MANU/PIBU/4899/2021
Department/Board : Press Information Bureau
Date : 09.12.2021
Promotion of MSMES
As informed by Department for Promotion of Industry & Internal Trade (DPIIT), as part of the 'Start-up India' initiatives the Government has provisioned the following financial assistance and incentives for start-ups across the country including in the state of Tamilnadu:
i. Start-up India Seed Fund Scheme (SISFS)
ii. Fund of Funds for Start-ups (FFS) Scheme
iii. Ease of Procurement
iv. Income Tax Exemption for 3 years
v. Exemption for the Purpose Of Clause (VII)(b) of Sub-section (2) of Section 56 of the Act
vi. National Start-up Awards
As informed by Small Industries Development Bank of India (SIDBI), SIDBI has entered into a collaboration with Google India Private Limited (GIPL) on November 18, 2021, for having a pilot social impact lending programme with a corpus of approx. Rs. 110 crore (equivalent to USD $15 million) targeted at Micro enterprises with a turnover upto Rs. 5.00 crore.
As informed by SIDBI, the following programmes were launched by SIDBI to help and revive the MSME sector across the country including the State of Tamil nadu:
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Special Liquidity Facility for MSMEs:- In April 2020, RBI provided special refinance facilities for a total amount of Rs. 50,000 crore to NABARD, SIDBI and NHB to enable them to meet sectoral credit needs, of which SIDBI received Rs. 15,000 crore to continue lending to MSMEs.
In April 2021, another tranche of Rs. 15,000 crore was granted by RBI to meet the funding requirements of micro, small and medium enterprises (MSMEs) in FY 2022.