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Budget 2019: ₹1 crore loan for MSMEs in under 59 minutes, says Nirmala Sitharaman

A national payment gateway for MSMEs to ease payment woes is under consideration, says the Union Finance Minister

Published - July 05, 2019 11:53 am IST - New Delhi

The Hindu Net Desk
The Hindu Net Desk
COIMBATORE, TAMIL NADU, 06/03/2019:
A stall at "Udyam Samaagam", a two-day engineering and textiles expo organised by the Micro Small and Medium Enterprises Development Institute at Suguna Kalyana Mandapam in Coimbatore on Wednesday March 06, 2019. 
Photo: M. Periasamy/ The Hindu.

COIMBATORE, TAMIL NADU, 06/03/2019:
A stall at "Udyam Samaagam", a two-day engineering and textiles expo organised by the Micro Small and Medium Enterprises Development Institute at Suguna Kalyana Mandapam in Coimbatore on Wednesday March 06, 2019. 
Photo: M. Periasamy/ The Hindu.

Union Finance Minister Nirmala Sitharaman, in her maiden budget, announced a slew of reforms for the micro, small and medium enterprises (MSME) sector.

To facilitate easy access, loans of upto ₹1 crore will be granted to MSMEs within 59 minutes through a dedicated online portal, she said.

She added that, “Under the interest subvention scheme for MSMEs, ₹350 crores have been allocated in 2019-20 for 2% interest subvention for all GST registered MSMEs on fresh or on incremental loans.”

A national payment gateway for MSMEs to ease payment woes is under consideration, she added.

Published - July 05, 2019 11:53 am IST

Related Topics

Union Budget / industrial production

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