A need for financial inclusion of MSMEs

MSMEs to explore the 59

Minute Loan Sanction portal

Ministry of Micro Small and Medium Enterprises (MSME) organized a Regional Conference on MSME Financing under National SC/ST Hub Scheme in New Delhi.  Minister of State (I/C) for MSME, Giriraj Singh said in his inaugural address stressed on the need for financial inclusion of small entrepreneurs, without whom the country cannot develop.

While appreciating the banking sectors concerns about the Non-Performing Assets and bad debts, he pointed out that where there is need based financing from the banks the recoveries have been more than 99 per cent. He urged the banks to set their priorities in line with the policies and financial guarantees of the Government and provide loans to youth and small entrepreneurs.

Talking about the 12 initiatives of the Government for the MSME sector announced by the Prime Minister on 2nd November 2108, Giriraj Singh urged MSMEs to take full advantage of the 59 Minute Loan Sanction portal. He said the resources are limited but the Government, during last 4 years, have done a lot for the development of MSME sector.

Secretary MSME, Dr. Arun Kumar Panda, said timely availability of low cost capital, technology up gradation to make MSMEs competitive, market accessibility and skilled man-power are the core components for the development of the MSME sector.

He urged MSMEs to avail the benefits of various schemes of the Ministry like Credit Guarantee Trust Fund for Micro & Small Enterprises (CGT SME), Prime Minister’s Employment Generation Programme (PMEGP), Credit Linked Capital Subsidy for Technology Up gradation (CLCSS), Lean Manufacturing Competitiveness for MSMEs, