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The Centre is likely to bring in a new micro, small and medium enterprise (MSMEs) policy over the next three-four months. According to Union MSME Minister Kalraj Mishra, the policy will look to clear grey areas in the definition of MSMEs. It will also facilitate online clearances for setting up small businesses.
“We are hopeful of rolling out the MSME policy over the next three-four months. Work on it has begun,” he told reporters on the sidelines of a seminar organised by the MCC Chamber of Commerce and Industry here on Saturday.
According to Mishra, the ministry is working on setting up a Credit Guarantee Trust Fund to extend liberal packages to MSMEs. State Governments have also been urged to contribute to the scheme and help promote the sector.
“If you provide ₹100 crore for this, a collateral-free loan of ₹1,000 crore will be offered for promotion of MSME under the Credit Guarantee Fund Scheme,” he explained.
“Bank financing and marketing of products are also being looked into, he added.
The general procedures as well as procurement procedures will be vastly simplified in the new policy, according to the Minister. Steps will also be taken to ensure simplified procedures for registration of MSMEs.
The focus of the new policy, the Minister said, will also be to push entrepreneurship, encourage start-ups and bring more women entrepreneurs into the MSME sector.
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