Home Political News 50,000 Crore Package For MSME Industry

50,000 Crore Package For MSME Industry

The Union Cabinet meeting chaired by Prime Minister Narendra Modi completed and several key decisions were made at this meeting. Corona has already brought down small and medium-sized enterprises. The Cabinet has also made a number of decisions on Unlock 1.0, along with the Lockdown 5.0 Guidelines. Meanwhile, the Centre Cabinet has taken several steps with the package to support the MSME industry. The Cabinet also approved the Equity Scheme for MSME.

Finance Minister Nirmala Sitharaman announced earlier that the MSME industries would be included in the financial package under the Rs 20 lakh crore scheme. The Cabinet has approved a package of Rs 20,000 crore for troubled MSMEs. Prakash Javadekar, the Union Minister of Finance, said that Rs.50,000 crore equity fund set up for MSMEs. Funding companies can raise funds by listing on the market.

The Cabinet also approved a credit scheme for street vendors. The central cabinet has decided to give a quick loan of Rs10,000 to help the street vendors. It will benefit 50 lakh street vendors. There are more than 6 crore MSMEs nationwide. The sector is particularly vulnerable to lockdown damage due to the coronavirus pandemic. Considering the problems, Prime Minister Modi has announced relief measures for the MSMEs.

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