Budget 2023: Revamped Credit Guarantee Scheme For MSMEs To Get Rs 9,000 Crore Infusion

The credit guarantee scheme for MSMEs has been revamped and will go into effect from April 1, 2023, said Finance Minister Nirmala Sitharaman, while delivering the budget speech in Parliament on Feb. 1.

The scheme will go into effect with an infusion of Rs 9,000 crore in the fund, the Finance Minister said. "This will enable additional collateral-free guaranteed credit of Rs 2 lakh crore," she said.

The scheme was launched back in August 2000, and the revamp for the scheme was proposed by Sitharaman during the budget speech in 2022.