Goa govt signs MoU to boost credit facilities for MSMEs
The Goa government aims to enhance the credit guarantee coverage facilitated by the CGTMSE—an initiative by the central government to support MSMEs.
The Goa government has signed a Memorandum of Understanding (MoU) with the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) to administer the credit guarantee scheme, also known as Mukhyamantri Saral Udyog Sahayya Yojana, within the state.
Announcing this development in a tweet, Chief Minister Pramod Sawant emphasised that the Goa government has successfully fulfilled two more budgetary promises, focusing on strengthening the micro, small, and medium enterprises (MSME) sector and promoting digitised governance for the people of Goa.
During the budget announcement for FY23-24, the state government introduced the Goa Credit Guarantee Scheme, allocating Rs 10 crore to increase the credit guarantee coverage under the CGTMSE up to 95%, Financial Express reported.
Strategies for enhancing financial sustainability of MSMEs in India
At present, micro-enterprises can avail themselves of a guarantee cover of up to 85% for loans up to Rs 5 lakh, while loans between Rs 5 lakh and Rs 5 crore have a cover of up to 75%.
With this budget allocation, the Goa government aims to enhance the credit guarantee coverage facilitated by the CGTMSE—an initiative by the central government to support MSMEs.
The CM also said that the Goa government signed two other MoUs. One, with Paytm to facilitate the digital transformation of various departments by deploying Paytm devices, including electronic data capture (EDC), savings bank accounts (SB), and QR code technology.
And second, an MoU with the Institute of Chartered Accountants to foster cooperation and collaboration in capacity building, research, policy-making assistance, consulting, and other relevant activities.
Edited by Suman Singh
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