Higher incentives for Micro, Small and Medium Enterprises
By ANIMonday, February 28, 2011
NEW DELHI - Union Finance Minister Pranab Mukherjee today announced various incentives for micro, small and medium enterprises while presenting this year’s union budget.
The allotment to SIDBI for refinancing incremental lending by banks to these enterprises has been raised from Rs. 4000 Crore to Rs. 5000 Crore.
It has also been proposed to provide Rs. 3000 Crore to NABARD to enable handloom weaver cooperative societies, which have become financially unviable to repay their debts. This would benefit 15000 cooperative societies and about 3 lakh handloom weavers.
Mukherjee also announced that the outstanding loans to minority communities which stood at 13 per cent of total priority sector lending at the end of last year have been increased to 13.6 per cent in the current year.
The Public Sector Banks have been directed to achieve a target of 15 per cent as outstanding loans to minority communities under priority sector lending at the earliest. (ANI)
