Nirmala Sitharaman to provide easy access to credit for MSMEs said that allocation of Rs. 350 crore, under the interest subvention scheme, is for 2% interest subvention for all MSMEs registered under GST on all new as well as incremental loans.
Also, the government is considering a launch of a payments portal dedicated exclusively for MSMEs such that all payments related issues can be addressed on the portal itself. "Government payments to suppliers and contractors are a major source of cash flow especially to MSMEs. Investment in MSMEs will receive a big boost if delays in payments are eliminated."
Under a new scheme named Pradhan Mantri Man Dhan scheme, the government announces providing pension benefit to 3 crore shopowners with annual turnover of less than Rs. 1.5 crore.