Budget

Budget 2019: ₹1 crore loan for MSMEs in under 59 minutes, says Nirmala Sitharaman

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A national payment gateway for MSMEs to ease payment woes is under consideration, says the Union Finance Minister

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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Printable version | Dec 14, 2019 7:20:35 PM | https://www.thehindu.com/business/budget/budget-2019-1-crore-loan-for-msmes-in-under-59-minutes-says-nirmala-sitharaman/article28292167.ece

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