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India's Crucial Role In Global Supply Chain Reinforced By Robust MSME Network: President Murmu

Opportunity India Desk
Opportunity India Desk Jan 31 2024 - 2 min read
India's Crucial Role In Global Supply Chain Reinforced By Robust MSME Network: President Murmu
President Murmu revealed that under Credit Guarantee Scheme for Micro and Small Enterprises (CGTMSE), guarantees totaling nearly INR 5 lakh crore have been sanctioned in recent years.

President Droupadi Murmu, in her inaugural address at the new Parliament building, highlighted the ongoing efforts to support the micro, small, and medium enterprises (MSMEs) sector in the country. She emphasized that the world recognizes India's potential to strengthen the global supply chain, attributing this belief to the country's commitment to developing a robust network of MSMEs.

Drawing attention to the Credit Guarantee Scheme for Micro and Small Enterprises (CGTMSE), the President revealed that guarantees totaling nearly INR 5 lakh crore have been sanctioned in recent years. This amount is more than six times higher than the figures from the decade preceding 2014.

The Credit Guarantee Scheme for Micro and Small Enterprises (CGTMSE) aims at motivating first generation entrepreneurs towards self-employment by providing credit guarantee funding for third-party guarantee-free/collateral free loans.

Some of the key benefits of the CGTMSE scheme include guarantee on credits for loans up to INR 2 crore, without third-party guarantee and collateral. The guarantee on coverages ranges from 75 per cent (others) to 85 per cent (micro enterprise up to INR 5 lakh). The scheme is applicable for current and aspirant entrepreneurs.

Benefiting ‘Vishwakarmas’

The President also highlighted that more than 84 lakh people have connected so far with the PM Vishwakarma Yojana launched by the Prime Minister on September 17.

"It is difficult to imagine daily life without Vishwakarma families. These families pass on their skills from generation to generation. However, due to lack of government support, our Vishwakarma companions were facing a difficult time. My government has also taken care of such Vishwakarma families. So far, more than 84 lakh people have connected with the PM Vishwakarma Yojana," Murmu said.

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