Major Boost for Agriculture and MSMEs in New Budget

Finance Minister Nirmala Sitharaman has increased the limit for the interest subvention scheme from Rs. 3 lakh to Rs. 5 lakh for Kisan Credit Cards. The Budget proposes customized credit cards for micro-enterprises and enhanced credit guarantees for MSMEs, aiming to boost loans for farmers and small businesses.

In a significant move to support the agricultural and microenterprise sectors, Finance Minister Nirmala Sitharaman announced an increase in the limit for Kisan Credit Cards' interest subvention scheme. The existing limit of Rs. 3 lakh will now be raised to Rs. 5 lakh, as disclosed during the presentation of the 14th consecutive budget by the Narendra Modi government.

In addition, the government will introduce customized credit cards aimed at micro-enterprises, with a credit limit of Rs. 5 lakh. This initiative seeks to improve access to credit and bolster the operational capabilities of small businesses across the nation.

Furthermore, the budget outlines an enhanced credit guarantee cover for MSMEs, providing term loans of up to Rs. 20 crore to well-performing, export-oriented enterprises. These measures are poised to provide a considerable boost to farmers, fishermen, dairy farmers, and small businesses, impacting millions of lives across the country.