FM charts 4-pronged strategy for SME sector

In a bid to boost small and medium-sized enterprises, Finance Minister P. Chidambaram on Monday charted a four-pronged strategy for the sect...

In a bid to boost small and medium-sized enterprises, Finance Minister P. Chidambaram on Monday charted a four-pronged strategy for the sector’s development, including bringing in a legislation and doubling bank credit to Rs 1,35,000 crore in five years.

Unveiling the country’s first dedicated credit rating agency for SMEs (SMERA), he said the SME Development Bill would be taken up for passage in Parliament in the winter session.

The Bill, which was earlier introduced in the house and also placed before a parliamentary committee, was aimed to benefit the SME units in the country, he said here.

Story continues below this ad

The Finance Minister said flow of credit to SSI and tiny sector was targeted to be doubled in five years. The limit for credit-linked capital subsidy scheme too would be enhanced from Rs 40 lakhs term loan to Rs 1 crore, while the percentage would be simultaneously enhanced from 12 to 15 per cent. A notification for this is expected shortly, Chidambaram said.

SMERA was another important aspect of the government’s broad plan to boost SME, he added.

SME Development Bill to be passed in next session: Chidambaram

COIMBATORE: Finance Minister P. Chidambaram on Monday said the small and medium enterprises (SME) Development Bill would be passed during the next Parliament session. The Bill, which was earlier introduced in the house and also placed before a Parliamentary committee, was aimed to benefit the SME units in the country, he said. The government was particular that the Bill should be passed during the next session of Parliament, he said. PTI

Donald Trump may replace H-1B lottery with wage-based selection process

World8 hr ago

Days after hiking the fees for new H-1B applications to $100,000, the Donald Trump administration has proposed to overhaul the visa process for high-skilled non-immigrant workers. The Trump administration has suggested a wage-based selection process for the H-1B programme, instead of the current lottery system.

View all shorts

Live Blog