Sitharaman to meet heads of banks on Feb 22; on credit scheme for MSMEs: Report
1 year, 10 months ago

Sitharaman to meet heads of banks on Feb 22; on credit scheme for MSMEs: Report

Hindustan Times  

The finance ministry has called a meeting of heads of public sector banks and top four private sector lenders to review the progress of the emergency credit line guarantee scheme to help businesses affected by COVID-19. ECLGS was announced as part of the Atmanirbhar Bharat Package in May 2020 with the objective to help businesses including MSMEs to meet their operational liabilities and resume businesses in view of the distress caused by the COVID-19 crisis, by providing banks, 100 per cent guarantee against any losses suffered by them due to non-repayment of the funding by borrowers. Subsequently, the Union Budget 2022-23 announced extension validity of the Scheme up to March 2023 and increase in the limit of guaranteed cover of ECLGS by ₹50,000 crore to a total cover of ₹5 lakh crore, with the additional amount being earmarked exclusively for the enterprises in hospitality and related sectors. Finance Minister Nirmala Sitharaman in the latest Budget said, "Last year, I proposed revamping the credit guarantee scheme for MSMEs.

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History of this topic

Nirmala Sitharaman Says MSMEs Will Get Collateral Free Loans Of Up To Rs 100 Crore Via New Credit Model
Trending News
1 month, 2 weeks ago

Nirmala Sitharaman Says MSMEs Will Get Collateral Free Loans Of Up To Rs 100 Crore Via New Credit Model

ABP News  

Union Finance Minister, Nirmala Sitharaman, on Saturday said that a new credit assessment model by public sector banks will be rolled out soon. This model will help the Ministry of Micro, Small and Medium Enterprises get collateral-free loans of up to Rs 100 crore. Speaking at the National MSME Cluster Outreach Programme in Bengaluru, the FM said that the problems …

‘MSMEs took ₹999 cr. from NSIC VC Fund till July’
3 months, 1 week ago

‘MSMEs took ₹999 cr. from NSIC VC Fund till July’

The Hindu  

Micro, small and medium enterprises have taken ₹999 crore investments till July this year from the NSIC Venture Capital Fund, which has a corpus of ₹10,000 crore as ‘mother fund’, according to the National Small Industries Corporation. P. Ravi Kumar, chief general manager of the National Small Industries Corporation, said in Coimbatore on Tuesday that as part of the Self-Reliant …

MSMEs still out of mainstream institutional credit, shows survey
4 months ago

MSMEs still out of mainstream institutional credit, shows survey

Deccan Chronicle  

Hyderabad: In a downturn when tighter monetary conditions affect governments and companies, small and medium sized businesses bear brunt as the resultant delay in bill payments squeezes these enterprises financially. Though several measures were taken by the government and the Reserve Bank of India, micro, small and medium scale enterprises are perennially starved of institutional credit. Though the government has …

Budget Opens More Avenues of Credit For MSMEs
5 months ago

Budget Opens More Avenues of Credit For MSMEs

Deccan Chronicle  

Chennai: Realising their potential in job creation, the Budget has formulated a package for MSMEs providing credit guarantees, new assessment criteria, and support during times of stress to spur growth and improve their competitiveness. The government has proposed a Credit Guarantee Scheme for MSMEs in the manufacturing sector, which will facilitate term loans to MSMEs for the purchase of machinery …

MSME data will help policy-making, finds economic survey
5 months ago

MSME data will help policy-making, finds economic survey

Deccan Chronicle  

Chennai: Improving the availability of data regarding the health of MSMEs will help policy-making, finds the Economic Survey. Updated IIP, production and employment data of MSMEs, information on credit disbursement, and industry-wise financial flows are some of them. Further, there should be information on industry-wise gross disbursement of bank credit as opposed to the data on outstanding credit currently available, …

Finance Ministry’s Latest Report Highlights 8% Industrial Growth Trajectory Fuelled by Make in India, PLI & MSMEs
10 months, 3 weeks ago

Finance Ministry’s Latest Report Highlights 8% Industrial Growth Trajectory Fuelled by Make in India, PLI & MSMEs

News 18  

The recently released ‘The Indian Economy – A Review’ by the Department of Economic Affairs, Finance Ministry, has revealed a notable surge in industrial growth, showcasing a likely 8% per annum growth trajectory for the triennium ending March 2024. The report attributes this growth to strategic government initiatives, particularly emphasizing the success of ‘Make in India’, the Production-Linked Incentive scheme, …

The Need to Bolster Institutional Low-Cost Credit to MSMEs
10 months, 3 weeks ago

