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Business News » India News

Budget 2019 announcement: 2% interest subvention for MSMEs on loan up to Rs 1 cr

"All MSME units registered with the Goods and Services Tax (GST) will now have 2 per cent interest subvention for loans up to Rs 1 crore," he said.

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Budget 2019 announcement: 2% interest subvention for MSMEs on loan up to Rs 1 cr
Till date, GeM has registered transactions of more than Rs 17,500 crore which has led to savings of 25-28 per cent. Reuters

The government on Friday announced 2 per cent interest subvention for micro, small and medium enterprises (MSMEs) for loans up to Rs 1 crore.

"The government has taken many steps to support the MSME sector that provides jobs to crores of people in the country. We recently announced a facility to avail Rs 1 crore loan within 59 minutes," Finance Minister Piyush Goyal said while presenting the Interim Budget for 2019-20.

"All MSME units registered with the Goods and Services Tax (GST) will now have 2 per cent interest subvention for loans up to Rs 1 crore," he said.

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Goyal said the government had also increased the share of government procurements from MSMEs through Government eMarketplace (GeM) to 25 per cent, including 3 per cent from MSMEs run by women.

Till date, GeM has registered transactions of more than Rs 17,500 crore which has led to savings of 25-28 per cent.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Budget 2019Finance minister Piyush GoyalMSMEs
Written By: IANS
Updated: Fri, Feb 01, 2019
12:38 pm
New Delhi, IANS
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