New Delhi, Jagran Bureau. The government has decided to increase the loan scope of Rs 3 lakh crore declared for MSMEs under the Self-Reliant India Package. The finance ministry has raised the maximum limit for taking loans under the scheme from Rs 5 crore to Rs 10 crore. At the same time, along with entrepreneurs, professionals like doctors, chartered accountants (CA) will also be able to take this loan. Now businessmen with turnover up to Rs 250 crore will also be able to avail MSME loan. At present, only businesses with a turnover up to Rs 100 crore could take this loan.
On 20 May, the Cabinet Committee approved the Emergency Credit Line Guarantee Scheme (ECLGC). Under this, it has been decided to give loans of 3 lakh crores. To take full guarantee of this loan, the government has created a fund of Rs 41,600 crore.
Finance Minister Nirmala Sitharaman said on Saturday that under the ECLGC, it has now been decided to give loans to a particular person keeping in view the merits and conditions of the scheme. Financial Services Department Secretary D. Panda said that under this scheme, professionals like doctors and CAs will be able to take loans for their business. In lending to these professionals, the process of loan to the company will be adopted.
For taking loans under ECLGC, by February 29 this year, the business should have owed a maximum of Rs 25 crore and could take business loans up to 20 percent of that outstanding. That is, the businessman could take loans up to a maximum of 5 crores under this scheme. Panda said that the limit of 25 crores has been increased to 50 crores and its 20 percent means that the businessman can now take loans up to 10 crores. According to the Finance Ministry, as of July 29, under the ECLGC, loans worth Rs 136155 crore have been approved. Out of this, 87,227 crore has been paid.
Special meeting of council will be called on GST compensation
Finance Minister Nirmala Sitharaman said on Saturday that a special meeting of the GST Council will be called on the GST compensation issue to be given to the states. The date of this meeting will be announced soon. He informed that the advice taken from the Attorney General on the compensation issue will be discussed in the meeting. Recently, the Attorney General was consulted on whether the GST Council could take loans from the market for GST compensation of the states. Sitharaman said that the Attorney General’s advice has been received and it will be discussed in the meeting. He said that in the last meeting of the GST Council, it was agreed to consult the AG on the issue of compensation.
The Finance Minister also informed that the government will soon release the list of strategic sector. He said that the public sector will bring a policy in which the strategic sector will be defined. There will be no more than four public companies in the strategic sector.