Government Launches Initiatives to Support MSMEs

The Government of India announced several initiatives aimed at supporting Micro, Small, and Medium Enterprises (MSMEs) to enhance financial access, technological advancement, and trade competitiveness. Key measures include a revised definition of MSMEs, Udyam Registration for ease of business, the inclusion of retail and wholesale traders as MSMEs, and the introduction of the Udyam Assist platform to formalize micro enterprises. Additionally, the Emergency Credit Line Guarantee Scheme (ECLGS) successfully prevented 14.6 lakh MSME accounts from becoming non-performing assets. The MSME Champions Scheme aims to modernize operational processes and improve competitiveness, leveraging Technology and Extension Centres to provide support in technology, skilling, and consultancy services.

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