MSME Ministry receives 4.40 lakh applications

Updated on : Feb 02,2017   6:48 pm

New Delhi, Feb 2 (IANS) The Union Ministry of Micro, Small and Medium Enterprises (MSMEs) received 4.40 lakh applications from entrepreneurs seeking assistance for setting up a business, Minister of State for MSME Haribhai Parthibhai Chaudhary said here on Thursday.

"I recently took a meeting of small entrepreneurs in Mumbai and received applications from 4.40 lakh entrepreneurs for setting up new industries," the minister said while addressing an Assocham National Summit on 'Digital Payment: The paradigm shift.'

Chaudhary said the MSME Ministry was allocated funds worth Rs 6,500 crore, which was more than the amount of Rs 5,000 crore demanded by the sector.

"This budget has provided a lot of support to the MSMEs firstly by almost doubling the allocation, now the small entrepreneur will get collateral free loans worth up to Rs two crore, presumptive tax reduction of two percentage points to six per cent are laudable steps that would help strengthen the sector," the minister added.

The minister said these positive steps are in the right direction aimed at increasing job generation in the MSME sector, adding that promotion to digital payments in this sector will spur the growth of MSMEs.

In addition, Chaudhary sought the MSME industry's views and suggestions on the Goods and Services Tax (GST).