500+ Micro & Small Enterprises Apply For Green Investment Incentives

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IamSMEofIndia Business Update

500+ Micro & Small Enterprises Apply
for Green Investment Incentives

More than 500 micro and small enterprises (MSEs) have applied for incentives under two key government schemes aimed at encouraging green investments and the circular economy.

This strong response came within just three months of the launch of the Green Investment and Financing for Transformation (GIFT) and Scheme for Promotion and Investment in Circular Economy (SPICE) initiatives in December 2023.

These enterprises are gearing up to embrace eco-friendly technologies and cater to the growing consumer preference for environmentally conscious products.

As a testament to the schemes' early success, a staggering Rs 380 crore in loans has already been disbursed to MSEs under these programs.

The GIFT scheme offers a 2% annual interest subvention for five years on loans up to Rs 2 crore to MSEs adopting environment-friendly technologies.

The SPICE Scheme provides 25% capital subsidies to MSEs for brownfield projects, incentivising them to expand or upgrade their existing circular economy projects.

With a combined outlay of Rs 950.5 crore, SPICE will run from FY24 to FY27, while GIFT has an outlay of Rs 478 crore until FY26.

These schemes are expected to play a crucial role in facilitating the transition of MSEs towards a more sustainable and circular economic model, aligning with global climate regulations and consumer demands.

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