Manipur launches state credit guarantee scheme

IMPHAL — Manipur Chief Minister, N Biren Singh, on Thursday launched the Manipur State Credit Guarantee Scheme (MCGS) to encourage first generation entrepreneurs to venture into self-employment opportunities by facilitating credit guarantee support for collateral free/ third-party guarantee-free loans during a function in Imphal.

MCGS was launched with Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE), set up by the Ministry of Micro, Small and Medium Enterprises (MSME), Government of India, and Small Industries Development Bank of India (SIDBI).

Speaking on the occasion, Singh said that the state has been passing through a difficult time and added that everyone needs to face it unitedly to bring it back to normalcy through emotional integration and living together.

Highlighting that the benefit of the scheme would be provided to the displaced persons staying at various relief camps, Biren informed that a loan amount of INR 50,000 would be provided to the beneficiaries at initial stage for carrying out any activities for earning.

He expressed hope that with training, the displaced people would become expertise in a specific activity and would be able to avail the benefit of INR 10 lakh under the ‘One family, one livelihood scheme’ of the state government, once they return to their respectively places.

Manipur is just after Assam among the NE states and top among the small states in number of registrations of MSME with a total of 51,199 registration including 50,658 for micro, 519 for small and 22 for medium.

CEO of CGTMSE, Sandeep Varma, and the chief general manager of SIDBI, Arup Kumar, also spoke on the facilities provided to first generation entrepreneurs under credit guarantee scheme.

Ministers including Govindas Konthoujam (Works) and Awangbow Newmai (Water Resources); chairman of Manipur Industrial Development Corporation Ltd., K Robindro; chairman of Manipur Handloom and Handicraft Development Corporation, Kh Ibomcha; MLA including Kh Joykisan, Th Shanti, Th Arunkumar, S Kebi; commissioner of Textiles, Commerce and Industry, Pradeep Kumar Jha; officials of Planning department, bankers, entrepreneurs and beneficiaries attended the launch programme.

Also read: Mysterious disease hits pork market in Manipur, prices drop drastically