Budget to give thrust to MSME sector, generate employment: MSME Min Giriraj Singh
Highlighting the proposals made for the Micro, Small and Medium Enterprises (MSMEs) in the new Union Budget, Minister of State (MoS I/C) for Micro Small and Medium Enterprises (MSMEs), Giriraj Singh said that this years budget outnumbers allocation to the sector as compared to the previous years.
Singh said that the Union Budget 2018 focusses on boosting the economy by focussing on agriculture sector and takes into consideration steps to generate employment in the country.
Commenting over the Solar Charkha mission, the minister informed that the MSME Ministry has successfully rolled out a pilot project that brought in fair results, now the ministry is focussing on graduating the project into a full fledged mission.
With regard to Khadi sector the minister said that the fabric is now moving out of the khaki stores and is to hit the shops and outlets in mall, increasing its reach across sectors.
Also the government will focus on production of amino acids in the present fiscal, MSME Minister Giriraj Singh added.
Citing numbers, the Minister said that the 2018-19 budgetary allocation has gone up from 6481.96 crore in 2017-18 to 6552.61 crore in 2018-19.
The allocation for individual schemes (apart from CGTMSE) has gone up by 59 per cent.
With regard to the National Manufacturing Competitiveness Program, the minister informed that the allocation has gone up from 506 crore in 2017-18 to 1006 crores in the present budget.
Allocation under PMEGP has gone up from 1024 crore to 1800 crore for generating self employment opportunities through some 80,000 MSMEs providing employment to over 7 lakh people.
Khadi grant has gone up from 265 crore to 418 crores in the new budget. The National SC/ST Hub scheme allocation has been raised from 63 crores to 93.96 crores.
He also mentioned about the other announcements made in the budget including the extension of reduced 25 per cent corporate tax to companies reporting turnover up t0 250 crores.
Also the contribution of 8.33 per cent of EPF for new employees by the govt was announced for a period upto 3 years. (KNN/DA)