Singh said the company is making the investment as part of a global commitment of $250 million (roughly Rs 1,875 crore) following the COVID-19 pandemic.
The loans to MSMEs were offered majorly under the government's Rs 3-lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) and the lender's emergency credit line for COVID-19.
Under the Wadhwani Sahayata Business Stability programme, Clix Capital and Wadhwani Foundation will select 2,000 MSME partners and provide them one-on-one mentorship from experts and access to consultants and advisors for finding solutions to MSME's key business challenges.
The latest numbers on ECLGS, as released by the finance ministry, comprise disbursements by all 12 public sector banks (PSBs), 20 private sector banks and 10 non-banking financial companies (NBFCs).
Digital transformation is the key for MSMEs — not just to build business resilience and cope with the new reality, but also to develop a robust infrastructure to become future-ready.
The packaging sector is at the heart of a perfect storm – the epicentre where the consumer, the product and the cash all convene in a spectacular display of buy-it-or-leave-it situation.
Rao was speaking at a webinar organised to discuss issues related to MSME customers across the country and to address their challenges in the face of the COVID-19 pandemic.
The fund backs sustainable and profitable businesses across agriculture, decarbonization, circular economy and SMEs and has built a partner ecosystem in Singapore, the US and Israel to bring innovations useful for the country.
The idea behind the scheme, which was launched as part of the Rs 20 lakh crore economic package by the government in response to the COVID-19 crisis, was to help MSMEs to meet their immediate fund requirements
However, this is against the sanction of Rs 1.10 lakh crore under the 100 percent ECLGS for micro, small and medium enterprises (MSMEs) till July 1.
The event is targeted to revive various micro, small and medium enterprises (MSMEs), whose operations have been affected due to the coronavirus crisis, and help them maintain business continuity in such uncertain times, it added.
Last month, the government notified new criteria for classification of micro, small and medium enterprises (MSMEs) on the basis of turnover and investment in plant and machinery.
Sitharaman said more efforts are required to ease tax compliance further for taxpayers and made an assurance that the government is committed to continuing these reforms in future as well to facilitate taxpayers.
During the 2020 fiscal (July 2019-June 2020), World Bank has extended USD 5.13 billion loans to India-- which is the highest in a decade. This includes USD 2.75 billion given in three months in response to the COVID-19 pandemic.
Sonowal also said that his BJP-led government has launched a special scheme for providing free houses to the labourers of Assam's tea industry.
A closer look at the emergency credit line guarantee scheme (ECLGS) numbers show, even though banks have been aggressive in ramping up loan sanctions, the actual disbursements are yet to pick up in a meaningful way.
Addressing a webinar on the occasion of International MSME Day, Gadkari, who also holds the portfolio of Road Transport and Highways, said about two months ago that India imported PPE kits from China via a special aircraft but now the country's industry and MSMEs were manufacturing lakhs of PPE kits per day.
The portal called Bharat Craft would be jointly run by the bank and the government.
Uttar Pradesh, Maharashtra, West Bengal, Delhi and Tamil Nadu were the top states where local micro, small and medium enterprises (MSMEs) have shown maximum interest in taking their businesses online.
As part of the system, a network of control rooms is created in a 'Hub and Spoke' model.
Among states, Maharashtra has the highest number of registered MSMEs with 1,104,189 units, followed by Bihar (829,694), Tamil Nadu (791,288), Uttar Pradesh (706,342) and Madhya Pradesh (645,077).
MSMEs are the first to take hit in an economic downturn. This time too, many MSMEs are hit hard due to the onslaught of the pandemic. The demand on the ground has slowed to a trickle. Adding to the woes, a good number of skilled workforce has moved back to their home states due to the prolonged lockdown.
The notification also says that hereafter, an MSME will be known as Udyam, as this is more closer to the word enterprise. Accordingly, the registration process will be known Udyam Registration.
Gadkari urged the Mahila Morcha to conduct workshops for women where officials from MSMEs and Khadi Gram Udyog can guide them about entrepreneurial opportunities.
MSMEs across sectors have been hard hit by the COVID-19 pandemic and the lockdown measures have put many MSMEs on the brink of survival.