December 11, 2020: In light of the stress caused by the COVID-19 pandemic on the MSME industry, the government will provide 15 percent of the equity to successful MSMEs and those with a good record of GST and income tax and bank turnover to facilitate them to go raise funds in the capital market, Minister of Micro, Small and Medium Enterprises and Minister for Road Transport and Highways Nitin Gadkari said.
“Presently we are all facing the problem due to COVID-19. We need liquidity investment in MSME and investment in MSME is very attractive, hence we ruled out a soft loan of Rs 3 lakh crore,” Gadkari said at an event organised by The Ministry of External Affairs for the run-up to the Pravasi Bhartiya Divas (PBD) Convention 2021.
Speaking at the event, Gadkari noted that there is an immediate need for investments into the MSME sector. He also noted that the government is taking measures to make the system transparent and bring timebound results for the investors. MSMEs have created 11 crore jobs in the country, the minister noted.
Speaking in regard to the efforts being made in the transport sector, Gadkari remarked: “It is very important that the ports are connected to roads by highways and expressways. At the transport level, we are making the best efforts to reduce logistics cost.”
Gadkari said India will give priority to flex-engine vehicles like Brazil, the USA and Canada. He also pointed out that the government has given permission to manufacture ethanol from rice to manufacture alcohol-based hand sanitisers and for blending with petrol.
Source: money control
