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Gujarat doles outs Rs 730 crore to 16000 MSMEs to boost jobs

 Agencies |  2017-08-11 07:27:12.0  0  Comments

Gujarat doles outs Rs 730 crore to 16000 MSMEs to boost jobs

Gujarat government will dole out Rs 730 crore as "capital incentives" to more than 16,000 Micro, Small & Medium Enterprises (MSMEs). This comes amid reports of 42,500 units in the state struggling emerged last year.
Gujarat government will dole out Rs 730 crore as "capital incentives" to more than 16,000 Micro, Small & Medium Enterprises (MSMEs). This comes amid reports of 42,500 units in the state struggling emerged last year.

"Every year, the government gives an assistance of about Rs 300 crore. We will give a total of Rs 730 crore this year as capital incentives to 16,000 MSMEs to help them expand or set up new units. This will create over 1.6 lakh new jobs," said M K Das, Principal Secretary, Industries and Mines Department told Indian Express.

Chief Minister Vijay Rupani will disburse checks at an event on August 19. Together, the 16,000 MSMEs will make a cumulative investment of Rs 19,000 crore. The units have sought Rs 11,000 crore loans from various banks between April and July.
The government will also provide 50 per cent capital subsidy on investments in clean technology.

Gujarat currently has the third highest number of sick MSME units in India, behind UP (95,989 units) and Maharashtra (52,576).

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