The government has started different plans to help manufacturing in the country.
The main focus is on supporting small businesses, and they created the Credit Guarantee Fund Trust in 2000 for this.
This trust has helped around 8 million small business owners, providing benefits totaling Rs 5.33 trillion.
It not only created jobs but also boosted manufacturing. The government spent about Rs 43 crore to promote new ideas.
The Union Minister of State, Bhanu Pratap Verma, shared in the Lok Sabha that over 79.53 lakh small and medium business owners have received assistance through this trust until November 2023. They are expected to receive Rs 5.33 trillion through this scheme.
Maharashtra, Uttar Pradesh, and Tamil Nadu received the most assistance.
Maharashtra got a guarantee of Rs 62,807 crore, Uttar Pradesh received Rs 52,998 crore, and Tamil Nadu got Rs 42,270 crore.
Under this scheme, small business owners don’t need to provide collateral or third-party guarantees to get a loan.
The ministry is also working on promoting new ideas in the country. The government is trying to turn new ideas into reality and launch them in the market.
They have approved 533 ideas for further development, spending Rs 43.30 crore on them in the last three years.
Bhanu Pratap Verma mentioned that the government is making efforts to boost research and development in the MSME sector.
Several schemes are running for this purpose, and research labs have been established in collaboration with various ministries.
