New Delhi, July 5 (KNN) In the Budget Speech underway, Union Finance Minister Nirmala Sitharaman made several announcements for MSME sector so far.

She said the government will create a payment platform for Micro, Small and Mediun Enterprises (MSMEs). The payment system will enable filing of bills and payment on the platform itself.

Au niform payments platform to contractors and suppliers including MSMEs will be created.

Further, she said an allocation of Rs 350 crore for 2% interest subvention for all GST-registered MSMEs on fresh or incremental loans has also been made in the Union Budget 2019-20.

In addition, she announced “Credit Guarantee Enhancement Corporation will be set up in 2019-20.”

In her opening remarks, she said “Mega programmes that we initiated in the first five years will now be further accelerated.”

She added that between 2014 and 2019, the government has provided rejuvenated Centre-state dynamic, cooperative federalism, GST Council and a strident commitment to fiscal discipline; set the ball rolling for a New India.

Sitharaman highlighted efforts taken by the Modi government to improve the lives of common man.