MSME to spend 8 Cr on development of Ludhiana industrial area

Ludhiana Industrial Area to get a boost from the MSME sector

Union Minister for Micro, Small and Medium Enterprises (MSME) recently announced that the centre will spend 8 crores for improving the road network which comes in the industrial area and focal point in Punjab. Mishra announced that all the roads will be improved so that it is beneficial to the industry.

Mishra and his team visited the state and even identified 32 industrial areas in Punjab, out of which 20 alone are in Ludhiana.

The minister was in full agreement that the pace at which the work was going at a very slow. He even informed that he has directed his staff to expedite the work and develop clusters on a priority basis. Apart from this he even urged the state government to do its bit in order to improve the present condition of the MSME sector in the state.

Earlier there were some MSMEs which were facing problems securing loans from the banks. But now since the credit guarantee scheme has been started for MSME enterprises, under which the MSME department takes the guarantee of a particular enterprise, things have started to look better.

Mishra also talked about another scheme which goes by the name of Credit Link Capital Subsidy Scheme which has been started. Under this scheme, an MSME enterprise can avail a loan of Rs 1 crore and will get a subsidy of 15 per cent.

He told the industrialists to take full advantage of the scheme and grow their businesses.

Mishra also announced that for the revival and rehabilitation of sick enterprises, a new scheme has been started by the MSME sector. Under this scheme, the banks have been urged to give one chance to the sick enterprises to revive and rehabilitate themselves.

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