Finance Minister Nirmala Sitharaman made a big announcement for the MSME sector in the Union Budget speech on Tuesday and said that now loans up to Rs 100 crore can be given in this sector. The government has proposed a new credit scheme for small businessmen in the loan guarantee scheme for MSMEs. The Finance Minister also said that SIDBI will be able to open 24 new branches this year.
A new system announced for MSMEs
A new system was announced to ensure that the MSME sector gets easy access to bank loans during times of stress. Financial assistance will be provided to set up 50 multi-product food irradiation units in the MSME sector. Also, e-commerce export centers will be set up in PPP mode to enable MSMEs and traditional artisans to sell their products in international markets.
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