The launch of a new credit guarantee scheme for the MSME sector covering loans up to Rs 100 crore will help attract more investments, promote manufacturing and boost the country's exports, exporters say.
They said that the exporting community's lack of adequate financing for capital investments has long been a challenge for MSMEs, restricting their ability to scale and compete in global markets.
On January 29, the government launched the Mutual Credit Guarantee Scheme for MSMEs (MCGS- MSME) with an aim to provide 60 per cent guarantee coverage by National Credit Guarantee Trustee Company Ltd (NCGTC) to Member Lending Institutions (MLIs) for credit facility of up to Rs 100 crore sanctioned to eligible MSMEs for purchase of equipment/machinery, the finance ministry said in a statement.
The story "MCG scheme for MSMEs to boost investment, manufacturing, exports: Exporters" has 639 words across 18 sentences, which will take approximately 3 - 6 minutes for the average person to read.
Which news outlet covered this story?
The story "MCG scheme for MSMEs to boost investment, manufacturing, exports: Exporters" was covered 14 hours ago by Business Standard, a news publisher based in India.
How trustworthy is 'Business Standard' news outlet?
Business Standard is a fully independent (privately-owned) news outlet established in 1975 that covers mostly business and finance news.
The outlet is headquartered in India and publishes an average of 324 news stories per day.
It's most recent story was published 2 hours ago.
What do people currently think of this news story?
The sentiment for this story is currently Neutral, indicating that people are not responding positively or negatively to this news.
How do I report this news for inaccuracy?
You can report an inaccurate news publication to us via our contact page. Please also include the news #ID number and the URL to this story.
