National MSME policy soon: Kalraj Mishra
The long wait for a comprehensive policy for micro, small and medium enterprises—National MSME Policy—is all set to be over as the legislation would be out for public in the next 30 days.
Clearing the suspense over the policy, Union MSME Minister Kalraj Mishra on Tuesday said that draft of the policy is with him and he is reviewing it.
The country does not have an MSME policy till date. A one-member panel of former Cabinet Secretary Prabhat Kumar had submitted a report on formulation of the National MSME Policy to Mishra last month.
"The panel has submitted its report to us. We are currently examining it in consultation with other ministries and will soon put it out in the public domain seeking stakeholders' views," the minister said, adding that the policy will be unveiled very soon.
Talking to Millennium Post, a senior MSME Ministry official said that other ministries are being consulted on financial implications of the proposed policy, if any and it is expected to be released for public comments by the end of this month.
Besides, over 25 lakh micro, small and medium enterprises (MSMEs) have registered under the simplified Aadhaar-based registration system 'Udyog Aadhaar' introduced in September 2015, Mishra said.
The MSME Ministry has been allocated funds to the tune of Rs 6,482 crore in the Budget, an 87 per cent increase over the previous fiscal's Budget estimate, he said, adding that the corpus of the Credit Guarantee Trust Fund currently stands at Rs 7,500 crore after fresh allocation of Rs 5,000 crore, as against Rs 2,500 crore earlier.
He pointed out that 27 lakh units have benefited from the fund whereas loans worth Rs 1,23,000 crore have been disbursed by banks.
The minister said the move to reduce corporate tax to 25 per cent for firms having turnover up to Rs 50 crore will encourage MSMEs.