In the address of Interim Budget 2019, Finance Minister Shri. Piyush Goyal made several announcements for the promotion of Micro Small and Medium scale Enterprises. The Department of Industrial Policy and Promotion has now been renamed to Department of Promotion of Industries and Internal Trade. All matters related to promotion of internal trade, welfare of traders, matters related to their employees including retail trading will now be referred to “Department of Promotion of Industries and Internal Trade”.
Shri. Goyal said that MSMEs who are registered with GST will get rebate of 2% on interest on loans up to 1 Crore.
Highlighting the significant role and positive impact of Government e-Marketplace (GeM) Shri. Goyal said, “GeM, created by our government two years ago, has transformed public procurement by making it fully transparent, inclusive and efficient,”
Shri. Goyal also said that the GeM platform is now being extended to all Central Public Sector Enterprises. He noted that this move will open many doors of opportunity for MSMEs from across the country. GeM is now a significant platform for the MSMEs to sell their products and services.
To encourage and promote MSME businesses, Shri. Goyal said that the government has raised the requirement of sourcing from MSMEs by government enterprises to 25%, of which at least 3% will be procured from Women-lead businesses.
These key steps taken by Modi government will definitely lead to increased business opportunities for MSMEs and in-turn to remarkable growth in employment figures.
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