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#Budget2019 MSMEs In Focus: Pension Scheme For Shopowners, Special Payment Portal, Interest Subvention For MSMEs In Tow
Women work in a small village industry in Kerala
Recognising the significant role of private entrepreneurship in national job and wealth creation, the 2019 Union Budget has began with sops for the nation’s Micro, Small and Medium Industries (MSMEs).
The newest Pradhan Mantri Karm Yogi Man Dhan Scheme, will offer pension benefits to 3 crore shopowners in the country with annual turnover less than Rs 1.5 crore. While providing social security to such business owners, it will also unlock greater investments by such businesses into their institutions.
A new interest subvention scheme for the MSMEs has also been announced, through which 2 per cent interest subvention will be provided to all GST-registered MSMEs on new and incremental loans taken up by these firms. Rs 350 crore have been allocated for the scheme.
The government has also announced that a new portal will soon be institutionalised for payments specially for MSMEs.
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