The Need to Bolster Institutional Low-Cost Credit to MSMEs

News 18  

The Micro, Small and Medium Enterprises are critical to unlocking the potential of India envisioned under the ‘Make in India’ campaign. The Parliamentary Standing Committee on Finance, in its report titled ‘Strengthening Credit Flows to the MSME Sector’, exposes the fact that less than 40 per cent of MSMEs avail credit from formal financial systems, and therefore depend on costly …

FIEO seeks support for MSME exporting units
1 year, 2 months ago

FIEO seeks support for MSME exporting units

The Hindu  

The Federation of Indian Export Organisations has sought extension of the Emergency Credit Linked Guarantee Scheme till the end of March next year. In a meeting with Union Finance Minister Nirmala Sitharaman recently, FIEO president A. Sakthivel said the scheme that was introduced during the spread of COVID-19 was helpful to the Micro, Small and Medium-scale Enterprises. Hence, the scheme …

Revamped credit scheme to provide additional collateral-free credit for MSMEs
1 year, 10 months ago

Revamped credit scheme to provide additional collateral-free credit for MSMEs

Live Mint  

With her fifth budget, Finance Minister Nirmala Sitharaman proposed a special focus on the Micro, Small, and Medium Enterprises sector in the Union Budget 2023. The finance minister announced a revamped credit guarantee scheme to provide MSMEs with more collateral-free credit. According to the FM, the updated Credit Guarantee Scheme for MSMEs would go into operation on April 1, 2023, …

Budget 2023: New Revamped Credit Guarantee Scheme Worth Rs 9,000 Cr for MSMEs from April 1, Says FM
1 year, 10 months ago

Budget 2023: New Revamped Credit Guarantee Scheme Worth Rs 9,000 Cr for MSMEs from April 1, Says FM

News 18  

A revamped credit guarantee scheme for MSMEs with an outlay of Rs 9,000 crore will be launched from April 1, Finance Minister Nirmala Sitharaman said on Wednesday. An integrated IT portal will be launched for reclaiming unclaimed shares and dividends, she said, adding the government would also set up a single window system for registrations and approvals in IFSC Gift …

Govt to launch revamped credit guarantee scheme worth Rs 9,000 cr for MSMEs, says FM
1 year, 10 months ago

Govt to launch revamped credit guarantee scheme worth Rs 9,000 cr for MSMEs, says FM

Firstpost  

New Delhi: A revamped credit guarantee scheme for MSMEs with an outlay of Rs 9,000 crore will be launched from 1 April, Finance Minister Nirmala Sitharaman said on Wednesday. An integrated IT portal will be launched for reclaiming unclaimed shares and dividends, she said, adding the government would also set up a single window system for registrations and approvals in …

Govt to launch revamped credit guarantee scheme worth Rs 9,000 cr for MSMEs: FM
1 year, 10 months ago

Govt to launch revamped credit guarantee scheme worth Rs 9,000 cr for MSMEs: FM

Deccan Chronicle  

New Delhi: A revamped credit guarantee scheme for MSMEs with an outlay of Rs 9,000 crore will be launched from April 1, Finance Minister Nirmala Sitharaman said on Wednesday. An integrated IT portal will be launched for reclaiming unclaimed shares and dividends, she said, adding the government would also set up a single window system for registrations and approvals in …

NPA percentage under ECLGS stood at 3.9% of loan guaranteed: MoS Finance Bhagwat Karad
2 years ago

NPA percentage under ECLGS stood at 3.9% of loan guaranteed: MoS Finance Bhagwat Karad

The Hindu  

The percentage of Non-Performing Assets of loan accounts under the ECLGS stood at ₹13,964.58 crore, or 3.89% of the loan guaranteed, Parliament was informed on Monday. Replying to a question, Minister of State for Finance Bhagwat Karad said the Emergency Credit Line Guarantee Scheme introduced in May 2020 as part of Aatmanirbhar Bharat Abhiyaan, had benefited 1.19 crore borrowers with …

Credit to MSMEs gathers pace, but needs a tech push
2 years, 2 months ago

Credit to MSMEs gathers pace, but needs a tech push

Live Mint  

Bank credit to micro, small and medium enterprises has fluctuated for most of the pandemic. Traditionally, public sector banks led credit disbursement to MSMEs, with a 50% share prior to 2019. iPhone sales in India headed for another record IT companies likely to slash campus hiring in FY24 What lies next for India’s shaky exports story Marico’s Q2 update fails …

Cabinet clears ₹50,000-crore boost for hospitality sector
2 years, 4 months ago

Cabinet clears ₹50,000-crore boost for hospitality sector

Hindustan Times  

New Delhi: The Union Cabinet on Wednesday enhanced the corpus of sovereign-guaranteed credit facility for small enterprises, Emergency Credit Line Guarantee Scheme, from ₹4.5 lakh crore to ₹5 lakh crore, exclusively for the hospitality sector. Union finance minister Nirmala Sitharaman in her Budget speech this year announced that the scheme for micro, small medium enterprises will be extended by one …

