Union Cabinet Decisions On MSME And Agricultural Sectors DT- 01.06.2020

Union Cabinet Decisions On MSME And Agricultural Sectors DT- 01.06.2020 Union Ministers Prakash Javadekar, Nitin Gadkari and Narendra Singh

CS Lalit Rajput

Jun 1, 2020

Last update on Jun 1, 2020

Union Cabinet Decisions On MSME And Agricultural Sectors DT- 01.06.2020 Union Ministers Prakash Javadekar, Nitin Gadkari and Narendra Singh Tomar addressed the media on the decisions made at Cabinet dated 01st day of June, 2020. Key Highlights: ABOUT MSME CABINET APPROVES REVISION IN DEFINITION OF MSMES

Cabinet approves Rs 20,000 crore distressed assets fund for MSMEs
The scheme provides debt facility of up to 15 percent of the promoter contribution or Rs 75 lakh to the promoters.
Union Cabinet clears new definition of MSMEs, limit raised to Rs 250 crore

New Definitions – Enterprises:

Rs 50,000 crore equity investment assistance for MSMEs
Cabinet clears a credit scheme for street vendors. Scheme for street vendors is called PM SVANIDHI

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Union Cabinet Decisions On MSME And Agricultural Sectors DT- 01.06.2020[/caption] OTHER INITIATIVES:

Farmers will get time till August 31 to repay their loans, and those who clear their dues can avail loans at a 4 percent interest rate.
Norms for loans to farmers under Kisan credit card scheme have been eased.
Cabinet approves hike in minimum support price (MSP) for 14 crops. Farmers will get 50-83 percent more than the cost for kharif crops.

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About Author

CS Lalit Rajput

Company Secretary

Lalit Rajput is a qualified Company Secretary and graduate with 5+ years’ experience in handling Secretarial and Compliance management. Working as Proprietor at Lalit Rajput &Associates, Company Secretaries and Compliance Head at EDUXGURU. Key areas include handling Compliances related to Secretarial, Start-ups, SEBI, FEMA, Labour Laws, GST, NCLT, IPR, MCA/ROC, RTA etc. He has started his career in Adventz Group with one of leading EPC Company, Kalindee Rail Nirman - A Div. Of Texmaco Rail & Engineering Limited (erstwhile known as Kalindee Rail Nirman (Engrs.) Ltd.) and after that worked with Outcome Solutions & Services LLP, a Risk Advisory firm and S. Srinivasan & Co.,Leading Company Secretaries firm in Mumbai and Chennai. He is also an active blogger/Author at many platform and has written various articles on: Taxguru, Compliance Calendar LLP, Studycafe, Caclubindia, Casansaar, theTaxTalk, Lawyer’s Connect, IPleaders, Governance Professionals, Lawyers club India, Dealout Professionals and many more. He has also blogger at ENLIGHTEN GOVERNANCE and contributed articles in ICSI E-Corporate Manager published by ICSI Ahmadabad Chapter.