Beneath the Goods and Services Tax (GST) Act, Micro & Small units with revenue up to Rs. 1.5 crore can be attained privileges under the composition scheme, this was notified by Union Minister for Ministry of MSME, Mr. Nitin Gadkari in the Rajya Sabha acquainted that MSME Ministry has started the Interest Subvention Scheme for new and incremental credit to SMEs below which 2% interest subvention is granted to all qualified units having Udyog Aadhar Number (UAN) and GST registration. The banks have appointed senior-level officers to perform an in-depth investigation of the development initiated in the availability of loans to the MSMEs.
As announced by the Central Statistics Office (CSO), the percentage of MSMEs in complete Gross Value Added (GVA) throughout 2016-17 was 31.8%. As described by the Directorate General of Commercial Intelligence and Statistics (DGCIS), the portion of MSME associated goods in total exports throughout the year of 2018-19 is 48.10%. According to the 73rd round of National Sample Survey (NSS) by M/o Statistics and Programme Implementation (MoSPI), the working bodies in MSME sector are approximately 11.10 crore.
Premium Loan to the MSME sector by Private Sector Banks for the year completed March 2018 & March 2019 covers loans by Small Finance Banks also. The MSME Ministry concentrates on high-end skilling and technological assistance via the current 18 Tool Rooms/Technology hubs.
The government in India has approved the ‘Cluster Development Approach’ (CDP) as a fundamental policy for improving the productivity, competitiveness and potential growth of SMEs.