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India’s FM Assigns Rs. 900 Cr Debt-Funding for MSMEs

India budget 2020 MSME

India’s FM Assigns Rs. 900 Cr Debt-Funding for MSMEs

  

India’s Finance Minister Nirmala Sitharaman presented the Union Budget 2020 and announced an array of schemes and steps for micro, small, and medium enterprises (MSMEs) and for small businesses. Budget 2020 proposes to give a push to the manufacturing of electronic equipment, mobile phones, and semiconductor packaging. The FM also said that this could also be utilized for uplifting the manufacturing of medical devices.

In Jan this year, the Union MSME minister Nitin Gadkari had mentioned that his department had a plan to establish five parks for manufacturing low-cost medical devices in India. A National Technical Textiles Mission has also been announced in the Budget 2020, which would have a four-year execution period with an outlay of Rs 1,480 crore. The FM said that a National Logistics Policy would also be soon released to form a single window e-logistics market and ensure that the MSMEs become competent. In addition, for achieving a higher export credit, soon a new scheme would be launched to offer higher insurance cover and lessen the premium particularly for small exporters. It would also ease the process of claim settlements.


  

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