MSME: Modi 3.0 Reviews Key Developmental Inputs
The newly formed NDA government has received specific feedback, which may prompt actions to expand and review its primary developmental programs, increase funding allocations, prioritize job creation, and conduct a comprehensive assessment of the PLI scheme.
According to sources, one of the feedback suggestions is to extend the Aspirational District Programme beyond its current 500 districts and augment its funding. Additionally, feedback has highlighted the need to overhaul the Atal Innovation Mission (AIM) to emphasize entrepreneurship and job creation, initiated in 2016 as a hub for innovation in India.
Sources familiar with the developments also revealed that the government is considering measures to enhance credit availability for MSMEs, possibly establishing an institute akin to NABARD to focus on increased credit flow and bolster exports.
Prime Minister Modi previously praised the success of the Aspirational Districts Programme across 112 districts and announced plans for its expansion to encompass more regions, with a review slated for 2024.
Proposals submitted to the government include the recommendation to provide further indemnity to banks extending credit to the MSME sector, as per sources cited by the TV channel.
A comprehensive review of the PLI scheme, initiated five years ago, is also under consideration, with a potential focus on strengthening linkages with MSMEs and prioritizing industries that can generate significant employment opportunities.
According to reports from News18, the Modi government’s agenda for the next 100 days will be presented to the Prime Minister’s Office (PMO) and subsequently to the Union Council of Ministers next week.
On June 10, Prime Minister Narendra Modi authorized the release of the 17th installment of the PM Kisan Nidhi scheme, expected to benefit over 9.3 crore farmers with disbursements totaling more than Rs 20,000 crore.
