Imphal: The Manipur State Credit Guarantee Scheme (MCGS) was officially unveiled at a ceremony hosted by the Planning Department of the Government of Manipur at Hotel Imphal. Chief Minister N. Biren Singh graced the event as the Chief Guest. This scheme is a collaborative effort with the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE), established by the Ministry of MSME, Government of India, and the Small Industries Development Bank of India (SIDBI).
In his address, Chief Minister N. Biren Singh emphasized the need for individuals from various sectors to accelerate their efforts to maintain the development momentum achieved before the current crisis in the state. He stressed that the state had faced challenging times, urging unity and emotional integration to restore normalcy.
Manipur ranks among the top states in the Northeast and leads among small states in the number of registrations for Micro, Small & Medium Enterprises (MSMEs), with over 51,000 registrations, including 50,658 for Micro, 519 for Small, and 22 for Medium enterprises. The Chief Minister highlighted the suitability of MSMEs in Manipur due to the local population’s enthusiasm for new ventures.
Previously, banks required collateral for loans, but now the government offers guarantees under this Credit Guarantee Scheme. SIDBI is set to sanction approximately Rs. 700 crores over the next five years, potentially creating around 28,000 jobs. Employment generation is a crucial driver of economic growth.
The scheme aims to benefit displaced persons in relief camps by providing initial loans of Rs. 50,000 to support income-generating activities. Training and marketing platforms will be provided, eliminating financial and marketing challenges. Displaced individuals can become experts in specific activities and, once they return to their original locations, access the benefits of the One Family One Livelihood scheme of the State Government.
N. Biren highlighted the changing attitude towards loan repayment and the importance of discipline, culture, and tradition in achieving success.
The event also featured addresses by CEO of CGTMSE Sandeep Varma and CGM of SIDBI Arup Kumar, who discussed the support available to first-generation entrepreneurs under the Credit Guarantee Scheme. During the program, dummy loan cheques and loan sanction letters were handed over to beneficiaries under the One Family One Livelihood Scheme and Manipur State Credit Guarantee Scheme.
The objective of the Credit Guarantee Scheme is to encourage first-generation entrepreneurs to explore self-employment opportunities by providing credit guarantee support for collateral-free loans to Micro and Small Enterprises (MSEs). This support is especially crucial in the absence of collateral or third-party guarantees.
