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The Centre approves a Rs 1,536 crore loan to Assam’s MSMEs.

The Centre approves a Rs 1,536 crore loan to Assam's MSMEs.

The Centre approves a Rs 1,536 crore loan to Assam’s MSMEs. The Centre has sanctioned about Rs 1,536 crore for Assam’s Micro, Small, and Medium Enterprises (MSMEs). Under the Atmanirbhar Bharat Abhiyan to assist in the rehabilitation of the state’s most severely impacted sector.

State Industries Minister Chandra Mohan Patowary urged businesses to use local resources for value-added commercial manufacturing. Assuring them of the government’s complete support.

“MSMEs have been gravely injuring as a result of the lockdown. Which has resulted in the closure of many facilities and, therefore, job and livelihood losses for employees. The Union government launched the Atmanirbhar Bharat Abhiyan, a Rs. 20 lakh crore stimulus package aimed at revitalizing and strengthening the MSME sector. Over Rs 1,536 crore has been sanctioned for MSMEs in Assam under the Emergency Credit Line Guarantee (ECLG) Scheme till May 2021,” Patowary said on Sunday during a webinar. Hosted by the industries and commerce department to commemorate ‘International MSME Day’. Recognizing the importance of small company growth. So, The United Nations General Assembly designated June 27 as Micro, Small, and Medium-sized Enterprises Day.

Reiterating the state government’s commitment to economic development and job creation in Assam through industrialization, the minister stated, Therefore, “The state government introduced the Assam MSME (Facilitation of Establishment and Operation) Act, 2020, which exempts entrepreneurs from lengthy approval and inspection procedures for setting up MSMEs in the state.”

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He urged businesses to pursue commercial processing of indigenous resources like bamboo, agarwood, turmeric, and ginger for value-added exports. “MSME is inextricably connecting to an Assamese state’s industrial landscape,” Patowary said. This is reflects in the fact that Assam has 66,584 industries, of which 88 percent are micro-enterprises and 11.5 percent are small and medium-sized enterprises. Assam’s Gross Domestic Product (GDP) is Rs 4.09 lakh crore, and the industrial sector contributes 39% to the state’s GDP.”

KK Dwivedi, the department’s senior secretary, expressed the expectation that MSMEs will fully exploit the opportunities presented by a rising consumer market.

The virtual meeting was attended by officials from the Commissionerate of Industries and Commerce, AIDC, AIIDC, ASIDC, MSME-DI, National Small Industries Corporation, general managers of DICCs, NIC, FINER, and Assam Start-Up, as well as business leaders and entrepreneurs.

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Written by Ankur J Kakoti

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