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2009-10-26

SMEs to benefit from subvention scheme

A new targeted interest subsidy scheme is being worked out for industries that have high employment generation potential. This scheme will benefit the micro, small and medium firms, which have the pot

A new targeted interest subsidy scheme is being worked out for industries that have high employment generation potential. This scheme will benefit the micro, small and medium firms, which have the potential to generate employment.

 

The scheme would cover all those sectors where credit flow by banks has not been up to the mark. However, the interest of the banks has also been protected by linking the subventions to their performance.

 

At present, exporters in the MSME segment are given concessional interest rate on bank finance. However, the MSME industry, which contributes 45% of the country’s industrial output and employs 42 million people, has demanded that interest subvention be extended to the domestic units as well.

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