Budget: PM Modi has assured MSMEs won’t face funding crunch, says Manjhi

Micro Small and Medium Enterprises (MSME) minister Jitan Ram Manjhi today said that Prime Minister Narendra Modi has assured that there is no dearth of funds for the MSME sector in the country. With budget around the corner, the MSME ministry has approached the finance ministry for additional allocation under some schemes.

When asked about the key demands and proposals of the MSME ministry to the finance ministry, Manjhi said, “PM Modi has a special focus on the MSME sector. He has assured that there won’t be any dearth of funds for the sector. Our ministry, too, has been utilising the funds well, and that is the ground for the additional demand.”

Manjhi said he met finance minister Nirmala Sitharaman and has sought addition funds for the national SC-ST hub scheme. “I have met the finance minister and sought additional ₹700 crore under the SC-ST hub scheme, over and above the earlier allocation of ₹800 crore. Since the fund is being utilised by the ministry, we have sought additional funding under the scheme,” Majhi said.

The National SC-ST Hub Scheme is one of the flagship schemes of the MSME ministry and is being implemented by the National Small Industries Corporation Ltd. (NSIC). The scheme helps SC-ST entrepreneurs and enterprises in technological upgradation and capacity building.

In the 2024 budget, the government had announced a number of initiatives for MSMEs. One of the key initiatives being credit guarantee scheme for MSMEs in the manufacturing sector for collateral-free loans with up to ₹100 crore as a guarantee.

On Ambedkar row

Manjhi also came down heavily on the Congress party and other opposition parties for holding the winter session to ransom. On Ambedkar row and Congress’s call for the resignation of Home Minister Amit Shah, Majhi said Congress party’s claims are totally unfounded, and that Shah did not say anything that belittles the contribution made by Dr. B R Ambedkar.

Manjhi, a Dalit leader himself and an NDA ally, said it is Narendra Modi government that has restored the pride of Dr. B. R. Ambedkar, while the Congress party, with its history of undermining Ambedkar’s contributions, is just using Ambedkar for political gains.