In the budget announcements of 2019, a key announcement was about setting up a payment platform for MSMEs (Micro, Small, and Medium Enterprises).
This platform will help the MSMEs and the khadi and village industries in selling their products. A process has also been initiated to develop an online platform that will give market access to the products that are produced by the MSMEs.
The MSME sector is a big contributor to India’s manufacturing sector and also plays an important role in generating jobs. The administration has set up committees to focus on issues like new job creation and boost investment.
Approximately 63.38 million unincorporated MSMEs are there in India. Among these, 23 million are involved in trade activities and 19.66 million in manufacturing.
The MSME sector has about 49.77 million employees, as well. Apart from this, the traders and shopkeepers will also be provided with a pension, and the small businesses will get access to credit ( loan) in 59 minutes.
If you are an MSME owner and you are looking for unsecured loans for your business, contact Gromor Finance for quick loans at affordable interest rates!