Budget 2024: Government Unveils Measures To Boost MSMEs And Non-Farming Businesses

In a significant move to revitalize the non-farming business community and Micro, Small, and Medium Enterprises (MSMEs), Finance Minister Nirmala Sitharaman announced a series of measures in the Union Budget 2024-2025 on Tuesday.

The government has enhanced the Mudra loan limit to Rs 20 lakh from Rs 10 lakh, benefiting those who have previously availed and repaid Mudra loans. The Pradhan Mantri Mudra Yojana (PMMY) scheme, which provides micro credit to non-farm sector enterprises, will see this extension.

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Additionally, the budget focuses on supporting MSMEs and manufacturing. A credit guarantee scheme for MSMEs in the manufacturing sector will facilitate term loans for machinery purchase. A comprehensive package will also be formulated to provide technology support to MSMEs.

These measures aim to boost the sentiments of the non-farming business community and MSMEs, driving growth and development in the sector. The government’s efforts to enhance financial assistance and provide technological support are expected to have a positive impact on the economy.