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Upgrade schemes to help MSMEs battle virus: Gadkari

On Thursday, the Union Minister for micro, small and medium enterprises (MSMEs) Shri Nitin Gadkari spoke about the need to revise & widen the scope of existing schemes for MSMEs to help them fight the impact of Covid-19. “The minister urged the officials to go all out for the assistance of MSMEs by revising and upscaling the schemes after third party independent evaluation,” his ministry stated.

The minister also directed officials of the MSME ministry to chart out a strategy for economic opportunities that will arise for MSMEs after the lockdown lifts. Gadkari has also instructed the ministry to reach out to stakeholders and industry associations to work out specific measures for MSMEs.

He also said that the recent relief measures announced by the Reserve Bank of India (RBI) should benefit small enterprises once the lockdown is lifted. Some of these measures announced last month include a three-month moratorium to all term loans, including retail and crop loans and working capital payments.