Finance Minister Nirmala Sitharaman made a huge assurance for private industries saying that the government will not look down on legitimate profit earning. She also said that the government is keen on providing a framework to kickstart the virtual cycle of domestic and foreign investment.
"All of India's private sector - small, medium and large - have played a substantial role in growing the economy. If before Independence India Inc understood Swadeshi, today they understand Make In India. We don't look down upon legitimate profit earning. Gone are the days of policy paralysis and license quota control regime. India Inc are India's job creators, nation's wealth creators. Together with mutual trust we can gain, catalyse past and attain sustained growth. I wish to propose a number of initiatives as part of a framework to kickstart the virtuous cycle of domestic and foreign investment," she added
She said that the Centre will provide loans upto Rs 1 crore for MSMEs. She said that under the interest subvention scheme, Rs 350 crore has been allocated for 2% interest subvention for all GST-registered MSMEs on fresh or incremental loans.
"For ease of access, to credit for MSMEs, government has introduced providing of loans upto Rs 1 crore for MSMEs within 59 minutes through a dedicated online portal. Under interest subvention scheme of MSME Rs 350 crore has been allocated for 2% interest subvention for all GST-registered MSMEs on fresh or incremental loans," she said while delivering her maiden budget speech on Friday.
PM Modi's vision for the decade:
She said the time has come for India to enter into aircraft finance and leasing activities and utilize India's financial Special Economic Zones for the same.
"As the world's third largest domestic aviation market. The time is right for India to enter into aircraft finance and leasing activities from Indian shores this is critical in developing self-reliant aviation industry, creating aspiration jobs in aviation finance besides opportunities available in leveraging India's financial Special Economic Zones namely the International Service Centre the IFSC. The government will enable regulatory roadmap to make India a hub for such activities," she said
She also proposes benefit for close to Rs 3 crore for retail traders and shopkeepers whose turnover is less than Rs 1.5 crore.