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LATEST NEWS UPDATES | The Great MSME Stimulus Muddle -Kulwinder Singh Sethi

The Great MSME Stimulus Muddle -Kulwinder Singh Sethi

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published Published on Jun 11, 2020   modified Modified on Jun 16, 2020

-Newsclick.in

The Rs 3 lakh crore credit guarantee scheme for micro, small and medium enterprises is unclear, contradictory and practically difficult to implement. The scheme may create more problems than it solves.

On May 12, in his televised address to the nation, Prime Minister Narendra Modi announced the Atma Nirbhar Bharat Abhiyan or the “campaign to make India self-reliant,” comprising what was claimed to be a Rs 20 lakh crore package to revive the Indian economy reeling from the effects of an economic recession exacerbated by the all-India lockdown due to the COVID-19 pandemic.

The following day, on May 13, at a media conference, Union Finance Minister Nirmala Sitharaman announced a Rs 3 lakh crore Emergency Credit Line Guarantee Scheme for Micro, Small and Medium Enterprises (MSMEs). Almost a month after the scheme was announced, it is apparent that it lacks clarity, suffering from multiple blind spots and contradictions.

Bankers are in a quandary. Even as the government is wanting banks to lend more to MSMEs and the promoters have queued up to avail of “emergency” credit facilities, banks are finding it practically difficult to implement the scheme. This article seeks to explain why this is happening.

Please click here to read more.


Newsclick.in, 11 June, 2020, https://www.newsclick.in/Great-MSME-Stimulus-Muddle-Covid-19-Modi-Atma-Nirbhar-Bharat-Abhiyan


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