Union Finance Minister Nirmala Sitharaman, in her maiden budget, announced a slew of reforms for the micro, small and medium enterprises (MSME) sector.
To facilitate easy access, loans of upto ₹1 crore will be granted to MSMEs within 59 minutes through a dedicated online portal, she said.
She added that, “Under the interest subvention scheme for MSMEs, ₹350 crores have been allocated in 2019-20 for 2% interest subvention for all GST registered MSMEs on fresh or on incremental loans.”
A national payment gateway for MSMEs to ease payment woes is under consideration, she added.
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