One more move has been added to the Governments improvement schemes which have been witnessed by the country since a couple of weeks. Showing concerns to the lakhs of GST-registered small and medium scale traders, the Government is all set to consider an insurance scheme for the sector.
As per sources, the beneficiary traders would be provided with an accidental insurance cover bases the Pradhan Mantri Suraksha Bima Yojana (PMSBY) at an affordable premium. The Insurance scheme would be based on the scheme being operated by the Uttar Pradesh government for traders. Sources informed that the scheme is very helping and covers up to Rs 10 lakh based on turnover for any accident that happens to the small trader. They also informed that the insurance scheme has been approved by the Government and could be announced by the end of this month before the commencement of the Budget session.
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PMSBY is said to be providing Rs 2 Lakh accidental cover just at an affordable rate of Rs 12 per annum currently and is facilitating the age group 18 to 70 years and has their savings bank account and who give consent for joining and enabling an auto-debit on or before May 31 every year.
Besides all this, the government is also providing concessional finance to traders, who wishes to adopt computerisation and getting their businesses upgraded.
A special policy is in the plans to be formulated to encourage women entrepreneurs. In addition to it, a higher interest subvention to these entrepreneurs is also being planned. A certain percentage out of the government procurement mandated from small traders is expected to be reserved for women entrepreneurs.
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The country had witnessed last year, the government’s announcement regarding the 59-minute loan sanctions, relaxation in labour laws, easier compliance with environmental rules and changes in company laws for small and medium enterprises for a motive to give a boost to the nation’s second-largest employing sector. Meanwhile, the general elections are hitting in the next couple of months.
