The Modi government has been working tirelessly to empower Micro, Small, and Medium Enterprises (MSMEs) for success. The government's efforts are focused on providing maximum support to MSMEs, which is reflected in the Prime Minister's statement, "For us, MSME means Maximum Support to Micro Small and Medium Enterprises".
Key Initiatives
Revised MSME Definition: The government has revised the definition of MSMEs to ensure that they continue to receive benefits and support even as they grow and expand.
Mudra Yojana: The Mudra Yojana has been instrumental in providing loans to MSMEs without guarantees. So far, about Rs 19 lakh crore has been disbursed under this scheme, benefiting over 6 crore entrepreneurs.
GeM Portal: The government has created the GeM (Government e-Marketplace) portal to provide MSMEs with a platform to sell their products and services to the government.
Prime Minister's Employment Generation Programme: This program has been revamped to provide employment opportunities to over 30 lakh people, with a focus on MSMEs.
RAMP Scheme: The government has launched the RAMP (Raising and Accelerating MSME Performance) scheme worth Rs 6000 crore to support MSMEs.
Benefits to MSMEs
Increased Access to Credit: The government's initiatives have made it easier for MSMEs to access credit, with loans being provided without guarantees.
Simplified Regulatory Framework: The government has simplified regulatory processes, reducing bureaucratic hurdles and encouraging entrepreneurship.
Enhanced Competitiveness: The government's initiatives have helped MSMEs become more competitive, both domestically and globally.
Increased Employment Opportunities: The government's initiatives have created employment opportunities for over 30 lakh people, with a focus on MSMEs.
Empowering Women Entrepreneurs
Mudra Yojana: The Mudra Yojana has been particularly beneficial for women entrepreneurs, with about 70% of the loans disbursed under this scheme going to women.
PM Svanidhi Yojana: The PM Svanidhi Yojana has provided loans to street vendors, including women, without guarantees.
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