The Rajasthan Government recently added another feather in its cap by implementing a framework for assisting MSMEs and similar sectors in the state. It was a significant move in the state’s economic development when Rajasthan Industries Minister Shakuntala Rawat officially launched the MSME Policy 2022, which envisions setting up 20,000 new units with a cumulative investment of INR 10,000 crore, aiming to create jobs for 1 lakh people.
The MSME loan scheme in Rajasthan was officially announced in the state budget 2022-23 with a view to promoting MSMEs by providing loans on easy terms to enable small business owners and investors set up their ventures without the usual fuss. The announcement took place during the Udyog Ratna and Export Promotion Awards in Jaipur, and the Rajasthan Industries Minister indicated that the policy will benefit artisans across metal, textile, ceramic, wood, carpet, leather, painting, jewelry, craft, and many more industries. There will be over 50,000 new employment opportunities in the state over the next five years.
This MSME subsidy scheme in Rajasthan also provides technical assistance and a conducive regulatory environment that boosts the contribution of MSMEs to the state’s Gross Domestic Product and enhances exports.