Kamal Nath amends MSME policy in Madhya Pradesh; nee policy has several sops for MSMEs
Bhopal, Jan 9 (KNN) In a bid to boost Micro Small and Medium Enterprises (MSME) in the state, Chief Minister Kamal Nath has made some changes in the new MSME Development and Startup policies- 2019.
According to new changes, the policy will now offer a raft of incentives also provide for the Ease of Doing Business (EODB) in the state.
The new MSME policy provides for a grant for building construction, besides plant and machinery, and aims at boosting participation from women entrepreneurs and those belonging to the Scheduled Castes and Tribes.
Also the grant has been raised by eight percent in case of women, scheduled castes and tribes, and 10 percent in case of women belonging to the scheduled castes and tribes from 40 per cent assistance to any new entrepreneur.
Additional incentives have also been planned to promote startups established by women and those belonging to the SC/ST classes.
Enterprises involved in export will now be provided a grant amounting to 52 percent, while an additional subsidy on electricity consumption has been made available to power-loom units of up to 20 horsepower.
The Startup policy has created a revolving seed support fund of Rs 10 crore and plans are afoot for creation of a venture funding capital of Rs 50 crore.
Provisions have also been made for providing up to Rs 50 lakh advance support for projects under the Technology Business Incubation (TBI) plan approved by the central government.