MSME Revival: Nitin Gadkari Lists Steps Taken to Re-Boost Sector Hit by COVID-19 Pandemic

New Delhi, September 17: With the country's micro, small & medium enterprises (MSMEs) sector badly affected due to COVID-19 pandemic, Union Minister of MSME Nitin Gadkari stated that the government had implemented various schemes and programmes for growth and development of the sector under Aatma Nirbhar Bharat Abhiyan.

Among the major schemes to revive the ailing MSME sector include Prime Minister’s Employment Generation Programme (PMEGP), Scheme of Fund for Regeneration of Traditional Industries (SFURTI), A Scheme for Promoting Innovation, Rural Industry & Entrepreneurship (ASPIRE), Interest Subvention Scheme for Incremental Credit to MSMEs, Credit Guarantee Scheme for Micro and Small Enterprises, Micro and Small Enterprises Cluster Development Programme (MSE-CDP), Credit Linked Capital Subsidy and Technology Upgradation Scheme (CLCS-TUS).

Under the Aatma Nirbhar Bharat Abhiyan, the Union Ministry had made arrangements for:

a) Rs 20,000 crore Subordinate Debt for MSMEs.

b) Rs 3 lakh crores Collateral free Automatic Loans for business, including MSMEs.

c) Rs. 50,000 crore equity infusion through MSME Fund of Funds.

d) Newly revised criteria for the classification of MSMEs.

e) New Registration of MSMEs through 'Udyam Registration' for Ease of Doing Business.

e) No global tenders for procurement up to Rs. 200 crores, this will help MSME.

Apart from this, Prime Minister Narendra Modi had launched an online Portal 'Champions' on June 1, 2020, aiming to cover aspects of e-governance including grievance redressal and handholding of MSMEs. Through the portal, total 18,723 grievances have been redressed up to September 9, 2020, said Gadkari in a written reply to a question in Rajya Sabha.