MSMEs get only Rs.40cr out of Rs.625cr interest subsidy - TOI.
Dear all,
Your association SIMA is forwarding herewith Articles published in The Times of India, Mumbai Edition, dated 13.12.2019.
1. MSMEs get only Rs.40cr out of Rs.625cr interest subsidy: TOI
Small businesses have received a mere Rs 30-40 crore earmarked as 2% subsidy, a year after the government announced the scheme for micro, small and medium enterprises (MSMEs) registered to pay goods and services tax (GST).
The Interest Subvention Scheme, announced last November, is meant to provide subsidy on an incremental, fresh term and working capital loans taken from banks for five months in 2018- 19 and 2019-20. The government had allocated Rs 275 crore for the last financial year, while another Rs 350 crore is earmarked for the current financial year. Financial institution Sidbi, the agency responsible for implementing the scheme, did not comment when contacted on Thursday evening.
To read the full article PLEASE CLICK HERE.
2. Industrial output contracts for 3rd month in a row: TOI
Industrial output contracted for the third successive month in October, dragged down by a sluggish manufacturing sector, while retail inflation soared to a near three-and-a-half-year high in November on the back of double-digit food inflation fuelled by vegetable prices. The two datasets unveiled by the National Statistical Office (NSO) on Thursday highlighted more pain for the economy, already in the grip of a severe slowdown.
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Thanking you,
With regards,
For Silvassa Industries & Manufacturers Association
Narendra Trivedi
Secretary
