Recognizing that credit availability is a challenge for the MSMEs sector, Finance Minister Arun Jaitley has said that the amendments to the Companies Act, 2013 which is being considered by Parliament, will help ease institutional fund flow to the sector. He said that one of the key challenges for the micro, small and medium enterprises (MSME) sector, which can be termed as the backbone of the Indian economy, is credit flow.
He added that Amendment to the Companies Act, 2013 will help ease institutional fund flow to the MSMEs sector. Noting that MSMEs creates several times more jobs than the organised and large corporates, the FM said it is effort of the government to create conducive environment for the sector to grow.
Finance Minister (FM) lunched MSME Database portal and Finance Facilitation portal. This database portal will help to save the efforts and money required for physical census as the previous census conducted in 2008 cost Rs 50 crore and is expected to be completed in just around Rs 1 crore.
MSME Minister Kalraj Mishra said MSME Database portal will not only help save the efforts and money required for physical census but will also enable the MSME units and the various association to furnish data on a clock of the button and sitting in their units. It will provide real time information on various types of the MSMEs registered on the databank. He further said a decision has been taken that no grant or subsidy will be given to any MSME unless the data is captured in the portal.
