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Atmanirbhar Bharat: Yogi govt to hold online loan fair for MSME sector, to disburse loan of around Rs 2,000 crore to 36,000 entrepreneurs

Union Finance Minister Nirmala Sitharaman on Wednesday unveiled the details of the Rs 20 lakh crore economic package under ‘Atmanirbhar Bharat Abhiyan’ announced by Prime Minister Narendra Modi in his address on Tuesday evening.

Uttar Pradesh Chief Minister Yogi Adityanath has announced to conduct an online loan fair to disburse loans to 36,000 entrepreneurs from the MSME sector. This came right after Finance Minister Nirmala Sitharaman announced major scheme and relief under Atmanirbhar Bharat Abhiyan for the MSME sector.

Chief Minister Yogi Adityanath that Rs 1,600 crore to Rs 2,000 crore loans would be disbursed to about 36,000 entrepreneurs tomorrow through the online fair.

UP CM said that keeping in mind the MSME sector, his government had already held a state-level meeting for MSME committee.

Uttar Pradesh hub of MSME sector

Yogi Adityanath further said that Uttar Pradesh is a hub for MSME sector and about 3 crore people in the state are directly or indirectly involved in the sector.

This economic package will bring a huge sigh of relief to these people.

He further added that under the leadership of PM Modi the UP state government had tried to boos the MSME sector but owing to coronavirus, they were facing hurdles. But now the sector will gain momentum, he tweeted.

With this step, the MSME sector will get a new boost of energy. This is an important step in PM Modi’s vision of ‘local to global’ move. We will definitely become a global economy, CM Yogi Adityanath tweeted.
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Union Finance Minister Nirmala Sitharaman on Wednesday unveiled the details of the Rs 20 lakh crore economic package under ‘Atmanirbhar Bharat Abhiyan’ announced by Prime Minister Narendra Modi in his address on Tuesday evening.

Finance Minister announced relief to Micro, Small and Medium Enterprises (MSMEs)

In a major initiative, Finance Minister Nirmala Sitharaman announced Rs 3 lakh crores Collateral-free Automatic Loans for Businesses, including Micro, Small, and Medium Enterprises (MSMEs). FM Sitharaman announced that collateral-free automatic loan to MSMEs will be given for a four-year tenure with a 100% credit guarantee. The collateral-free loan is available till 31st October, said Finance Minister. The scheme will benefit 45 lakh units, allowing them to resume activity and safeguarding jobs, said Sitharaman.

“To provide stressed MSMEs with equity support, the Modi government will facilitate the provision of Rs 20,000 crore as subordinate debt. Two lakh MSMEs are likely to benefit.” She added, “All NPAs or stressed MSMEs are eligible for the scheme. The government will provide Rs 4,000 crore to CGTMSE who will provide a partial guarantee to banks who will then give benefit to stressed MSMEs.”

In a big boost to MSMEs, Finance Minister Nirmala Sitharaman on Wednesday announced that global tenders for government procurement tenders will be disallowed for tenders up to Rs 200 crore to enable self-reliant India.

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