MSME firms to get support from new government policy

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 MSMEMonday, September 1 2014: A new policy will be introduced soon for the micro, small and medium enterprises sector and it has been ensured by the Union MSME minister Kalraj Mishra that the policy will be announced in next four months. The minister was speaking on the sidelines of a workshop on small and medium entrepreneurs in Hyderabad.

The minister told reporters, “A committee will be set up with officials from the ministry of MSME, finance ministry and the RBI to chalk out a new policy for the small scale sector by studying the policies of different states within India and abroad.” There are complaints coming in the SMEs face difficulties in securing bank lending. Responding to such complaints the minister said that a credit guarantee fund has been set up for MSMEs.

This fund will provide up to Rs 10 million of collateral free loan. Mishra added, “We will sit with bank representatives and try to eliminate the bottlenecks plaguing government schemes.” He also said that the state should also start monitoring the implementation of government schemes as the industry falls under the state primarily. He announced that an online clearance system will also be launched soon to ease the registration of MSMEs.

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