Madhya Pradesh CM Kamal Nath amends MSME policy to promote entrepreneurship in the state

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Madhya Pradesh CM Kamal Nath amends MSME policy to promote entrepreneurship in the state

Chief Minister of Bhopal, Kamal Nath, has introduced a number of amendments to the new MSME Development and Startup policies – 2019, in order to promote Micro, Small, and Medium Enterprises (MSME) in the state.

As part of the amendments, the policy will also provide several incentives for the Ease of Doing Business (EODB) in Bhopal.

It also offers a grant for building construction and plant and machinery, and is driven by its goal of enhancing participation from women entrepreneurs, including those belonging to the Scheduled Castes and Tribes.

Furthermore, the amount of the grant has been increased by eight percent for women and scheduled castes and tribes, and 10 percent for women belonging to the scheduled castes and tribes.

A number of other incentives are also being discussed, which are expected to support and promote startups by women and individuals belonging to the SC/ST classes. Organisations involved in the export business will receive a grant amounting to 52 percent, while power-loom units of up to 20 horsepower will receive an additional subsidy on electricity consumption.

Under the Startup policy, a revolving seed support fund of Rs 10 crore has been created, with plans for setting up a venture funding capital of Rs 50 crore.

Lastly, guidelines have also been created for offering advanced financial support of up to Rs 50 lakh for projects which form a part of the the Technology Business Incubation (TBI) plan approved by the central government.

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