Updated By: LatestGKGS Desk
Budget 2018: MSMEs allocated Rs. 3,764 crores for Credit Support & Innovation
Budget 2018: MSMEs allocated Rs. 3,764 crores for Credit Support & Innovation
Union Finance Minister Arun Jaitley has presented the General Budget- 2018-19 on 1st Feb 2018 in Parliament, New Delhi.
Arun Jaitely pronounced an allocation of Rs. 3,794 crores for the Micro and Small Medium Enterprises (MSMEs) sector for credit support, capital and interest subsidy on innovation.
Arun Jaitely made this move in accordance with envisioning the importance of MSMEs as growth escalators and employment generators.
Arun Jaitley also proposed the reduced corporate tax at the rate of 25% to companies that have a turnover up to Rs 250 crore in the financial year 2016-17. This will aid MSMEs with profit which accounts for 99% of companies filling their tax returns. Later, he added this would create more jobs and generate more income.
Arun Jaitley also conferred to renovate the online loan sanctioning facilities for MSMEs to enable triggering decision making by banks.
Arun Jaitley concluded that working capital is important for MSMEs, which got adversely affected by the introduction of demonetisation and GST, therefore, the government is envisaging the policies which will benefit the MSMEs and enhance overall Industrial growth.
