SPICE makes credit simpler and faster,” said Ishita Thaman, IES

Ludhiana, Punjab: On June 21st, during the Bharat Manufacturing and Export Summit held in Ludhiana, Ms. Ishita Thaman, Deputy Director from the Indian Economic Service (IES), Ministry of MSME, Government of India, addressed a gathering of entrepreneurs and business owners. She shared key insights on various government schemes and how they are designed to help Micro, Small, and Medium Enterprises (MSMEs) grow and compete in today’s market.

Ms. Thaman explained that the Ministry of MSME is actively supporting businesses through a wide range of schemes in areas like finance, marketing, technology, and quality improvement. She highlighted well-known initiatives such as:

PMEGP (Prime Minister’s Employment Generation Programme) – which supports individuals in starting their own businesses

CGTMSE – offering collateral-free loans to make credit more accessible for MSMEs

She also emphasized the importance of quality certification, branding, and global exposure through programs like ZED (Zero Defect Zero Effect) and Market Development Assistance (MDA), which help MSMEs improve their products and enter new markets.

Two major schemes were specially highlighted during her address:

SPICE Scheme (Strengthening and Prospering Investments in Credit Enterprises): Launched in collaboration with SIDBI, this scheme aims to make credit more affordable and accessible for micro and small businesses. It encourages financial institutions to lend more to the MSME sector, reducing the challenges of getting loans without heavy paperwork or high interest.

GIFT Scheme (Growth, Innovation & Financial Technology): This new initiative supports innovation and digital transformation in MSMEs. It helps businesses adopt new technologies, fintech solutions, and collaborate with startups to improve efficiency, reduce costs, and compete better in both domestic and international markets.

Ms. Thaman also highlighted the government’s increasing focus on women-led enterprises, startups, and exporters, encouraging them to take full advantage of these schemes and upcoming opportunities.

Her address at the summit brought clarity and awareness about how MSMEs can actively benefit from these schemes and continue to play a strong role in India’s economic growth.

Disclaimer: This summary is for informational purposes and readers should verify specific details through official reports or consult industry professionals for comprehensive insights.