Nitin Gadkari to boost MSME sector in India through existing schemes

According to news reports, Micro, Small and Medium the ministry is striving to increase the number of micro and small industries in the country on a sustainable basis through the implementation of various schemes.

Nitin Gadkari, the Union Minister, has quoted that the Ministry provides better credit facility, technology upgradation and skilling to boost the entire MSME sector.

Gadkari has also reportedly said that the major schemes being implemented by the Ministry of MSME includes the Prime Minister’s Employment Generation Programme and Micro and Small Enterprises – Cluster Development Programme.

Gadkari quoted while speaking about the Prime Minister’s Employment Generation Programme (PMEGP), ‘A total of 5.45 lakh micro enterprises have been assisted with a margin money subsidy of Rs 12,074.04 crore, providing employment opportunities to an estimated 45.22 lakh persons since PMEGP’s inception and till March 31, 2019.’

The minister further said, “An amount of Rs 2,247.10 crore has been allocated under PMEGP for financial year 2019-20, which is substantially higher with respect to allocation that the earlier financial year, which would further lead to increased number of units assisted and employment generation.”

The minister also spoke about the contribution of the ‘Scheme of Fund for Regeneration of Traditional Industries’ scheme, Scheme for Promotion of Innovation, Rural Industry and Entrepreneurship (ASPIRE), Credit Guarantee Scheme and the Credit linked Capital Subsidy Scheme (CLCSS) for Micro and Small Enterprises.

While concluding, the Micro and Small Enterprises-Cluster Development Programme (MSE-CDP), the Union Minister said that, “During 2018-19, 17 Common Facility Centres and 11 Infrastructure Development projects have been established.”

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