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CGTMSE empowers 79.5 lakh MSEs with Rs 5.33 tn, govt boosts MSME R&D initiatives
Industry News- Dec 15,23
Maharashtra received the highest amount at Rs 62,807 crore, followed by Uttar Pradesh at Rs 52,998 crore, Karnataka at Rs 43,120 crore, Tamil Nadu at Rs 42,270 crore, and Gujarat at Rs 42,162 crore, among others.
Since its establishment in 2000 until November 30, 2023, the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) has sanctioned guarantees to 79,53,694 Micro and Small Enterprises, totaling Rs 5,33,587 crore under the program.
Maharashtra received the highest amount at Rs 62,807 crore, followed by Uttar Pradesh at Rs 52,998 crore, Karnataka at Rs 43,120 crore, Tamil Nadu at Rs 42,270 crore, and Gujarat at Rs 42,162 crore, among others.
CGTMSE facilitates credit guarantees for Micro and Small Enterprises (MSEs) from Member Lending Institutions (MLIs) without requiring collateral or third-party guarantees.
Minister of State for Micro Small and Medium Enterprises, Bhanu Pratap Singh Verma, provided this information in a written response to the Lok Sabha.
The MoS emphasised various government initiatives to foster Research and Development (R&D) in the MSME sector, including the MSME Innovative Scheme of the Ministry of MSME, Atal Innovation Mission (AIM) by NITI Aayog, NIDHI-inclusive Technology Business Incubator (NIDHI-iTBI) Programme by the Department of Science and Technology (DST), and Regulatory Sandbox by the Reserve Bank of India (RBI).
Additionally, he pointed out the establishment of testing and research laboratories by the Ministry of MSME, Defence Research Development Organisation (DRDO), Ministry of Food Processing Industries, and Ministry of Textiles.
Under the MSME Innovative (Incubation) Scheme, a component of the MSME Champions scheme, 533 ideas have been approved for nurturing and development, receiving a government grant of Rs 43.30 crore over the last three years (2021-22, 2022-23, and 2023-24).
The Ministry of MSME operates 10 Tool Rooms and 8 Technology Development Centres to provide consultancy and R&D support to MSMEs. Furthermore, the Department of Science and Technology supports entrepreneurs nationwide, offering infrastructure and lab facilities to help turn their ideas into marketable products.
Source: The Statesman
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