Manipur State Credit Guarantee Scheme launched

The Manipur State Credit Guarantee Scheme (MCGS) was launched today, at a solemn function organized by the Planning Department, Government of Manipur at Hotel Imphal, with Chief Minister N. Biren Singh as the Chief Guest.
The Scheme was launched with the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE), set up by the Ministry of MSME, Government of India, and Small Industries Development Bank of India (SIDBI).
Speaking on the occasion, Chief Minister N. Biren Singh expressed the need for everyone working in different fields to pick up their work at double speed, in order to maintain the same level of development trajectory achieved prior to the current crisis in the State. The Chief Minister continued that the State has been passing through a difficult time and added that everyone needs to face it unitedly, to bring it back to normalcy, through emotional integration and living together.
He stressed that the current crisis in the State is like a flood that comes suddenly, but recedes with time and does not remain for long. As such, he assured that normalcy would return soon in the State and further stressed the need to have confidence and trust in one another.
The Chief Minister informed that Manipur is just after Assam among the Northeast states and top among the small states in number of registrations of Micro, Small, and medium Enterprises (MSME) with a total of 51,199 registrations including 50,658 for Micro, 519 for Small and 22 for Medium. He stated that MSMEs are very suitable in Manipur, with its people’s eagerness to work and take up new activities.
Mentioning that earlier banks asked for collaterals or securities for providing loans to borrowers, he informed that now the Government is giving the guarantee under its Credit Guarantee Scheme. Continuing that SIDBI would be sanctioning an amount of around Rs. 700 crores in the next five years and cited that if this opportunity is harnessed optimally, around 28,000 employments can be generated in these five years to come. Employment generation is an important factor for economic growth, he added.
Highlighting the benefit of the scheme could provide to the displaced persons staying at various relief camps, he informed that a loan amount of Rs. 50,000 would be provided to the beneficiaries, as an initial stage, for carrying out any activities for earning. Training for earning livelihood activities and marketing platforms for their products would be provided to the displaced people. As such, there would be no financial and marketing problems, he added. He continued that, with training, the displaced people would become expertise in a specific activity and would facilitate in availing the benefit of Rs. 10 lakhs under the One Family One Livelihood scheme of the State Government, once they return to their original places.
N. Biren, while stating that there were habits of non-repayment of loans amongst the people of the State earlier, stated that people now began to realize the opportunity of getting a bigger amount of loan, if they repay back on time. He also expressed the importance of discipline and maintaining one’s culture and tradition to succeed in any field we enter.
Chief Executive Officer, CGTMSE Sandeep Varma, and Chief General Manager, SIDBI Arup Kumar also spoke on the facilities provided to first-generation entrepreneurs under Credit Guarantee Scheme.
During the programme, dummy cheques of loans and loan sanction letters sanctioned by different banks were handed over to beneficiaries under One Family One Livelihood Scheme and Manipur State Credit Guarantee Scheme. A promotional film of CGTMSE was also showcased.
Works Minister Govindas Konthoujam, Water Resources Minister Awangbow Newmai, Chairman, Manipur Industrial Development Corporation Ltd. Kongkham Robindro, Chairman, Manipur Handloom and Handicraft Development Corporation Khongbantabam Ibomcha, MLAs Khumukcham Joykisan, Thongam Shanti, Thangjam Arunkumar, S. Kebi, Commissioner (Textiles, Commerce & Industry) Pradeep Kumar Jha, officials of Planning Department, Bankers, Entrepreneurs and beneficiaries also attended the programme among others.
It may be mentioned that the objective of Credit Guarantee Scheme is to encourage first-generation entrepreneurs to venture into self-employment opportunities by facilitating credit guarantee support for collateral-free/third-party guarantee-free loans to the Micro and Small enterprises (MSEs), especially in the absence of collaterals.