Credit guarantee scheme needs to be updated, limit increased to 10 Crores for MSMEs: PHDCCI

New Delhi, Apr 11 (KNN) Eyeing at voicing the demands of the sector, PHD Chamber of Commerce and Industry urged government to update the credit guarantee scheme for Micro, Small and Medium Enterprises (MSMEs) by increasing the credit guarantee limit from 2 crores to 10 crores.

The chamber urged that the new limit should be announced considering the need for upgradation among the MSMEs.

PHD CCI further urged the government to formulate an insurance scheme for MSMEs.

“The government must come up with an insurance scheme for micro, small and medium enterprises similar to the one under National Health Mission in order to protect the MSMEs from any forseen happenings in the future”.

The chamber further raised that despite a lot of ongoing schemes for various segments, a proper insurance scheme for the MSMEs is not in place, which results in a lot of hesitation on the part to expand their operations. (With Inputs from a news report) (KNN/DA)