Incentives announced by GoI for MSMEs will boost industrial production: Bikram Singh

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Shimla. Industries and Labour & Employment Minister Bikram Singh has hailed the economic package announced for the nation by Prime Minister Narendra Modi.

Industries Minister said here that the announcements made by the Union Finance Minister Nirmala Sitharaman for Micro, Small and Medium Enterprises (MSME) will benefit Himachal Pradesh and would boost industrial production.

Bikram Singh said that at present there are about 55 thousand MSME industrial units in Himachal Pradesh. It constitutes 98 percent of the total units and the MSMEs have 93 percent share in employment generation.

MSMEs contribute 85 percent share of the total industrial production. Thus Himachal Pradesh is an MSME state.

The Industries Minister said that as per the announcements made, the investment limit for micro category has been enhanced from Rs. 25 lakh to Rs. one crore and the turnover limit has been fixed upto Rs. one crore, this would benefit the small entrepreneurs.

Similarly, the investment limit has been enhanced from Rs 5 crore to Rs 10 crore for small scale industries and from Rs. 10 crore to Rs. 20 crore for medium scale industries, which is beneficial for the medium enterprises.

Bikram Singh said that MSME industries would have to repay the loan of Rs. 3 lakh crores in four years and debt-ridden small scale industries would be given loan of Rs. 20 thousand crore rupees without any guarantee.

This would provide funds to the entrepreneurs for the obtaining raw materials and other expenses to grow their business.

He said that the tenders up to Rs 200 crore would now no longer be a global tender. This will increase domestic industrial production.

This will directly benefit MSME units. There will be no guarantee fees till 31st October 2020 and would be benefiting 45 lakh units.

The Industries Minister said that the availability of e-market link would facilitate the units of MSMEs in selling their products.

Under the Pradhan Mantri Garib Kalyan Yojana, the period of depositing the amount in the provident fund account of the employees by the Government of India has been extended by three months, he added.

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