Union Finance Minister Mr Pranab Mukherjee, while presenting his seventh federal Budget in the Lok Sabha today, has announced to set up Rs 5,000 crore venture fund for the micro, small and medium enterprise (MSME) sector.
Mr Mukherjee, said, “Government to set up Rs 5,000 crore venture fund for MSME sector. Agriculture credit target to be raised by Rs 1,00,000 crore to Rs 5,75,000 crore.”
However, the minister promised to keep agriculture sector in priority list, as the sector is the largest provider of employment in the country.
Mr Mukherjee also announced the government allotment of Rs 10,000 crore to NABARD for refinancing regional rural banks.
The Goods and Services tax (GST) are planned to get operational by August 2012 and the minister called for political support for the same.
Furthermore, the minister also announced two more mega cluster for handloom sector.