The government unveiled a series of initiatives aimed at uplifting the non-farming business community and Micro, Small, and Medium Enterprises (MSMEs). Among these measures is the enhancement of Mudra loans from Rs 10 lakh to Rs 20 lakh. While presenting the Union Budget for 2024-2025 in the Lok Sabha, Finance Minister Nirmala Sitharaman clarified that this increase is available to those who have previously taken and repaid Mudra loans.
The Pradhan Mantri Mudra Yojana (PMMY), a key government program, offers microcredit of up to Rs 10 lakh to micro enterprises in the non-farming sector. This includes enterprises involved in manufacturing, trading, or services, as well as agriculture-related activities like poultry, dairy, and beekeeping. It also subsidizes these micro and small units through financial support provided by its member-lending institutions.
Moreover, the budget has accorded high priority to MSMEs and the manufacturing sector. In this regard, a credit guarantee scheme was brought out by the Finance Minister exclusively for the MSMEs in manufacturing for availing term loans for acquiring machinery. A comprehensive package has also been formulated for financing technological support to such enterprises.
Read also | Unemployment Falls to 3.2%, Economic Survey Emphasizes Job and Skill Development
