Subvention Scheme to be provided for MSME’s

Aizawl, 7 March (ZRN): Dr. R. Lalthangliana, Commerce & Industries Minister was part of a function held to announce an Interest Subvention Scheme program for MSME’s(Micro, Small & Medium Enterprises) held at the Commerce & Industries Conference Hall.

Subvention Scheme to be provided for MSME’sFlorence Zotluangpuii, MCS, Director, Commerce & Industries was the Guest of Honor at the program. Dr. R. Lalthangliana at the program said it is a day of celebration for MSME’s and said he hopes this scheme will help decrease loan interest burdens for entrepreneurs. He spoke on the impact of the pandemic saying the whole world is suffering because of COVID -19 which has also affected India and Mizoram.

We had to impose total lockdown, partial lockdown and other rules and guidelines which hampered daily life and functioning. Meanwhile, the interest of loans borrowed by MSME’s in banks was ongoing and had become a burden for them. Understanding their problem, the Mizoram government has introduced an Interest Subvention scheme for MSME, he said.

The program was chaired by R. Laltanzuala, General Manager, District Industry Centre. It was announced that 3% p.a subsidy will be provided for MSME unit term loans. As such, Rs. 46,20,831/ was distributed to 180 MSME Units.

An interest subvention scheme is a scheme introduced by the Reserve Bank of India wherein relief is provided upto 2 per cent of interest to all the legal MSMEs on their outstanding fresh/ incremental term loan/working capital during the period of its validity.

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