Gadkari's mega plan for small biz: Record 100,000 new MSMEs this fiscal

Ministry also targets 66% rise in credit, setting up of 400 clusters and Rs 50,000 cr in procurement from sector

Spending on micro, small and medium enterprises (MSMEs) by the government is set to shoot up as the Nitin Gadkari-led ministry prepares a plan to boost the number of new ones being registered to an unprecedented 100,000 this fiscal year. 

The additional financial infusion is expected to provide a lifeline to the sector. It has seen massive layoffs over a year, due to a continuing liquidity crisis even as industrial demand reduces. 

According to the ministry, their plan includes step-wise expansion of a crucial credit guarantee net, establishment of an unprecedented number of functional clusters and increased government procurement from