Govt to extend loans to MSMEs at lower interest rates, open 500 incubation centres
Updated: Sep 17, 2014 05:18:50pm
New Delhi, Sept 17 (KNN) The MSME Ministry is planning to extend loans to the MSME sector at the base rate to make finance available at lower interest rates and also open 500 district-level incubation centres across the country to train aspiring entrepreneurs, according to the Union MSME Minister Kalraj Mishra.
He also reiterated that the definition of MSMEs will be revised and the new policy will be announced this month.
The MSME Ministry is in talks with public sector banks to extend loans to MSMEs at base rate to help the sector access vast capital from financial institutions at lower costs, Mishra today said.
“To ensure this, I am meeting the senior functionaries of banking and financial institutions at Lucknow on Thursday so that a decision is taken on this front early with their concurrence which will be duly endorsed subsequently by the Reserve Bank of India, Finance Ministry and the Prime Minister’s Office,” he said.
Further, he also mentioned about the ministry’s plan to open 500 district-level incubation centres across the country to train youth to become entrepreneurs and revitalise the MSME sector.
“We have drawn up an ambitious plan to open Incubation Centres in 500 districts across the country from the viewpoint of livelihood.
“We will also open 100 high-technology incubation centres. We want to instil confidence among unemployed youth so that they can become independent,” he said.
He said this on the sidelines of an event organized by PHD Chamber of Commerce and Industry to launch an App called the PHD-MSME App. The App has been developed with the help of students of Delhi University.
On revising the definition of MSME, he said, “We are drafting the new revised MSME policy. It should be out within a month’s time. Under the new policy, we will redefine the MSMEs and introduce a new capital limit.”
The App provides solutions to upcoming entrepreneurs and existing MSME entrepreneurs of from different segments like marketing, finance, training and capacity building, different government schemes and opportunities.
He also said the MSME Ministry is working on setting up of a Credit Guarantee Trust Fund to extend liberal packages to MSME sector and inputs have already been incorporated in the new draft MSME Policy. (KNN/SD)
He also reiterated that the definition of MSMEs will be revised and the new policy will be announced this month.
The MSME Ministry is in talks with public sector banks to extend loans to MSMEs at base rate to help the sector access vast capital from financial institutions at lower costs, Mishra today said.
“To ensure this, I am meeting the senior functionaries of banking and financial institutions at Lucknow on Thursday so that a decision is taken on this front early with their concurrence which will be duly endorsed subsequently by the Reserve Bank of India, Finance Ministry and the Prime Minister’s Office,” he said.
Further, he also mentioned about the ministry’s plan to open 500 district-level incubation centres across the country to train youth to become entrepreneurs and revitalise the MSME sector.
“We have drawn up an ambitious plan to open Incubation Centres in 500 districts across the country from the viewpoint of livelihood.
“We will also open 100 high-technology incubation centres. We want to instil confidence among unemployed youth so that they can become independent,” he said.
He said this on the sidelines of an event organized by PHD Chamber of Commerce and Industry to launch an App called the PHD-MSME App. The App has been developed with the help of students of Delhi University.
On revising the definition of MSME, he said, “We are drafting the new revised MSME policy. It should be out within a month’s time. Under the new policy, we will redefine the MSMEs and introduce a new capital limit.”
The App provides solutions to upcoming entrepreneurs and existing MSME entrepreneurs of from different segments like marketing, finance, training and capacity building, different government schemes and opportunities.
He also said the MSME Ministry is working on setting up of a Credit Guarantee Trust Fund to extend liberal packages to MSME sector and inputs have already been incorporated in the new draft MSME Policy. (KNN/SD)
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