Finance Minister Nirmala Sitharama launches Mutual Credit Guarantee Scheme for MSMEs

Union Minister for Finance and Corporate Affairs Nirmala Sitharaman yesterday launched the Mutual Credit Guarantee Scheme for MSMEs in Mumbai. The finance minister said that this will boost the MSMEs which were focussed upon in the last three budgets. The scheme will facilitate loans up to 100 crore rupees to MSMEs for purchase of machinery or equipment without collateral.

The Minister highlighted that India is delivering good returns to investors



who are booking profits. Replying to a question, she said that India now has an environment where investments are yielding good returns. She added that the government has supported the defence manufacturing sector through favourable policies.

This has resulted in India’s defence exports surging to over 24 thousand crores rupees, and Maharashtra is developing as a hub for defence manufacturing.