New Delhi: In the interim Budget 2019, The government has announced many sops for the Small and Medium Enterprises (MSME) sector which provides employment to crores of people in India.Earlier, the government had launched a scheme of sanctioning loans up to Rs 1 crore in 59 minutes. In the interim Budget 2019 announced today, Piyush Goyal said all GST-registered SME units will get 2% interest rebate on incremental loan of Rs 1 crore.

In between, the govt has increased the requirement of sourcing from SMEs by Government enterprises to 25%. Of this, the material to the extent of at least 3% will be sourced from women-owned SMEs. These announcements are likely to benefit SME units. Goyal while highlighting the Government e-Marketplace (GeM), said that transactions of over Rs.17,500 crore have taken place, resulting in savings of 25-28% on an average.

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Goyal said that "GeM, created by our government two years ago, has transformed public procurement by making it fully transparent, inclusive and efficient,". He further added that “MSMEs have an opportunity to sell their products through GeM”. In his presentation, he announced that the GeM platform is now being extended to all Central Public Sector Enterprises (CPSEs)”

He disclosed that the government has recently assigned the subject of “promotion of internal trade including retail trading and welfare of traders, and their employees” to the Department of Industrial Policy and Promotion, which will now be renamed as the Department for Promotion of Industries and Internal Trade. 

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