Ministry of MSMEs planning to increase funding limit for borrowers


MSMEThursday, September 04, 2014: Union Minister for micro, small and medium enterprises Kalraj Mishra has told that the ministry is considering to increase funding limit under the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) scheme for borrowers.

At an event, organised by Indo-American Chamber of Commerce and Ramnagar Industrial Area Association, Mishra said, “We are mulling over increasing the funding limits under CGFT/CGTMSE scheme for borrowers. We are endeavouring to re-define the MSME sector in which funding limits in this scheme were decided way back in year 2006 and today it is year 2014; so funding limits need to be changed and increased.” More and more people will be encouraged by the MSME ministry to take initiatives as entrepreneurs and set up own units in this sector. The government ensures full financial as well as moral support to them.

The minister said, “I take the responsibility to encourage entrepreneurs of our country and will give them a full backing by supporting them at all quarters.” He also added that the MSME ministry aimed to promote rural entrepreneurship and women entrepreneurs are mostly encouraged by the government. Mishra also emphasised the importance of solar energy as it’s capable of saving electricity and fuel. The cottage industry’s decline has caused severe unemployment programme and Mishra said that this industry needs to be revived urgently. He also assured NDA government’s efforts to set up improved infrastructure and on-time transport facility so that Indian business firms never lag behind their global counterparts.

The NDA government wants to see India as a manufacturing hub and also promotes more export of quality products across the world. The agricultural industry also requires rapid growth and Mishra added, “Rising unemployment in the country can only be decreased and removed through the skill development programme for youths and the MSME ministry is thriving to achieve it.”