MSME sector records credit growth of 14% in 2022-23, says SBI Research report
2 years, 4 months ago

MSME sector records credit growth of 14% in 2022-23, says SBI Research report

Firstpost  

SBI Research said in its weekly report ‘Ecowrap’ that the sector has expanded by Rs 52,800 crore against degrowth of Rs 61,000 crore during the similar period of the previous year New Delhi: Credit growth to the Ministry of Micro, Small & Medium Enterprises sector has expanded by Rs 52,800 crore in the current financial 2022-23 year against degrowth of …

Innovations can plug the growth capital gap of MSMEs
2 years, 5 months ago

Innovations can plug the growth capital gap of MSMEs

Live Mint  

India has over 7.9 million micro, small and medium enterprises, as of 27 March 2022, as reported by the MSME Ministry. The credit gap translates into a ‘growth capital gap’, especially for innovative and high-growth MSMEs seeking a radical pivot in their business models or overseas expansion. While RBI will need to make it mandatory for all MSMEs and large …

Budget 2022: Govt's big emergency credit push | Top points
2 years, 10 months ago

Budget 2022: Govt's big emergency credit push | Top points

India Today  

Finance Minister Nirmala Sitharaman in her Budget 2022 speech on Tuesday announced that the Emergency Credit Line Guarantee Scheme that provided much needed additional credit to over 1.3 crore MSMEs will be extended till March 2023. Considering these aspects, the ECLGS will be extended up to March 2023 and its guarantee cover will be expanded by Rs 50,000 crore to …

Budget 2022: Govt extends ECLGS scheme for MSMEs till March 2023
2 years, 10 months ago

Budget 2022: Govt extends ECLGS scheme for MSMEs till March 2023

India TV News  

Highlights FM Sitharaman said guarantee cover under ECLGS has been expanded by Rs 50,000 crore to Rs 5 lakh cr The additional amount under ECLGS will be exclusively earmarked for hospitality & related segment The scheme has provided much needed additional credit to over 1.3 crore MSMEs The Emergency Credit Line Guarantee Scheme that provided much needed additional credit to …

Budget 2022: Govt extends ECLGS scheme till March 2023, guarantee cover expanded
2 years, 10 months ago

Budget 2022: Govt extends ECLGS scheme till March 2023, guarantee cover expanded

News 18  

Finance minister Nirmala Sitharaman in her Budget 2022 has announced that the ECLGS scheme will be extended till March 2023. In order to support Covid-hit MSMEs further, the government in September had announced an extension of its Emergency Credit Line Guarantee Scheme till 31 March, 2022, or till guarantees for an amount of Rs 4.5 lakh crore are issued under …

Steps should be taken in Budget to ensure hassle-free credit to MSMEs: PHD Chamber
2 years, 10 months ago

Steps should be taken in Budget to ensure hassle-free credit to MSMEs: PHD Chamber

Deccan Chronicle  

New Delhi: Steps should be taken in the upcoming Union Budget to ensure hassle-free credit availability to industry, particularly for MSMEs, and reduce the costs of doing business, said Pradeep Multani, President, PHD Chamber of Commerce and Industry. PHD Chamber President suggested for extension in the timeline of the Emergency Credit Line Guarantee Scheme for another year till 31st March …

ECLGS extension to benefit more MSMEs in Coimbatore district
3 years, 2 months ago

ECLGS extension to benefit more MSMEs in Coimbatore district

The Hindu  

The Central government’s decision to extend the Emergency Credit Line Guarantee Scheme till March 2022 is expected to benefit the Micro, Small and Medium-scale Enterprises in the district. Ramesh Babu said the association had sought extension of the scheme till March 2022. However, J. James, president of the Tamil Nadu Association of Cottage and Tiny Enterprises, said several micro and …

Nirmala Sitharaman announces new COVID-19 stimulus measures: From Rs 23,220 cr for public health to free 5 lakh tourist visas, key highlights
3 years, 5 months ago

Nirmala Sitharaman announces new COVID-19 stimulus measures: From Rs 23,220 cr for public health to free 5 lakh tourist visas, key highlights

Firstpost  

Nirmala Sitharaman press latest news: conference Key highlights: Today finance minister has announced, From Rs 23,220 cr for public health to free 5 lakh tourist visas, FM announces 8 major relief measures to boost COVID-affected sectors Addressing a press conference on Monday, Union finance minister Nirmala Sitharaman announced a slew of relief measures including an Rs 1.1 lakh crore loan …

Amid COVID, Rs 50,000 Cr Relief for Health Sector: FM Sitharaman
3 years, 5 months ago

