New Delhi | February 2, 2025
In a major boost to entrepreneurship, Union Finance Minister Nirmala Sitharaman unveiled a ₹2 crore term loan scheme for five lakh first-time women, SC, and ST entrepreneurs while presenting the Union Budget 2025-26 on Saturday.
This initiative aims to empower underrepresented entrepreneurs by providing them with financial support to kickstart their ventures. To further strengthen this effort, the government has raised the credit guarantee cover to ₹20 crore, with a nominal guarantee fee of just 1%, ensuring easier access to capital for new businesses.
Big Push for Manufacturing & Labour-Intensive Sectors
Beyond financial aid, the budget also introduced a Manufacturing Mission to boost small, medium, and large industries. This mission will focus on enhancing productivity in labour intensive sectors, creating more employment opportunities and strengthening India’s industrial backbone.
National Institute for Food Technology & Entrepreneurship in Bihar
Recognizing the importance of food technology and entrepreneurship, the government also announced the establishment of a National Institute for Food Technology, Entrepreneurship, and Management in Bihar. This institute will play a crucial role in nurturing innovation and skill development in the agro processing sector.
A Game-Changer for Aspiring Entrepreneurs
Wirh this budget, the government is paving the way for inclusive growth, enabling more first time entrepreneurs to step into the business world with strong financial backing. The focus on manufacturing, skill development, and credit accessibility signals a major push towards economic self-reliance and job creation.
Recommend Stories For You :