Revised national project on SMEs focuses on boosting employment
31 Mar '21
The Ministry of Industry and Trade recently revised the key parameters of the National Project on developing small and medium-sized enterprises (SMEs), the Russian business daily Vedomosti was quoted by USRBC as reporting.
The primary goal of the revised project as reportedly stated in government documents is to increase employment by SMEs from about 14 million in 2018 to 25 million in 2024. Most of the revised project’s funding will be used for providing subsidized loans to SMEs.
The revised project includes broader support for the self-employed through tax benefits and other measures.
Pavel Titov, the president of the Delovaya Rossiya association of Russian industrialists and entrepreneurs, believes the project should increase the emphasis on reducing the administrative and fiscal burdens on business and increasing regulatory predictability.
The previous key goal of increasing the share of SMEs in GDP from 20% in 2018 to 32.5% in 2024 has been removed as unrealistic.