The Ministry of Micro, Small and Medium Enterprises (MSME) has undertaken several path-breaking/ important initiatives during the year 2020, said the ministry in an official release.

These include putting in place financial support mechanism through Fund of Funds, broadening definition of MSMEs, introducing IT based Champions platform to provide solutions to issues of MSMEs, encouraging entrepreneurship amongst khadi & village industries and to promote self-employment.

With Government of India assistance of Rs. 4000 crore, provisioning of Rs. 20,000 crore as subordinate debt to provide equity support to the stressed MSMEs has been launched on 24.06.2020, said an official release.

During the current year, upto November 2020, guarantee to 121 borrowers amounting to Rs. 12.49 crore have been extended.

The Guidelines of Self-Reliant India (SRI) Fund (Fund of Funds for MSMEs Scheme) with a corpus of Rs 10,000 crore, which will leverage equity infusion of Rs. 50,000 crore for MSMEs has been issued on 5th August 2020, it added.

For anchoring the Mother Fund, NSIC Venture Capital Fund Ltd. (NVCL), subsidiary company of National Small Industries Corporation Ltd. (NSIC) has been incorporated under The Companies Act 2013. Ministry is taking further steps for operationalization of the SRI Fund.

Ministry of MSME, has notified a composite criteria of classification of MSMEs based on investment in plant & machinery/equipment and turnover of MSMEs.

CHAMPIONS portal launched by Prime Minister on 1st June, 2020, is an ICT based technology system for making the smaller units big by helping and handholding them. The portal is not only helping MSMEs in the present situation, but also providing guidance to grab the new business opportunities.

PMEGP is a major credit-linked subsidy programme aimed at generating self-employment opportunities through establishment of micro-enterprises in the non-farm sector by assisting traditional artisans and unemployed youth in rural as well as urban areas.

During the period January 2020 to 30th November 2020, about 7500 MSEs have been benefited by way of releasing of Rs. 540 crore approximately under CLCS-TUS.