Budget 2019 MSME Highlights

Budget 2019 MSME Highlights

Budget-2019: MSME Highlights

The Finance Minister Nirmala Sitharaman had made her maiden budget of the Modi 2.0 Government in the Lok Sabha on July 5, 2019, in the Parliament. Nirmala Sitharaman unveiled her maiden Budget by highlighting the need to invest in job creation in small and medium enterprises.

Budget 2019- MSME Highlights:

  • 350 crore rupees allocated for 2% interest subvention for every GST-registered MSMEs on fresh or incremental loans

  • MSME: Large-scale extensive reforms planned, government towards creating a platform for MSME payments

  • MSME to get loans up to 1 crore within 59 minutes. Loans worth Rs. 350 crore already disburse

The Union Finance Minister had proposed a booster for Micro, Small and Medium Enterprises (MSMEs) under which the government is set to provide a loan of Rs 1 crore. The Micro, Small and Medium Enterprises (MSMEs) have received a boost of 2% Interest Subvention Scheme in the Union Budget announced by Finance Minister Nirmala Sitharaman, as “Make in India,” with particular emphasis on MSMEs, which was one of the main sectors of the 2019 Budget speech.

For the Micro, Small and Medium Enterprises (MSMEs) sector, Rs 350 crore were allocated for Financial Year 2019-20 under the Interest Subvention Scheme, for 2% interest subvention for every GST registered MSMEs, on fresh or incremental loans. 

The Finance Minister stated that the Government would create a payment platform for MSMEs towards enabling the filing of bills and payment. This shall help in eliminating delays in payment and give a boost to investment in MSMEs. This comes in the background of the government’s plan to start an e-commerce platform on the lines of “Amazon and Alibaba" for selling products from MSMEs and the Khadi and Village Industries Commission.

Click here to know more about Railway budget Highlights


eStartIndia Team

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