PM Modi launches CHAMPIONS portal to support the MSME sector; read objectives here

On Monday, June 1, Prime Minister Narendra Modi launched the CHAMPIONS (http://champions.gov.in) portal, a one-stop place for the MSME sector. CHAMPIONS stands for Creation and Harmonious Application of Modern Processes for Increasing the Output and National Strength. Branded as a one-stop solution of MSME Ministry, the portal seeks to solve the grievances of MSMEs besides encouraging. supporting, helping, and handholding them. The ICT based system has been unveiled to aid the MSMEs in the current difficult position and to help them become national and international champions. On this occasion, MSME Minister Nitin Gadkari was also present. 

Read: Cabinet Announces 'historic Decisions' For Stressed MSME, Farm Sector Post Meeting With PM

The objectives of CHAMPIONS are: 

• To resolve the problems of MSMEs pertaining to finance, raw materials, labor, regulatory permissions, etc.
• To help MSMEs capture new opportunities including manufacturing of medical equipment and accessories like PPEs, masks and supply them in national as well as international markets
• To identify and encourage MSMEs having potential- the ones who are able to withstand the current situation and can become national and international champions

Read: Cabinet Approves Increase In MSP Of 14 Kharif Crops, Loan Repayment Deadline Extended

Cabinet approves measures to boost MSME sector

Earlier in the day, the Union Cabinet approved the upward revision of MSME definition. After receiving representations that the revision of definition in the recently announced Aatmanirbhar Bharat economic package was not in tune with market conditions, the Centre has decided to further amend the definition of medium manufacturing and service units. It will now be Rs.50 crore of investment and Rs.250 crore of turnover. Moreover, the turnover with respect to exports shall not be counted in the limits of turnover for any category of MSME units. 

Addressing a press briefing, Union Information and Broadcasting Minister Prakash Javadekar elaborated that the Cabinet had also approved the provisioning of Rs.20,000 crore as subordinate aid to provide equity support to the stressed MSMEs. The equity infusion of Rs.50,000 crore for MSMEs through Fund of Funds received approval as well. This shall not only establish a framework to help MSMEs in capacity augmentation but also provide an opportunity to get listed in the stock exchanges. According to Javadekar, the Cabinet's decisions would help in attracting investments and creating more jobs. 

Read: Andhra Pradesh Government Releases First Instalment Of ReStart Package For MSMEs

Read: Gadkari Announces Cabinet Decisions; Packages Worth Rs 70,000 Cr Being Released For MSMEs