Government plan insurance plan up to 10 Rs Lakh for MSMEs registered in the GST

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Before the general elections, the government is considering a scheme for the lakhs of small and medium-sized merchants enrolled in the GST, to address some of the concerns of this segment.

According to sources, the scheme could provide cover on the lines of (PMSBY) for traders at an affordable premium.

This could be based on the system put in place by the for traders.

Sources said small traders could get coverage up to 10 lakh Rs based on turnover.

The plan, if approved by the government, should be announced by the end of the month before the start of the budget session, the sources added.

currently provides Rs 2 lakh accidental coverage just at an affordable rate of Rs 12 per year. The program is accessible to people from group of 18 to 70 years old with a who agree to join and authorize self-debiting by May 31 of each year.

In addition, the government also plans to provide merchants who want to adopt computerization and upgrade their businesses.

A special policy could be formulated to encourage women entrepreneurs, sources said, adding that a higher interest subsidy would also be considered for these entrepreneurs.

Among the public contracts ordered from small traders, a certain percentage could be reserved for women entrepreneurs.

Last year, the government announced 59-minute loan sanctions, a relaxation of labor laws, easier compliance with environmental rules, and changes in corporate laws for small businesses. medium-sized enterprises in order to revive the country's second largest employment sector.

the are due in the coming months.