2019 Budget : Governemnt takes several measures to strenghthen msmes

While a Scheme of sanctioning loans upto Rs. 1 crore in 59 minutes has been launched, GST-Registered SME units will get 2 per cent  interest rebate on incremental loan of Rs. 1 crore. While presenting the Interim Budget 2019-20 in Parliament on Friday,  Union Minister for Finance, Corporate Affairs, Railways & Coal, Piyush Goyal said that 25 per cent  sourcing by all the Government Undertakings will now have to be from SMEs. Of this, the material to the extent of at least 3 per cent  will be sourced from women owned SMEs, he added.

            Highlighting the achievements of GeM,  Goyal said that transactions of over Rs.17,500 crore have taken place, resulting in savings of 25-28 per cent  on an average. “Government e-Marketplace (GeM), created by our Government two years ago, has transformed public procurement by making it fully transparent, inclusive and efficient. MSMEs have an opportunity to sell their products through GeM”, the Finance Minister said. The GeM platform is now being extended to all CPSEs, he announced while presenting the Interim Budget.

          Goyal disclosed that the Government has recently assigned the subject of “promotion of internal trade including retail trading and welfare of traders, and their employees” to the Department of Industrial Policy and Promotion, which will now be renamed as the Department for Promotion of Industries and Internal Trade.