Govt considering collateral free loan to MSMEs: Kalraj

The government is working on a proposal to give financial grant to industries without any collateral security, micro small and medium enterprises (MSME) Minister Kalraj Mishra said Wednesday. The minister said that under the provision, grant and finance would be provided to the rating agency which would release it to the industry. While addressing industrialists here, Mishra said that in order to avail the benefit of the schemes every industry needs to be getting registered under the provisions of MSME act.

"Narendra Modi-led government is striving to to make India No 1 country in the world for 'Made in India' products," he said. Speaking about the training facilities for the segment of micro industries, the government is working towards provisions that arrange for small machines and hands-on training to the entrepreneurs to make them expert in their field of manufacturing. The micro industries such as Bakery and Soap manufacturing industries would be highly benefited by this project, said Mishra.

Answering a query by the industry about the labour laws, the minister said that the government has identified 16 rules in labour laws which need to be either phased out or made simpler for supporting the industry without affecting the interests of the workers. In one of the major discussions the minister said that the government is concentrating on the cluster wise development of industry. He said that till now 27 clusters have been identified.