MSMEs to overcome the challenges

Jul 24, 2023

In order to help the MSMEs to overcome the challenges such as formal credit, employment generation, direct selling to the Government, quality manufacturing, micro-credit access, lack of awareness faced by them, Government of India has taken several measures across the country.

Which inter alia include Prime Minister’s Employment Generation Programme (PMEGP), Micro and Small Enterprises-Cluster Development Programme (MSE-CDP), Credit Guarantee Scheme for Micro and Small Enterprises (CGTMSE), Raising and Accelerating MSME Performance (RAMP) scheme, Self-Reliant India (SRI) Fund Scheme, Procurement and Marketing Support Scheme, etc.

The Government of India has taken number of steps to meet the challenges of MSMEs to achieve the goal of five trillion economy of the country. Some of these steps include Launched the Champions 2.0 for MSMEs, Self-Reliant India (SRI).

Fund for MSMEs, MSME Champion Scheme for providing assistance and subsidy to MSME, Budget 2023-24 announced the infusion of Rs. 9,000 crore in the corpus of Credit Guarantee Fund Trust for Micro & Small Enterprises to enable an additional credit of Rs. 2.00 lakh crore with reduced cost of credit, Central Sector Scheme.

Raising and Accelerating MSME Performance (RAMP) aims at strengthening Institutions and governance of MSME programme at the Centre and States, and increasing MSME sector’s access to credit and market, and increasing firm capabilities through technology upgradation, greening initiatives, reducing incidence of delayed payments, Amendment in Section 43B of the Income Tax Act, 1961 vide Finance Act 2023, etc.

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