New Delhi: Ahead of the general election, the Union government is considering an insurance scheme for lakhs of GST-registered small and medium scale traders with a view to address certain concerns of this segment.
Now, insurance bonanza likely for small traders
According to sources, the scheme may provide accidental insurance cover on the lines of Pradhan Mantri Suraksha Bima Yojana (PMSBY) for the traders at an affordable premium. This could be based on the scheme being operated by the Uttar Pradesh government for traders.
PMSBY currently provides Rs 2 lakh accidental cover just at affordable rate of Rs 12 per annum. The Scheme is available to people in the age group 18 to 70 years with a savings bank account who give their consent to join and enable auto-debit on or before May 31 every year.
Besides, the government is also considering to provide concessional finance to traders, who wish to adopt computerisation and upgrade their businesses.
A special policy may be formulated to encourage women entrepreneurs, sources said, adding a higher interest subvention to these entrepreneurs is also being contemplated.