Business

2% interest subvention for MSMEs on loan up to Rs 1 cr

Agency | February 01, 2019 01:08 PM

NEW DELHI: The government on Friday announced 2 per cent interest subvention for micro, small and medium enterprises (MSMEs) for loans up to Rs 1 crore.

"The government has taken many steps to support the MSME sector that provides jobs to crores of people in the country. We recently announced a facility to avail Rs 1 crore loan within 59 minutes," Finance Minister Piyush Goyal said while presenting the Interim Budget for 2019-20.

"All MSME units registered with the Goods and Services Tax (GST) will now have 2 per cent interest subvention for loans up to Rs 1 crore," he said.

Goyal said the government had also increased the share of government procurements from MSMEs through Government eMarketplace (GeM) to 25 per cent, including 3 per cent from MSMEs run by women.

Till date, GeM has registered transactions of more than Rs 17,500 crore which has led to savings of 25-28 per cent.

Have something to say? Post your comment
Must Read
DC asks officers to speed up awareness drive to make farmers aware of benefits of PMKSN
DC asks officers to speed up awareness drive to make farmers aware of benefits of PMKSN
MP, MLAs, DC and CP greet people on Parkash Utsav of Sri Guru Ravidass Maharaj Ji
MP, MLAs, DC and CP greet people on Parkash Utsav of Sri Guru Ravidass Maharaj Ji
Punjab cabinet ministers expose Capt-Badal bonhomie on the floor of Vidhan Sabha- Bhagwant Mann
Punjab cabinet ministers expose Capt-Badal bonhomie on the floor of Vidhan Sabha- Bhagwant Mann
Car driver arrested for death by negligence
Car driver arrested for death by negligence
Ministerial staff pen down strike continued on Monday
Ministerial staff pen down strike continued on Monday
Punjab IAS officers association strongly condemns reprehensible act of terrorism in Pulwama
Punjab IAS officers association strongly condemns reprehensible act of terrorism in Pulwama
Capt Amarinder slams SAD for disrupting budget proceedings
Capt Amarinder slams SAD for disrupting budget proceedings
Mansa Saanjh Kendras reach out to people, during Jan 3681 applicants get facilities at the Kendras, SSP
Mansa Saanjh Kendras reach out to people, during Jan 3681 applicants get facilities at the Kendras, SSP
Bir Talab to have Butterfly Zone soon
Bir Talab to have Butterfly Zone soon
Punjab budget: Petrol, diesel rates slashed
Punjab budget: Petrol, diesel rates slashed
Punjab MLAs to donate a month’s salary to state’s Pulwama victims’ families
Punjab MLAs to donate a month’s salary to state’s Pulwama victims’ families
MP Chaudhary Satnokh Singh lays foundation stone of city road by allocating Rs 35 lakh from his MPLAD
MP Chaudhary Satnokh Singh lays foundation stone of city road by allocating Rs 35 lakh from his MPLAD