Jharkhand draft MSME policy proposes interest subsidy of 5% to new units

Posted under: MSME
Date: 2023-11-17
Jharkhand draft MSME policy proposes interest subsidy of 5% to new units

The Jharkhand government on Wednesday released the draft MSME Policy 2023 which proposed an interest subsidy of 5 percent per annum for new MSMEs on timely payment of loans availed from public financial institutions or banks for five banks from the date of commercial production. The maximum limit would be Rs 25 lakh for micro units, Rs 1 crore for small enterprises, and Rs 2 crore for medium enterprises. The guarantee fee charged under the Credit Guarantee Trust for Micro and Small Enterprises (CGTMSE) scheme to MSEs will be reimbursed to the enterprises in order to improve the CGTMSE coverage for collateral-free loans in the state. The Draft Policy has suggested a dedicated directorate of MSME at the state level and a District MSME Centre (DMC) in every district of the state. The draft policy also proposed to launch the Jharkhand MSME Special Concession Act 2023 to provide exemptions to MSMEs from all approvals and inspections.

Read more at: knnindia.co.in