Government Unveils Rs 22,137 Crore Package for MSME Growth

In the provisional budget for the year 2024, an earmarked fund of Rs 22,137.95 crore has been allocated to bolster the Micro, Small, and Medium-scale Enterprises (MSMEs) sector. Emphasizing the significance of supporting these enterprises, Union Finance Minister Nirmala Sitharaman outlined the government's commitment to providing timely financial support, relevant technologies, and necessary training for the growth and global competitiveness of MSMEs.

A substantial portion of the allocation, amounting to Rs 450 crore, is designated for the establishment of new technology centers. Additionally, Rs 400 crore is allocated for the Micro and Small Cluster Development Program, while the PM Vishwakarma scheme is set to receive Rs 4,824 crore. The coir sector has been allocated Rs 103.10 crore.

The government's focus in the technology sector is on resource-efficient and green technologies. While aspiring to foster greenfield manufacturing projects and facilitate the rapid growth of MSMEs, these allocations are strategically aimed at addressing critical needs within the MSME sector. The proposed budget reflects a commitment to enhancing the infrastructure and capabilities of MSMEs through the establishment of clusters and technology centers, fostering innovation, and promoting sustainable practices.

News by Rahul Yelligetti