{"id":305393,"date":"2024-07-24T18:15:38","date_gmt":"2024-07-24T12:45:38","guid":{"rendered":"https:\/\/forumias.com\/blog\/?p=305393"},"modified":"2024-07-24T18:15:38","modified_gmt":"2024-07-24T12:45:38","slug":"credit-guarantee-scheme-for-msmes","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/credit-guarantee-scheme-for-msmes\/","title":{"rendered":"Credit Guarantee Scheme for MSMEs"},"content":{"rendered":"<p style=\"text-align: justify;\">Source- This post on the<strong> Credit Guarantee Scheme for MSMEs<\/strong>\u00a0has been created based on the article \u201c<a href=\"https:\/\/indianexpress.com\/article\/business\/budget\/budgets-big-msme-push-new-credit-rating-mechanism-for-smaller-units-mudra-loan-limit-hiked-9470224\/\" target=\"_blank\" rel=\"noopener\">Budget\u2019s big MSME push: New credit rating mechanism for smaller units; Mudra loan limit hiked<\/a>\u201d published in \u201cIndian Express\u201d on 24 July 2024.<\/p>\n<div class=\"content user-select-text\" style=\"text-align: justify;\" role=\"heading\" aria-label=\"Sent by Copilot: The **Global Conclave on Plastic Recycling and Sustainability (GCPRS)** is currently underway at the **Bharat Mandapam, Pragati Maidan** in Delhi. This four-day event brings together experts from India and abroad to address pressing concerns related to plastic waste management, recycling, and sustainability. The conference aims to promote circularity and discuss innovative solutions for a more sustainable future. Notable attendees include Secretary of the Union Ministry of Chemicals and Fertilizers, **Smt. Nivedita Shukla Verma**, and Joint Secretary of the Union Ministry of Micro, Small and Medium Enterprises, **Smt. Mercy Epao**[^1^] [^3^]. Topics covered include advances in biodegradable plastics, circular economy principles in waste management, and policy frameworks affecting plastics use and recycling[^2^]. Let me know if you need more information! \ud83d\ude0a\">\n<div class=\"ac-container ac-adaptiveCard has-image\">\n<div class=\"ac-textBlock\">\n<h2>Why in the news?<\/h2>\n<\/div>\n<\/div>\n<\/div>\n<p style=\"text-align: justify;\">Finance Minister Nirmala Sitharaman recently unveiled several key measures aimed at boosting Micro, Small, and Medium Enterprises (MSMEs).<\/p>\n<h2 style=\"text-align: justify;\">About Credit Guarantee Scheme for Machinery<\/h2>\n<p style=\"text-align: justify;\">1. A new credit guarantee scheme for purchasing machinery and equipment without collateral or third-party guarantees has been introduced.<\/p>\n<p style=\"text-align: justify;\">2. The scheme will pool credit risks of MSMEs, providing a guarantee cover of up to Rs 100 crore per applicant through a self-financing guarantee fund.<\/p>\n<p style=\"text-align: justify;\">3. Borrowers will need to pay an upfront guaranteed fee and an annual fee based on the reducing loan balance.<\/p>\n<h2 style=\"text-align: justify;\">Measures to boost Micro, Small, and Medium Enterprises<\/h2>\n<p style=\"text-align: justify;\">1. Public Sector Banks (PSBs) will now assess credit eligibility for MSMEs themselves and this will eliminate the need for external assessments.<\/p>\n<p style=\"text-align: justify;\">2. The new model will rely on the digital footprints of MSMEs, providing a significant improvement over traditional methods based on asset or turnover criteria.<\/p>\n<p style=\"text-align: justify;\">3. This model will also cover MSMEs without formal accounting systems, broadening the scope of eligible enterprises.<\/p>\n<p>4. The limit for Mudra loans under the PM Mudra Yojana has been increased from Rs 10 lakh to Rs 20 lakh for entrepreneurs who have successfully repaid previous loans under the \u2018Tarun\u2019 category.<\/p>\n<p style=\"text-align: justify;\"><strong>UPSC Syllabus: Indian Economy<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source- This post on the Credit Guarantee Scheme for MSMEs\u00a0has been created based on the article \u201cBudget\u2019s big MSME push: New credit rating mechanism for smaller units; Mudra loan limit hiked\u201d published in \u201cIndian Express\u201d on 24 July 2024. Why in the news? Finance Minister Nirmala Sitharaman recently unveiled several key measures aimed at boosting&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/credit-guarantee-scheme-for-msmes\/\">Continue reading <span class=\"screen-reader-text\">Credit Guarantee Scheme for MSMEs<\/span><\/a><\/p>\n","protected":false},"author":10366,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1566,3127],"tags":[11872,10500],"class_list":["post-305393","post","type-post","status-publish","format-standard","hentry","category-daily-factly-articles","category-economy","tag-9pm-daily-factly","tag-indian-express","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/305393","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10366"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=305393"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/305393\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=305393"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=305393"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=305393"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}