TestCloud
Prep • Practice • Perform
Log In

Union Minister Nirmala Sitharaman launched the Mutual Credit Guarantee Scheme for MSMEs in Mumbai.

Goverment Scheme | Dated: 20 Feb 2025

In February 2025, Union Minister Nirmala Sitharaman, from the Ministry of Finance (MoF) and the Ministry of Corporate Affairs (MOCA), launched the 'Mutual Credit Guarantee Scheme for Micro, Small, and Medium Enterprises (MCGS-MSME)' in Mumbai, Maharashtra to support the MSME sector in India.

🎯 Key Highlights:

  • - This is a major initiative announced by the Government of India (GOI) in the Union Budget for the Financial Year 2024-25 (FY25).
  • - The scheme aims to provide loans of up to Rs 100 crore to MSMEs for purchasing machinery or equipment without requiring collateral.

💡 Other Important Facts:

  • (i) During the event, Union Minister Nirmala Sitharaman also virtually inaugurated the first 'Sachal Aaykar Seva Kendra' in Navy Nagar, Colaba, Mumbai. This center will offer digital services, guidance for grievance redressal, and promote tax awareness.
  • (ii) She also introduced a new scheme called the 'Prime Minister Dhan-Dhaanya Krishi Yojana (PMDKY)', which aims to improve agricultural productivity in 100 districts with low agricultural output.

📚 Test Your Knowledge:

Who recently launched the Mutual Credit Guarantee Scheme for MSMEs in Mumbai?

Correct Answer: Nirmala Sitharaman

🚀 Quick Recap:

About the Ministry of Finance (MoF)

  • Union Minister : Nirmala Sitharaman
  • Headquarters : New Delhi