MSME jewelers, prioritize helpful initiatives!

The Ministry of Micro, Small, and Medium Enterprises (MSME) executes a variety of plans and programs targeted at promoting and developing the country’s MSME sector. MSME Champions Scheme, Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE), Prime Minister’s Employment Generation Programme (PMEGP), Micro and Small Enterprises – Cluster Development Programme (MSE-CDP), and Raising and Accelerating MSME Performance (RAMP) are among these schemes/programs.

Furthermore, the government has launched a variety of programs to assist the MSME sector. Some of them are as follows:

1: Collateral-free loan up to Rs. 500 lakh (w.e.f. 01.04.23) to MSEs with guarantee coverage of up to 85% for various loan categories under Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) under Credit Guarantee Scheme.

2: An equity infusion of Rs. 50,000 crore through the Self-Reliant India Fund. The Government of India has provided a corpus of Rs.10,000 crore for this initiative.

3: Newly amended MSMEs classification criteria.

4: New MSMEs registration under ‘Udyam Registration for Ease of Doing Business.

5: There will be no global tenders for purchases up to Rs. 200 crore.

6: Retail and wholesale trades will be included as MSMEs as of July 2, 2021.

7: Non-tax benefits are extended for three years if an MSMEs‘ status improves.

8: Implementation of the Raising and Accelerating MSME Performance (RAMP) program, with a five-year budget of Rs. 6,000 crore.

9: Integration of the Udyam Portal and the Ministry of Labour and Employment’s National Career Service (NCS), as a result of which registered MSMEs can look for candidates on NCS.

10: Under Vivad se Vishwas – I, MSMEs received relief in the form of a reimbursement of 95% of the deducted performance security, bid security, and liquidated damages. MSMEs that had been prevented from contract execution were also given relief.

11: The Udyam Assist Platform (UAP) is launched to bring Informal Micro Enterprises (IMEs) inside the formal scope of Priority Sector Lending (PSL).

12: On September 17, 2023, the PM Vishwakarma Scheme will be launched to provide rewards to traditional craftsmen and craftspeople working in 18 trades.

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