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Centre approves Rs 20,000 crore to provide equity support to Micro, Small, Medium Industries; Credit facility for hawkers approved

Vishnu Vasisht

Farmers will get time to repay loans till August.

The Union Cabinet met on Monday 1 June 2020 under the chairmanship of Prime Minister Narendra Modi. Many important decisions were taken in this meeting. In the meeting, a big loan scheme has been announced for street vendors and small scale businesses. The Urban Housing Ministry has launched a special micro-loan scheme. Through this, small shops or street vendors can take loans. This plan will last for a long time. More than 50 lakh shopkeepers will get the benefit of this.

Decisions regarding MSMEs

Decisions have been taken for those working on the road with MSMEs. There are more than 60 million MSMEs across the country. After the coronavirus epidemic, PM Modi, considering the importance of this sector, has decided to allocate for MSMEs.

Roadmap has been released under the Atma Nirbhar Bharat package. The definition of MSMEs has been changed for the first time in 14 years. Rs 20,000 crore package has been approved for MSMEs stuck in debts.

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Micro - Increased to Rs 1 crore of investment and Rs 5 crore of turnover.

Small - Increased to Rs 10 crore of investment and Rs 50 crore of turnover.

Medium - Increased to Rs 20 crore of investment and Rs. 100 crore of turnover.

Medium manufacturing and service - Rs. 50 crore of investment and Rs 250 crore of turnover.

Prakash Javadekar said that an investment of Rs 50,000 crore has been announced for MSMEs. This is the first time that this has happened. In this, companies can raise money by listing themselves in the market.

Credit scheme for street hawkers has been approved. It has been named 'PMSVANidhI', Pradhan Mantri Street Vendor's AtmaNirbhar Nidhi. 50 lakh hawkers will get loans upto Rs 10,000.

The government will run a massive awareness program for street vendors to benefit from this scheme. Through this program, how to get this loan, where will it be obtained and what will be the conditions, will be told about.

A mobile app and portal has also been created by the government for awareness. Through this too, street vendors and shop owners will be able to know about this scheme.

Meanwhile, The min. support prices for Kharif crops have been increased to 50-83%. Farmers will get time to repay loans till August.

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