Economic Package 2.0: MSMEs get bigger; definition changed, loans made easier and more

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www.financialexpress.com 13 May, 2020

Economic package 2.0 will bring immediate relief for MSME and migrant workers

This economic package is for our cottage industry, home industry, our small-scale industry, our MSME : PM Modi

Definitions of MSMEs changed and investment revised upwards

  • Classification – Manufacturing and Servies
  • Micro – investment less than Rs 1 crore and turnover less than Rs 5 crore
  • Small – Investment less than Rs 10 crore and turnover of less than Rs 50 crore
  • Medium – Investment less than Rs 20 crore and turnover less than Rs 100 crore

Collateral free loans for MSMEs announced by the Finance Minister

Collateral-free automatic loan to be up to Rs 3 lakh crore will be given out to the MSMEs with a time frame of 4 years with 12 moratorium. 45 lakh MSMEs are to benefit from this scheme. Eligible must have turnover of Rs 100 crore.

Read more at: https://bit.ly/3ctYkZL

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