In the Union Budget 2022, Finance Minister Nirmala Sitharaman said that new schemes will be launched to strengthen the Micro, Small, and Medium Enterprises (MSME). 6000 crores will be given in 5 years. Udayam, E-Shram, NCS, and Aseem portal will be interlinked. This will increase their chances even more. Now, these will be platforms working with the live organic database. These will provide credit facilities and create possibilities for entrepreneurship.
Finance Minister Nirmala Sitharaman is presenting the Union Budget for the country. In the paperless general budget being presented for the second time in a row, many important announcements have been made for the micro, small and medium enterprises i.e. MSMEs. More than 130 lakh MSMEs have been given loans under the Emergency Credit Line Guarantee Scheme. The scope of ECLGS has been increased from Rs 50,000 crore to Rs 5 lakh crore. With this, an additional loan of Rs 2 lakh crore will be available. Finance Minister Nirmala Sitharaman said that enterprise, e-shram, NCS, and Aseem portals will be linked. This will increase the scope of MSMEs. The government's emphasis is also on the strength of domestic industries. The Finance Minister said that Rs 2 lakh crore will be given to small and small scale industries.
At the same time, small industries (MSMEs) will be given help from the credit guarantee scheme. It was said that the Railways will create new products and efficient logistics services for small farmers and small and medium enterprises. The portals of Udyam, e-shram, NCS, and Aseem will be inter-linked, which will widen their reach. These portals will provide G-C, B-C & B-B services. Which will include credit facilities, increasing entrepreneurial opportunities.
A significant contribution to the GDP of the country
The MSME sector, which accounts for 30 percent of the country's Gross Domestic Product (GDP) and 48 percent of the country's exports, has been devastated by the outbreak of the Corona epidemic. This is the reason that in the budget for the upcoming financial year 2021-22, the government will have to make budgetary provisions for the MSME ministry like other big ministries. 15,700 crore was allocated for the MSME sector in the last budget i.e. FY 2021-22.
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