Govt includes retail and wholesale trade under MSME category thehindubusinessline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindubusinessline.com Daily Mail and Mail on Sunday newspapers.
State lays out plan to help MSMEs
Updated:
Updated:
Validity of statutory licences will be extended till December
Share Article
Validity of statutory licences will be extended till December
Tamil Nadu Chief Minister M.K. Stalin on Tuesday announced a few measures to help the micro, small and medium enterprises overcome some of the challenges posed by the lockdown.
“At the meeting, the industrial sector raised certain concerns. The Chief Minister was sympathetic towards the concerns, and has announced these measures,” MSME Secretary Mangat Ram Sharma told
The Hindu.
He said the State government would immediately release 60% (₹168 crore) of the ₹280 crore sanctioned for granting capital subsidies to these units this fiscal. All eligible units would get the capital subsidy. The government extended the timeline for registration of the memorandum of deposit without penalty till December to help these units get bank loans. The window was earlier extended until March this
Synopsis
The Union Budget 2021-22 has earmarked an allocation of Rs 15,700 crore for the Ministry of Micro, Small and Medium Enterprises more than double of the last year.
iStock
The biggest takeaway of this category has been the allocation earmarked to GECL facility to eligible MSME borrowers.
For the Covid hit MSMEs, the key highlight of the Union budget 2021 remained a higher outlay to the sector.
To accelerate the revival of the Covid- hit sector, Finance Minister Nirmala Sitharaman has made a provision of Rs 15,700 crore for the sector. The sector, touted to be the backbone of the nation’s economy, was allocated Rs 7,572 crore in the previous union Budget of 2020-21.