SMEs & Agriculture top priority for Govt |
With a clear mandate in the recent general elections, the new Narendra Modi government will be pushing for growth in the politically sensitive small and medium enterprises (SMEs) and agriculture sectors. These sectors are going to be the top priority of the new government in the coming days. Small industries were badly hit by demonetisation and in the initial rollout of the Goods and Services Tax and the opposition in its poll campaign had criticised the government for job losses in the SME sector and over farmers` distress. The Centre plans to provide 14.3 billion dollars in loans only through the Credit Guarantee Scheme to raise the flow of credit to the SME sector. The BJP had also promised to start a scheme on the lines of Kisan Credit Cards for merchants, who will be given merchant credit cards. To give a stimulus to the economy, the government plans capital investment of 1.4 trillion dollars in the infrastructure sector to make India a 5 trillion dollar economy by 2025. The government may also start work on a new scheme to encourage entrepreneurship among the youth.
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