Amid COVID, Rs 50,000 Cr Relief for Health Sector: FM Sitharaman

The Quint  

The FM announced eight economic relief measures amounting to Rs 6,28,993 crore on Monday, out of which four are new and one is specific to health infrastructure. Schemes for scaling of existing relief measure such as the Emergency Credit Line Guarantee Scheme and support for state governments were also revealed, along with four new measures focused on providing loans to …

FM Nirmala Sitharaman announces Rs 1.1 lakh crore loan guarantee scheme for Covid-hit sectors
3 years, 5 months ago

FM Nirmala Sitharaman announces Rs 1.1 lakh crore loan guarantee scheme for Covid-hit sectors

India Today  

Finance Minister Nirmala Sitharaman on Monday announced a credit guarantee scheme worth Rs 1.1 lakh crore for Covid-affected sectors. READ: Finance Minister Sitharaman's Rs 6.28 lakh crore Covid stimulus package | 8 announcements She also said that the interest rate on the new credit guarantee scheme is two per cent below the RBI prescribed rate, with a loan duration of …

Finance Minister Sitharaman's Rs 6.28 lakh crore Covid stimulus package | 8 announcements
3 years, 5 months ago

Finance Minister Sitharaman's Rs 6.28 lakh crore Covid stimulus package | 8 announcements

India Today  

Union Finance Minister Nirmala Sitharaman held a press conference on Monday to announce a Rs 6.28 lakh crore stimulus package. Expansion of healthcare infrastructure Sitharaman said apart from the credit guarantee scheme for the healthcare sector, an amount of Rs 23,220 crore has been earmarked for expansion of medical infrastructure for one year. Rs 1.1 lakh crore loan guarantee scheme …

91 lakh guarantees issued till Jan 25 under ECLG scheme: Nitin Gadkari
3 years, 10 months ago

91 lakh guarantees issued till Jan 25 under ECLG scheme: Nitin Gadkari

Live Mint  

MSME Minister Nitin Gadkari on Monday said under the Emergency Credit Line Guarantee Scheme, around 91 lakh guarantees have been issued till January 25 this year. In a written reply to the Rajya Sabha, he said during the current financial year, a total number of 31,923 units were setup under the ongoing Prime Minister Employment Generation programme and 5,21,746 guarantees …

Banks Sanctions Rs 1.86 Lakh Cr to 50 Lakh MSMEs Under Credit Guarantee Scheme
4 years, 2 months ago

Banks Sanctions Rs 1.86 Lakh Cr to 50 Lakh MSMEs Under Credit Guarantee Scheme

News 18  

The Finance Ministry on Thursday said banks have sanctioned loans of about Rs 1.86 lakh crore to 50 lakh business units under the Rs 3-lakh crore Emergency Credit Line Guarantee Scheme for the MSME sector, impacted by slowdown due to the coronavirus pandemic. "As reported on 29.09.2020, by 12 Public Sector Banks, top 24 Private Sector Banks & 31 NBFCs, …

Credit guarantee extended to larger firms, self-employed
4 years, 4 months ago

Credit guarantee extended to larger firms, self-employed

The Hindu  

The Centre has expanded its credit guarantee scheme for micro, small and medium enterprises to cover loans given to larger firms, as well as to self-employed people and professionals who have taken loans for business purposes, Finance Minister Nirmala Sitharaman said on Saturday. ₹87,000 crore disbursed So far, banks have approved ₹1.36 lakh crore worth of loans to 40 lakh …

Govt Widens Ambit of Rs 3 Lakh Crore MSME Credit Guarantee Scheme
4 years, 4 months ago

Govt Widens Ambit of Rs 3 Lakh Crore MSME Credit Guarantee Scheme

News 18  

The government on Saturday widened the scope of the Rs 3-lakh crore MSME credit guarantee scheme by doubling the upper ceiling of loans outstanding to Rs 50 crore and including certain individual loans given to professionals like doctors, lawyers and chartered accountants for business purposes under its ambit. The finance minister said that the intended changes are likely to expand …

PSBs sanction ₹19,668 cr loans to 71 MSME hubs under credit guarantee scheme
4 years, 5 months ago

PSBs sanction ₹19,668 cr loans to 71 MSME hubs under credit guarantee scheme

Live Mint  

The Finance Ministry on Friday said public sector banks have sanctioned ₹19,668.87 crore to 71 MSME hubs across the country under the ₹3-lakh crore Emergency Credit Line Guarantee Scheme. "As of July 15, #PSBs have sanctioned loans worth ₹19,668.87 crore for 71 #MSME hubs in 27 States/UTs under the 100% Emergency Credit Line Guarantee Scheme, of which ₹12,871.50 crore has …

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