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Cabinet Approves Rs 20000 Cr Debt For MSME; 2 Lakh MSMEs To Be Benefit

Mumbai: Prime Minister Narendra Modi chaired a cabinet meeting on Monday at his residence in which several important decisions were taken relating to MSMEs and agriculture.

Union Ministers Nitin Gadkari, Prakash Javadekar, and Narendra Singh Tomar briefed the media on the decisions taken in the cabinet meeting.

While addressing the media, Union Minister Prakash Javadekar said, “Cabinet today has approved  Rs 20,000 crore subordinated debt for stressed MSMEs, this will benefit 2 lakh MSMEs.”

He said that the definition has changed once again. Accordingly, businesses will be classified as ‘micro’ units if they have investment up to Rs 1 crore and turnover up to Rs 5 crore, for ‘small’ units their investment has to be Rs 10 crore to turnover less than Rs 50. And for ‘medium’ enterprises investment up to Rs 50 crore with turnover less than Rs 250 crores.

In the Agriculture Sector, Minimum Support  Price (MSP) has been increased by 50-83% for 14 Kharif crops, which are intended to provide relief to the farmers, said Minister Narendra Tomar.

“MSP rate for Paddy now at Rs 1868 per quintal, Jowar-Rs 2620/quintal, Bajra-Rs 2150/quintal, and 50% increase in Ragi, Moong, Groundnut, Soyabean, Til, and Cotton, for the year 2020-21,” said Narendra Tomar.

Cabinet has also approved the extension of repayment date for short term loans for agriculture and allied activities by banks which have become due or shall become due between 1st March 2020, and 31st August 2020.

The cabinet meeting was also significant as it was taken on the start date of Unlock 1.0.

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