Cabinet approves ₹50,000 crore fund of funds for MSMEs

Cabinet approves ₹50,000 crore fund of funds for MSMEs

Hindustan Times

The cabinet on Monday approved the expanded definition of micro, small and medium enterprises (MSMEs) and finalised modalities for the Rs 20,000 crore subordinate debt for stressed units, and Rs 50,000 crore fund to boost growth of the sector—moves that will help more companies benefit from a package announced for small and medium companies, and also relieve the financial stress on them.

The upward revision of MSME definition is broadly on the lines of that detailed in the Rs 21 lakh crore Atmanirbhar Bharat (Self-reliant India Initiative) package announced on May 13, but for one change - the turnover limit of'medium manufacturing and service units have been further raised to Rs 250 crore, according to an official statement.

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