE which in turn will extend partial credit guarantee support to the banks.

Furthermore, the finance minister also declared that the capital of Rs 50,000 crores will be infused in MSMEs for their expansion through Fund of Funds and will be operated through a mother fund and few daughter funds. She added that this move will bolster MSMEs and help them in their size and capacity expansion. This measure will help MSMEs to get listed on the main board of Stock Exchanges, Ms Sitharaman asserted.

Besides, MSME gets a revision and the investment limit has been revised upwards and additional criteria of turnover is also being introduced. Manufacturing and Services sectors which were hitherto differentiated have been clubbed as per the revised definition.

As per the new definition, MSMEs with the investment and turnover less than Rs 1 crore and Rs 5 crores respectively will be categorised under Micro MSMEs. Small MSMEs will have the investment and turnover threshold of Rs 10 crores and Rs 50 crores respectively and the Medium MSMEs will have investment and turnover limit of Rs 20 crores and Rs 100 crores respectively.

  Support Us  

Whether NDTV or 'The Wire', they never have to worry about funds. In name of saving democracy, they get money from various sources. We need your support to fight them. Please contribute whatever you can afford

OpIndia Staffhttps://www.opindia.com
Staff reporter at OpIndia

Related Articles

Trending now

‘Where will you go if Muslims don’t run puncture shops?’ Congress leader DK Shivakumar shows open bigotry against Muslims while slamming Tejasvi Surya

Karnataka Congress President DK Shivakumar ended up stereotyping Muslims as butchers, mechanics and puncture fixers

Asianet News journalist calls Bengalis ‘Pakistanis’, says no use showing ‘Sanghis’ getting thrashed in times of Covid-19

Asianet News has issued an apology after their journalist said that they are deliberately not covering Bengal violence.

Meet AAP’s ‘Delhi ke Nirmata’: Who is Navneet Kalra, the businessman on the run after oxygen hoarding scandal was busted

Oxygen Concentrators have been found at Khan Chacha, Nege & Ju bar and Town Hall restaurants in Delhi, all owned by Navneet Kalra

USA: Separatist group ‘Black Hammer’ acquires 200 acres of Colorado Land to create independent Communist city

Radical anti-Semite, anti-white group collects about $65,000 to establish a communist utopia on a Colorado mountain top.

This only hurts nation: Several CMs, including YS Jagan Mohan Reddy slam UPA’s Jharkhand CM for petty politics over call by PM Modi

Jharkhand CM Hemant Soren took potshots at PM Modi, after he called to inquire about ongoing Coronavirus pandemic in the State

Delhi’s Covid black marketing: Day after 419 oxygen concentrators were recovered, 96 more recovered from Khan Market restaurant

The Delhi Police has recovered 96 oxygen concentrators from one Khan Chacha restaurant at Khan Market in Delhi.

Recently Popular

Comedian Sanket Bhosale who had featured in ad mocking Rahul Gandhi booked for violating Covid-19 norms in Punjab

A week after the vandalism by the Congress workers in Mumbai, the Congress-led Punjab government has now booked comedian Sanket Bhosale, the actor featured in the advertisement, on the pretext of violating Covid-19 regulations during his wedding.

Cricketer Irfan Pathan accused of extra-marital affair with cousin sister, girl’s in-laws allege fake dowry case

According husband of the woman, the relationship between his wife and Irfan Pathan goes back a long time ago and continues even now

Meet AAP’s ‘Delhi ke Nirmata’: Who is Navneet Kalra, the businessman on the run after oxygen hoarding scandal was busted

Oxygen Concentrators have been found at Khan Chacha, Nege & Ju bar and Town Hall restaurants in Delhi, all owned by Navneet Kalra

21-year-old college student raped and murdered in Medinipur district in West Bengal, 3 including a woman arrested

West Bengal police arrested 2 masons and their female aide for rape and murder of a college student, who have confessed to the crime

This only hurts nation: Several CMs, including YS Jagan Mohan Reddy slam UPA’s Jharkhand CM for petty politics over call by PM Modi

Jharkhand CM Hemant Soren took potshots at PM Modi, after he called to inquire about ongoing Coronavirus pandemic in the State

Aam Aadmi Party’s Raghav Chadha defies logic while giving calculations on cryogenic tanks and medical oxygen

One feels that if Aam Aadmi Party leaders focus on resolving the oxygen crisis instead of overusing their tiny brain for absurd calculations, they could perhaps save a few lives.
- Advertisement -

 

Connect with us

254,802FansLike
539,096FollowersFollow
24,300SubscribersSubscribe