SME Times News Bureau | 15 Dec, 2018
The support and
outreach programme launched for the Micro, Small and Medium Enterprises (MSMEs)
will help in the growth, expansion and facilitation of sector, said an official
release on Monday.
The MSME sector
has emerged as a highly vibrant and dynamic sector of the Indian economy over
the last five decades, the MSME ministry release added.
MSMEs play a
crucial role in providing employment opportunities. MSMEs are complementary to
big industries and contribute greatly to the socio-economic
development of the country, the ministry said.
Keeping this in
mind, the Union Budget,
presented by the Finance Minister on 1stFebruary 2018 in the
Parliament has given the sector a big thrust by enhancing the budgetary
allocation from Rs. 6481.96 crore in 2017-18 to Rs.6552.61 crore in
2018-19, the release said.
measures, the MSME outreach programme makes provision for loans upto 1 crore within 59 minutes
through an online portal and interest subvention of 2% for all GST registered
MSMEs on fresh or incremental loans