BJP president JP Nadda on Monday applauded Prime Minister Narendra Modi and his cabinet for announcing monetary measures to strengthen the Ministry of Micro, Small and Medium Enterprises (MEMEs) and help 50 lakh street vendors.
"I congratulate Prime Minister Narendra Modi and his Cabinet for taking urgent actions in the first cabinet meeting of the second year of Modi 2.0 to quickly operationalise monetary measures announced for strengthening MSMEs and helping 50 lakh street vendors as part of Atmrbhar Bharat Package," said Nadda.
Earlier in the day, the Union Cabinet approved the modalities for implementing Rs 50,000 crore equity infusion to support MSMEs, which was announced last month as part of Atmrbhar Bharat Package last month to help the sector cope up with the situation created by COVID-19.It also approved Rs 20,000 crore subordinate debt for stressed MSMEs and a new definition for MSME under which enterprises with investments up to Rs 20 crore and a turnover of less than Rs 250 crore will now be defined as 'medium' units.
"Today was the first cabinet meeting of the second year of Prime Minister Narendra Modi-led government. Historic decisions, which will have positive impacts on the lives of farmers, MSMEs, street vendors were taken in the meeting," Union Minister Prakash Javadekar said during a press conference after the Cabinet meet.
( With inputs from ANI )