Finance Minister Piyush Goyal detailed in his budget speech in the Lok Sabha today (1 February 2019) how the current NDA government has worked to encourage entrepreneurship in the country, particularly with the Mudra loans scheme for micro and small enterprises.
He said that India's youth have turned job creators from job seekers and the country has become the second largest hub for startups.
In what would be a major fillip to new businesses, the finance minister also announced that Medium and Small Enterprises (MSME) would receive a 2 per cent interest subvention up to a loan ticket size of Rs 2 crore.
The Finance Minister also pointed out that several MSMEs were benefiting from government initiative of providing Rs one crore loan under one hour.
Goyal detailed how Rs 7.73 lakh crore has been disbursed to businesspersons in the last few years under the Mudra initiative. 75 per cent of beneficiaries under the scheme have been women, he added.
He also pointed out that amendments to Maternity Benefits act to increase the leave to 26 weeks, along with Pradhan Mantri Matritva Yojana had worked towards women empowerment.
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