Nirmala Sitharaman launches Mutual Credit Guarantee Scheme for MSMEs in Mumbai; first Sachal Aaykar Seva Kendra opened
Finance Minister Nirmala Sitharaman launched the Mutual Credit Guarantee Scheme for MSMEs (MCGS-MSME) at a post-budget interaction in Mumbai on 17 February 2025.
Summary
On 17 February 2025 Finance Minister Nirmala Sitharaman launched the Mutual Credit Guarantee Scheme for MSMEs (MCGS-MSME) in Mumbai, enabling loans of up to ₹100 crore without collateral for buying machinery or equipment, in line with the 2024-25 Budget announcement; the scheme was approved in January 2025 with 60% guarantee cover from NCGTC. She also virtually inaugurated the first 'Sachal Aaykar Seva Kendra', a mobile income tax service centre at Navy Nagar, Colaba, and handed over keys to homebuyers helped by the SWAMIH Investment Fund. She said capex in the 2025-26 Budget is about ₹16 lakh crore and the government is on track to bring the debt-to-GDP ratio to 50% by 2030-31.
Key facts
- Date and place
- 17 February 2025, Mumbai
- Scheme
- MCGS-MSME: collateral-free loans up to ₹100 crore for machinery/equipment
- Guarantor
- NCGTC, 60% cover (approved January 2025)
- Also
- First Sachal Aaykar Seva Kendra, Navy Nagar, Colaba
- Fiscal targets cited
- Debt-to-GDP 50% by 2030-31; capex about ₹16 lakh crore
Practice MCQs 2 questions
In which city did Finance Minister Nirmala Sitharaman launch the Mutual Credit Guarantee Scheme for MSMEs on 17 February 2025?
Show answer
Correct answer: C — Mumbai
Nirmala Sitharaman launched MCGS-MSME at the post-budget stakeholders' interaction in Mumbai.
What did the Finance Minister virtually inaugurate at Navy Nagar, Colaba, alongside the MCGS-MSME launch on 17 February 2025?
Show answer
Correct answer: D — The first Sachal Aaykar Seva Kendra
She virtually inaugurated the first Sachal Aaykar Seva Kendra in Mumbai, to operate at Navy Nagar, Colaba, for digital services, grievance help and tax awareness.