"2.5 crore MSMEs shut down...": Congress president Kharge attacks Union govt
Mar 10, 2024
New Delhi [India], March 10 : Congress President Mallikarjun Kharge launched a fresh attack at the Union Government and said that 2.5 crore MSMEs were shut down during the 10 years of the Modi government, while there was an increase of 1.3 crore MSMEs under Congress-UPA.
According to the new definition, a micro enterprise is one where the investment in plant and machinery or equipment does not exceed one crore rupees and turnover does not exceed five crore rupees; a small enterprise, where the investment in plant and machinery, or equipment does not exceed ten crore rupees and turnover does not exceed fifty crore rupees; a medium enterprise, where the investment in plant and machinery or equipment does not exceed fifty crore rupees and turnover does not exceed two hundred and fifty crore rupees.
"Contrary to what PM Modi claims, for the BJP, MSME means 'Minimum Support to Micro, Small and Medium Enterprises'. 2.5 crore MSMEs were shut down during the 10 years of Modi Govt, while there was an increase of 1.3 crore MSMEs under Congress-UPA. This is despite the redefined criteria for classifying MSMEs in 2020, which made it more inclusive," Congress President Mallikarjun Kharge posted on X.
"Isn't it because of Modi Govt's repeated assaults on economy through Demonetisation, flawed GST and ill-conceived lockdowns? Why did the total number of persons employed in MSMEs remain unchanged in the past 10 years?" the Congress President asked.
Mallikarjun Kharge claimed that in 2013-14 (Congress-UPA), 11.14 Cr people were employed in MSMEs, while in 2022-23 (Modi Govt) 11.1 crore people were employed. On May 12, 2020, PM Modi announced a special economic package worth Rs 20 lakh crores for MSMEs.
"What happened to that package? Is it not correct that out of the Rs 20,000 Cr for the Credit Guarantee Scheme for Subordinate Debt (June 2020-March 2022), only Rs 239.19 Cr was released? That means, not even 1.2% of the fund promised was used by the Modi Govt for Credit Guarantee fund and to banks. Is it not true that almost 30% of the funds under Emergency Credit Line Guarantee Scheme (ECLGS) -- another major component of the much-publicised package remains unused? Does it not hold true that out of the Rs50,000 Cr equity infusion for MSMEs through Self Reliant India (SRI) Fund, only Rs3,002.57 Cr was used for just 140 MSMEs? What happened to the remaining fund?" Congress President Mallikarjun Kharge asked further.
"Modi Govt goes hammer and tongs about the PM MUDRA Scheme meant to benefit MSMEs. Is it not a fact that the average size of loans under PM MUDRA is just Rs 52,000 as per government's own estimates despite an upper limit of Rs 10 lakh? Modi Govt is responsible for destroying the dreams and aspirations of crores of people working in the MSME sector, as they pander only to big crony firms." he posted.
"Due to MODINOMICS, MSME sector -- a potential growth engine for India stands ravaged! It is the Congress which will guarantee NYAY for the MSMEs and shall reignite the growth engine -- creating Jobs for the Youth and wealth for the Nation." he concluded.
