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Budget 2019: Govt makes payment platform for micro-enterprises, says FM Sitharaman

Finance Minister Nirmala Sitharaman revealed the need to invest in creating jobs in small and medium-sized businesses.

PTI

updated:July 5, 2019, 3:45 PM IST

Budget 2019: Govt makes payment platform for micro-enterprises, says FM Sitharaman
Representative image.

New Delhi: The government proposed Friday to create a payment platform for micro, small and medium-sized enterprises (MKME & # 39; s) to submit invoices and facilitate timely payments.

Finance Minister Nirmala Sitharaman revealed the need to invest in creating jobs in small and medium-sized businesses.

"Government payments to suppliers and contractors are an important source of cash flow, especially for SMEs and MSMEs. Investments in MSMEs will receive a major boost if these payment delays are eliminated," Sitharaman said.

Besides, she said, Rs 350 crore has been allocated for 2019-20 for 2 percent interest subsidy for all GST-registered MSMEs for new or marginal loans under the interest subsidy scheme for such companies.

The government will create a payment platform for MSME & # 39; s to enable invoice submission and payment on the platform itself, Sitharaman said.

Said that in two years, 300 entrepreneurs were created as a result of the Standup India scheme.

The scheme will be continued for the entire period that coincides with the term of office of the 15th Financial Commission (2020-2025), the Minister of Finance added.

. (tagsToTranslate) # Estimating the budget 2019 (t) budget 2019 (t) MSME & # 39; s (t) Nirmala Sitharaman (t) trade union budget 2019