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Budget 2019

Updated on: Wednesday, May 29, 2019, 02:54 AM IST

2% interest subvention for MSMEs on loan up to Rs 1 crore

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New Delhi: The government on Friday announced 2 per cent interest subvention for micro, small and medium enterprises (MSMEs) for loans up to Rs 1 crore. “The government has taken many steps to support the MSME sector that provides jobs to crores of people in the country. We recently announced a facility to avail Rs 1 crore loan within 59 minutes,” Finance Minister Piyush Goyal said while presenting the Interim Budget for 2019-20.

“All MSME units registered with the Goods and Services Tax (GST) will now have 2 per cent interest subvention for loans up to Rs 1 crore,” he said. Goyal said the government had also increased the share of government procurements from MSMEs through Government eMarketplace (GeM) to 25 per cent, including 3 per cent from MSMEs run by women. Till date, GeM has registered transactions of more than Rs 17,500 crore which has led to savings of 25-28 per cent.

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Published on: Friday, February 01, 2019, 01:20 PM IST
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