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Centre has earmarked Rs 76,000 crore to boost investment in MSMEs in the northeast region: MSME Minister Narayan Rane

Ease of Doing Business for MSMEs: The funding of MSMEs had been substantially increased from Rs 68,000 crore sanctioned for the financial year 2021-22.

Ease of Doing Business for MSMEs: MSME Minister Narayan Rane on Monday said that the central government has set aside Rs 76,000 crore to expedite investment in the MSME sector in the Northeastern states of the country, as per a report by the Press Trust of India (PTI). 

The statement came ahead of the elections scheduled in the three northeastern states, Tripura, Meghalaya and Nagaland, over the next two months. 

Rane along with Tripura’s Chief Minister Manik Saha inaugurated the two-day ‘Regional Conference on Sustainable Development of MSMEs in the Northeast Region (NER)’ in Agartala on Monday. The MSME minister while speaking at the conference said that the funding of MSMEs has substantially increased from Rs 68,000 crore sanctioned for the financial year 2021-22.

“The per capita income in Tripura has increased to Rs 1.25 lakh while the national average stands at Rs 1.80 lakh. The Central government wants the state’s per capita income should not be less than the national average. And, (consequently) the MSME ministry has been pumping funds through different schemes to boost the economy,” Rane said at a press conference.

He added, “In Tripura, the fund allocated under MSME has been utilised properly. It is expected that the northeastern state’s per capita income will be Rs 2.50 lakh by next three years.” 

Referring to Prime Minister Narendra Modi’s appeal to all Union Ministers to visit northeastern states and utilise their respective ministries to accelerate development, Rane said that the MSME sector is performing well in Assam and Sikkim in terms of implementation. 

Besides that, the minister said that there is scope for the northeastern states to improve the tourism sector that would lead to higher employment generation. 

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“I have discussed the matter with Chief Minister Manik Saha and Chief Secretary JK Singha and we will boost tourism here. Tripureswari temple can be attractive for tourists if proper facilities are created,” he added. 

Rane at the conference also launched the web portal for the Rs 6,062.45-crore World Bank-assisted central government scheme Raising and Accelerating MSME Performance (RAMP) for MSMEs, over six months after PM Modi launched the scheme.