Govt implementing various schemes to aid growth of MSMEs, says FM Sitharaman

The Union government is implementing various schemes to encourage the growth and development of MSME (Micro, Small and Medium Enterprises) sector across the country, Finance Minister Nirmala Sitharaman said on September 11.

These schemes include areas of credit support, formalization, technological assistance, infrastructure development, skill development and training and market assistance for the MSMEs, Sitharaman said during her interaction with Coimbatore District Small Industries Association (CODISSIA).

The recent Union Budget builds on the efforts of the past decade and includes several initiatives to further strengthen the industry and MSMEs, she added.

Budget 2024 had turned its attention to MSMEs in a big way, with a slew of measures ranging from a credit guarantee scheme to higher limit for MUDRA loans for the sector.

These included credit guarantee scheme for MSMEs in manufacturing sector, new assessment model for MSME credit, credit support to MSMEs during stress period, Mudra loans, enhanced scope for mandatory onboarding in TReDS, SIDBI branches in MSME clusters, MSME units for food irradiation, quality & safety testing and E-commerce export hubs.