Finance minister Nirmala Sitharaman today presented the fourth Budget of the Modi 2.0 government. With a focus on growth, the government announced welcome measures to boost MSME economy in India.
The government announced that MSMEs such as Udyam, e-shram, NCS & Aseem portals will be inter-linked, and their scope will be widened. They will now perform as portals with live organic databases providing G-C, B-C & B-B services such as credit facilitation, enhancing entrepreneurial opportunities.
Also, a fund with blended capital will be raised under the co-investment model facilitated through NABARD to finance startups in agriculture & rural enterprises for the farm produce value chain.
The Emergency Credit Line Guarantee Scheme (ECLGS) will be extended up to March 2023, with a guaranteed cover extended by another INR 50,000 Cr. The total cover under scheme will now be INR 5 lakh Cr.
The Emergency Credit Line Guarantee Scheme (ECLGS) was unveiled as part of the Rs 20 lakh crore comprehensive package announced by the Finance Ministry on 13/05/2020, to aid the Micro, Small and Medium Enterprises (MSMEs) sector in view of the economic distress caused by the COVID-19 pandemic.
It is believed that this step will prove to be an asset for the growing MSME class of the country and will help banks in extended lending to the MSME sector.
The budget 2022-2023 is laid out on six key pillars:
- PM Gati Shakti
- Inclusive Development
- Productivity Enhancement
- Sunrise Opportunities
- Energy Transition
- Climate Action
This Budget hopes to lay the foundation for Amrit Kal from India@75 to India@100, with focus on public investment to modernize infrastructure over the medium term.
The post Budget 2022: MSME Portal To Be Interlinked, To Act As Live Databases For Credit Facilitation, Entrepreneurial Opportunities appeared first on Inc42 Media.
