The approval for provisioning of Rs 20,000 crore as subordinate debt to provide equity support will benefit 2 lakh stressed MSMEs. Illustration: Dominic Xavier/Rediff.com The government on Monday approved provisioning of Rs 20,000 crore as subordinate debt to provide equity support to stressed MSMEs and proposed equity infusion of Rs 50,000 crore for units through a Fund of Funds as part of the roadmap to implement the package announced for the sector. The Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Narendra Modi also cleared the upward revision of the definition of micro, small and medium enterprises (MSMEs). It cleared enhancing the turnover limit for classifying units as “medium” units to Rs 250 crore from Rs 100 crore announced last month along with the package for the sector. The CCEA also decided that the turnover with respect to exports will not be counted in the limits of turnover for any category of MSME units whether micro, small or medium, MSME Minister Nitin Gadkari told reporters after the Cabinet meeting. The approval for provisioning of Rs 20,000 crore as subordinate debt to provide equity support to the stressed MSMEs will benefit 2 lakh such MSMEs, Gadkari said.Besides, equity infusion… Read full this story
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Govt nods Rs 20,000 cr support for stressed MSMEs, Rs 50K cr equity infusion have 246 words, post on www.rediff.com at June 1, 2020. This is cached page on Vietnam Art News. If you want remove this page, please contact us.