MSME Ministry receives 4.40 lakh applications from entrepreneurs

The Union Ministry of Micro, Small and Medium Enterprises (MSMEs) received 4.40 lakh applications from entrepreneurs seeking assistance for setting up a business, Minister of State for MSME Haribhai Parthibhai Chaudhary said here on Thursday.

The minister said while addressing an Assocham National Summit on 'Digital Payment: The paradigm shift' that he recently took a meeting of small entrepreneurs in Mumbai and received applications from 4.40 lakh entrepreneurs for setting up new industries.

Chaudhary said the MSME Ministry was allocated funds worth Rs 6,500 crore, which was more than the amount of Rs 5,000 crore demanded by the sector.

This budget has provided a lot of support to the MSMEs firstly by almost doubling the allocation, now the small entrepreneur will get collateral free loans worth up to Rs two crore, presumptive tax reduction of two percentage points to six per cent are laudable steps that would help strengthen the sector, the minister added.

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