FM Sitharaman announced that the revamped credit guarantee scheme for MSMEs, proposed in the previous Budget, will take effect from 1st April 2023 through infusion of ₹ 9000 crore in the corpus. “This will enable additional collateral-free guaranteed credit of ₹ 2 lakh crore. Further, the cost of credit will be reduced by about 1%,” she said. Giving significant relief to MSMEs, the Finance Minister proposed that in cases of failure by MSMEs to execute contracts during the Covid period, 95 per cent of the forfeited amount relating to bid or performance security, will be returned to them by government and government undertakings.
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