Highlights of Union Budget 2019-20 – MSMEs

MSMEs Sector

New Delhi, July 5 (IANS) Union Finance Minister Nirmala Sitharaman in her
maiden Budget Speech on Friday announced sops for various sectors.

The key highlights are as follows:

Measures related to MSMEs:

  • Pradhan Mantri Karam Yogi Maandhan Scheme
  • Pension benefits to about three crore retail traders & small shopkeepers with annual turnover less than Rs. 1.5 crore.
  • Enrolment to be kept simple, requiring only Aadhaar, bank account and a self declaration.
  • Rs 350 crore allocated for FY 2019-20 for 2 per cent interest subvention (on fresh or incremental loans) to all GST-registered MSMEs, under the Interest Subvention Scheme for MSMEs.
  • Payment platform for MSMEs to be created to enable filing of bills and payment thereof, to eliminate delays in government payments.
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