"37% drop in MSMEs benefitting under Rs 20,000-cr Subordinate Debt scheme: Govt data"
The Rs 20,000-crore Credit Guarantee Scheme for Subordinate Debt (CGSSD) launched in June 2020 to support stressed MSMEs or non-performing asset (NPA) accounts is yet to attract a sizeable number of potential beneficiaries. In fact, the beneficiary count has dropped 37 percent from a mere 473 in the financial year 2020-21 to 298 in FY22, according to the data shared by Union Minister of State for Finance Bhagwat Karad in a written reply to a question in Lok Sabha on Monday.
The total beneficiary count under CGSSD stood at 771 as of March 2022. According to the MSME Ministry’s FY22 annual report, the scheme had extended guarantees amounting to Rs 81.78 crore to 756 borrowers as of December 31, 2021, indicating only 15 new beneficiaries were added till March this year.