Union Cabinet Decisions On MSME And Agricultural Sectors DT- 01.06.2020
Union Ministers Prakash Javadekar, Nitin Gadkari and Narendra Singh Tomar addressed the media on the decisions made at Cabinet dated 01st day of June, 2020.
Key Highlights:
ABOUT MSME
CABINET APPROVES REVISION IN DEFINITION OF MSMES
- Cabinet approves Rs 20,000 crore distressed assets fund for MSMEs
- The scheme provides debt facility of up to 15 percent of the promoter contribution or Rs 75 lakh to the promoters.
- Union Cabinet clears new definition of MSMEs, limit raised to Rs 250 crore
New Definitions – Enterprises:
- Rs 50,000 crore equity investment assistance for MSMEs
- Cabinet clears a credit scheme for street vendors. Scheme for street vendors is called PM SVANIDHI
OTHER INITIATIVES:
- Farmers will get time till August 31 to repay their loans, and those who clear their dues can avail loans at a 4 percent interest rate.
- Norms for loans to farmers under Kisan credit card scheme have been eased.
- Cabinet approves hike in minimum support price (MSP) for 14 crops. Farmers will get 50-83 percent more than the cost for kharif crops.
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Source : Media Press Release
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