Applaud Finance Minister's bold initiatives under PM Modi's leadership in reviving MSME sector: EAM Jaishankar
May 14, 2020
New Delhi [India], May 14 : External Affairs Minister (EAM) S Jaishankar on Thursday lauded Finance Minister Nirmala Sitharaman's 'bold initiatives' for reviving the MSME sector.
"Foreign Policy begins at home. A strong economy allows our voice to be heard in the world. Applaud FM @nsitharaman's bold initiatives under PM @narendramodi's leadership in reviving the MSME sector. This is the backbone of the economy. We must never allow it to be hollowed out," EAM said in a tweet.
"Also appreciate the support provided to stressed sectors of the economy. India is today driven by a new vision, a stronger purpose and a deeper commitment. A self-reliant India has more to offer to the world," he added.
Finance Minister Nirmala Sitharaman on Wednesday announced a series of liquidity measures for millions of small businesses reeling under the impact of COVID-19 lockdown, including collateral-free automatic loans worth Rs 3 lakh crore.
Borrowers with up to Rs 25 crore outstanding and Rs 100 crore turnover will be eligible. These loans will have a four-year tenure and have a moratorium for 12 months on principal payment.
There will be a 100 per cent credit guarantee cover to banks and non-banking finance companies on principal and interest. The scheme can be availed till October 31.
"This will enable 45 lakh micro, small and medium enterprise (MSME) units to resume business activity and also safeguard jobs," said Sitharaman.
