MSME Minister Narayan Rane launched a special scheme for informal micro enterprises
Team Current Hunt
MSME Minister Narayan Rane launched a special scheme for informal micro enterprises (IMEs).
An Rs 20 lakh scheme under the government’s Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) for GST-exempted micro-units has been launched by MSME Minister Narayan Rane.
The scheme ‘Special Provision for Informal Micro Enterprises under Credit Guarantee Scheme’ help in providing credit support to micro or nano enterprises from lenders.
Under this scheme, 85 per cent guarantee cover will be provided to lenders for unsecured loans up to Rs 20 lakh to IMEs registered on the Udyam portal.
Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) was launched in the year 2000. It provides guarantees to lenders for collateral-free loans to micro and small enterprises.
In the current fiscal year, Rs 1.50 lakh crore of guaranteed amount has been disbursed as compared to Rs 1.04 lakh crore in FY23.
The finance minister Nirmala Sitharaman in her budget 2023 speech had announced a Rs 9,000 crore fund infusion in the CGTMSE corpus.
