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The Centre is likely to bring in a new micro small and medium enterprise (MSMEs) policy over the next three to four months. Work on it has already begun.
According to Kalraj Mishra, Union MSME Minister, the policy would not just look at clearing the grey areas in the definition of the MSMEs, but clearances for setting up small businesses would also be accorded online.
“We are hopeful of the rolling out the MSME policy in place over the next 3 to 4 months. Work on it has begun,” he said 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 of Credit Guarantee Trust Fund to extend liberal packages to MSME. State governments have been urged to contribute to the scheme and help promote the MSME sector.
“If you provide Rs 100 crore for this, a collateral free loan of Rs 1,000 crore would be offered for promotion of MSME under the Credit Guarantee Fund Scheme,” he said explaining the working of the scheme.
Bank financing and marketing of products are also being looked into, the Minister pointed out.
The general procedures as well as procurement procedures would be vastly simplified in the new policy.
Steps would also be taken to ensure registration of MSMEs and simplify processes relating to the same.
The focus of the new policy, he said, would also be to push entrepreneurship, encourage start-ups and bring-in more women entrepreneurs into the MSME sector.
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