Finance Minister Launches MSME Credit Scheme, Highlights Budget Priorities

04 Mar 2025 CW Team

Union Finance and Corporate Affairs Minister Nirmala Sitharaman launched the Mutual Credit Guarantee Scheme (MCGS) for MSMEs, enabling loans up to Rs. 100 crore for purchasing machinery or equipment without collateral. This initiative, announced in Budget 2024-25, aims to enhance financial access for MSMEs.

At the event, the Finance Minister also virtually inaugurated the first 'Sachal Aaykar Seva Kendra' in Mumbai, operational from 18-19 February in Navy Nagar, Colaba. The centre will provide digital services, tax assistance, and grievance redressal.

Key Budget Highlights:

Increased Capital Expenditure: Capex allocation is 10.2 percent higher than the previous budget, reaching Rs. 16 lakh crore.
Fiscal Deficit Reduction: The government aims to bring the fiscal deficit below 4.5 percent and reduce the Debt-to-GDP ratio to 50 percent by FY 2030-31.
Boost to Consumption & Investment: Tax concessions will encourage spending, saving, and investments.
New Income Tax Act: A revised tax law will replace the 1961 Act, simplifying compliance.
Sectoral Growth: Space, nuclear energy, and critical minerals are now open for investments, with customs duty exemptions on 25 critical minerals.
Agriculture Focus: PM Dhan Dhaanya Krishi Yojana will improve productivity in 100 low-yield districts, benefiting 1.7 crore farmers.

The minister reaffirmed the government’s commitment to economic growth, financial stability, and social development.

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