The government on Saturday widened the scope of the Rs 3-trillion MSME credit
The government on Saturday widened the scope of the Rs 3-trillion MSME credit guarantee scheme by doubling the upper ceiling of loans outstanding to Rs 50 crore and including certain individual loans given to professionals like doctors, lawyers and chartered accountants for business purposes under its ambit.
The tweaking of the Emergency Credit Line Guarantee Scheme (ECLGS) was done based on demand from trade bodies and in line with new MSME definition approved by the Union Cabinet in June.
Briefing the media about the changes made, Finance Minister Nirmala Sitharaman said the scheme will now include individual loans given for business purposes within the ambit of the ECLGS, subject to the eligibility criteria of the scheme.
“We have also decided to cover individual loans given to doctors, chartered accountants for business purposes under the scheme,” Financial Services Secretary Debasish Panda said.
Similar procedure as with regard to companies would be adopted to sanction loans to these…