Monday, April 12, 2021
Home Business finance Finance Minister's Announcements Will Boost MSMEs: PM Modi

Finance Minister’s Announcements Will Boost MSMEs: PM Modi

Modi praised the announcements made by the Finance Minister in a tweet

Prime Minister Narendra Modi on Wednesday hailed the announcements made by Finance Minister Nirmala Sitharaman to aid the Micro, Small and Medium Enterprises (MSMEs), which have taken a beating during the Covid-19 induced lockdown.

Modi tweeted, “Today’s announcements by FM @nsitharaman will go a long way in addressing issues faced by businesses, especially MSMEs. The steps announced will boost liquidity, empower the entrepreneurs and strengthen their competitive spirit.

He also used the hashtag ‘Atma-nirbhar Bharat Abhiyan’, which is a reference to self-reliant India, something which he vowed to turn the country into during his televised address to the nation on Tuesday night.

TV, LED panels, Finance Minister, India, import duty
Sitharaman announced to widen the definition of MSMEs and raise the investment limit on Wednesday. Wikimedia Commons

Speaking to the media here on Wednesday, Sitharaman announced to widen the definition of MSMEs and raise the investment limit. Another criteria, turnover of the company, has also been added to the required norms for classification of MSMEs.

Read More: Bars, Guest Houses Allowed to Open in Lockdown 4, Urges Goa Minister

Sitharaman also announced a collateral-free automatic loan for MSMEs of up to Rs 3 lakh crore, among other liquidity measures.

In a move to provide more scope for Indian companies, including MSMEs, the Centre has decided to disallow global firms from participating in government procurement tenders up to Rs 200 crore.

These were part of a multi-pronged approach of the government to rejuvenate the sector which has been badly hit by the suspension of economic activities in the country in the wake of the nationwide lockdown which is place to fight the Covid-19 pandemic. (IANS)

STAY CONNECTED

19,518FansLike
362FollowersFollow
1,773FollowersFollow

Most Popular

Doomsday Glacier May Be Melting Faster Than Expected

The supply of warm water to Antarctica's Thwaites Glacier, also known as the "doomsday glacier", is larger than previously thought, triggering concerns of faster...

A Better Nasal Swab For Covid-19 Testing Developed In US

A Q-tip cotton swab inserted into your nose to gauge the presence of Covid-19 infections is a pain and not a pleasant experience. Now,...

Highly-Anticipated Upcoming Action Films From The South

Action has been a perennial favorite genre among lovers of mainstream cinema, especially in the Telugu, Tamil, Kannada, and Malayalam film industries. The larger-than-life...

Pets Helped Children Manage Stress And Loneliness In The Pandemic

Family pets help children better manage feelings of stress and loneliness, which have been greatly exacerbated by virtual schooling as a result of the...

Here’s How Grey Wolves Survived The Extinction At The Last Ice Age

Grey wolves which are among the largest predators to have survived the extinction at the end of the last ice age around 11,700 years...

Digital Payments In India Sees 76% Growth In Last 12 Months

Online transactions and digital payments in the first quarter of this year saw a growth of 76 percent in the first quarter of 2010...

The Minimalist Decor Trend Is On The Rise

The minimalist decor trend has been on the rise since the global pandemic began. As the happiness quotient of people around the globe has...

More Breastfeeding Likely To Lower Risk Of Cardiovascular Diseases

Women who breastfeed more during their reproductive years are less likely to gain weight and build up fat around their abdomen or around the...