Govt approves changes in Interest Subvention Scheme guidelines for MSMEs

Micro, Small and Medium Enterprises (MSME) Minister Nitin Gadkari has approved the changes in the Interest Subvention Scheme guidelines for MSMEs. He said, the modifications are expected to boost their productivity through access to credit at reduced cost. He also said, the government is committed to enhancing credit to MSME sector and the implementation of the scheme is being closely monitored to help MSMEs get incremental credit of upto one crore rupees with Interest Subvention of two per cent by government.

The Interest Subvention Scheme for MSMEs was launched by Prime Minister Narendra Modi in November, last year.

The modifications to the scheme include settlement of claims based on internal or concurrent auditor certificate and submission of statutory auditor’s certificate once by June, 2020. Requirement of Udyog Aadhar Number, UAN is dispensed with for units eligible for GST. Trading activities without UAN have been made eligible. The Ministry said, the improvements are set to provide momentum giving fillip to the MSME sector.

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