Tag: MSME

Union Minister for Micro, Small and Medium Enterprises (MSME) Nitin Gadkari told the Rajya Sabha on Thursday that the government would come out with a new definition of MSMEs, which are currently defined on the basis of investment in plant and machinery. Sinha committee appointed by the Reserve Bank of India, including the setting up a “fund of funds” for the sector. The MSME sector currently contributed 24% of the GDP growth and 48% of exports, with an annual turnover of Rs. 1 lakh crore this year. A target of Rs.5 lakh crore in five years had been set.

The Reserve Bank of India (RBI) has exempted banks from maintaining cash reserve ratio (CRR) for loans to retail and micro, small and medium enterprises for five years, if these loans are extended between January 31 and July 31, 2020.

The Ministry of Ministry of Micro, Small and Medium Enterprises (MSME) implemented a new scheme named “Scheme of Fund for Regeneration of Traditional Industries”(SFURTI). Under this scheme, financial support will be given toset up traditional industries clusters  Khadi, Coir & Village industries clusters. SFRUTI objectives:  Traditional industries to be set up in India in a period of 5 yearsand make the industries more profitable. Launch year: The scheme was first launched in 2005 to boost cluster development by MSME. Objective: The main objective of SFURTI is to make sustainable development, employment and strengthen governance systems for traditional rural industries. service.

The newly formed Cabinet Committee on Investment and Growthheld its first meeting as the government looked at boosting spending to bring back a sputtering economy on track. The panel has four other members -- Home Minister Amit Shah, Highways and MSME Minister Nitin Gadkari, Finance Minister Nirmala Sitharaman and Commerce & Railways Minister Piyush Goyal.