Govt lines up Rs 90 billion for MSME outreach and support programme

Modi announced a Rs 60-billion package for creating 20 hubs and 100 tool rooms for technology upgrade for MSMEs

The government has earmarked around Rs 90 billion for the Micro Small and Medium Enterprises (MSME) outreach and support programme, which was announced by Prime Minister Narendra Modi on Friday. 

For the interest subvention schemes, the government expects expenditure of Rs 27 billion, a senior finance ministry official said.

The PM had said that all goods and services tax (GST) registered small and medium companies will get a 2 per cent interest subvention on fresh or incremental loans valued up to Rs 10 million. For this scheme, the government has earmarked Rs 11 billion. For exporters, the interest rebate was