New Delhi, July 5 (KNN) ‘Make in India’, with particular emphasis on Micro, Small and Medium Enterprises (MSMEs), is one of the major focus areas of the Union Budget this year, said Ministry of MSME in its press statement.

The Union Minister of Finance and Corporate Affairs Nirmala Sitharaman announced various proposals aimed at strengthening the sector.

For ease of access to credit for MSMEs, Government has introduced scheme for providing of loans up to Rs 1 crore within 59 minutes through a dedicated online portal. Under the Interest Subvention Scheme, Rs. 350 crore has been allocated for FY 2019-20 for 2% interest subvention for all GST registered MSMEs, on fresh or incremental loans.

Government has introduced scheme for providing loans up to Rs 1 crore within 59 minutes through a dedicated online portal for ease of access to credit for MSMEs.

Minister further informed that the government has decided to extend pension benefit to about three crore retail traders and small shopkeepers whose annual turnover is less than Rs.1.5 crore under a new scheme named Pradhan Mantri Karam Yogi Maandhan Scheme (PMKYMS).

She also announced that under the Scheme of Fund for Up gradation and Regeneration of Traditional Industries’ (SFURTI) 100 new clusters will be set up during 2019-20 enabling 50,000 artisans to join the economic value chain.

The Minister further said that the Scheme for Promotion of Innovation, Rural Industry and Entrepreneurship’ (ASPIRE) would be consolidated for setting up of 80 Livelihood Business Incubators (LBIs) and 20 Technology Business Incubators (TBIs)in 2019-20 to develop 75,000 skilled entrepreneurs in agro-rural industry sectors.

Budget says that the government will support private entrepreneurships in driving value- addition to farmers’ produce from the field and for those from allied activities.