Viksit Bharat, translated as Developed India, is not just a vision but a call to action for every citizen. The Government of India has launched several initiatives to support entrepreneurship and the vision of Viksit Bharat. Schemes like “Make in India,” “Startup India,” and “Standup India” aim to create an ecosystem conducive to business growth.
MSMEs are vital to India’s economy, driving employment, industrial production, and exports. This blog will explore 7 government supports especially for MSMEs in India.
The Credit Linked Capital Subsidy Scheme (CLCSS) enhances technology in MSMEs by offering a 15% capital subsidy for eligible machinery and equipment. This subsidy empowers MSMEs to boost competitiveness and productivity through technological advancements.
The Credit Guarantee Fund Scheme for Micro and Small Enterprises (CGMSE) enables collateral-free credit for these enterprises, encouraging loans from financial institutions without third-party guarantees. This scheme acts as a safety net, supporting entrepreneurship by reducing the risk linked to collateral requirements.
The Technology Upgradation Fund Scheme (TUFS) boosts the competitiveness of MSMEs in the textile and jute industry by providing subsidies for technology upgrades. MSMEs in these sectors can access financial aid to adopt modern and eco-friendly technologies.
The Export Promotion Capital Goods (EPCG) Scheme supports MSMEs in enhancing their export capabilities by offering import duty exemptions on capital goods. This incentive encourages international trade, prompting MSMEs to invest in machinery and equipment to improve product quality for global markets.
The Prime Minister’s Employment Generation Programme (PMEGP) aims to create jobs in rural and urban areas by supporting new entrepreneurs in the MSME sector. It provides subsidies and financial assistance for establishing micro-enterprises, fostering a culture of self-employment.
The National Manufacturing Competitiveness Programme (NMCP) aims to boost the competitiveness of manufacturing MSMEs. It offers grants for initiatives such as Lean Manufacturing, Design Clinics, and MiniTool Rooms, allowing MSMEs to enhance their manufacturing processes and stay updated on industry trends.
The Credit Guarantee Scheme (CGS) offers collateral-free credit to micro and small enterprises, making it easier for them to access finance. This government-backed scheme allows MSMEs to confidently approach financial institutions for loans.
This dream of a self-reliant India is intricately tied to the success and prosperity of its entrepreneurs. We, as BUG, encourage Indian MSMEs to utilize Government Grants to uplift themselves in order to drive economic progress and prosperity for their business and India. After all, Indian MSME Entrepreneurs are the ones who will help achieve India’s Vision of a Trillion Economy.
Contributing To The Vision Of VIKSIT BHARAT
Mission 1 Million
MSME Digital Footprint
Bharat Udyog Gaurav
Voice of MSMEs, Future of Bharat
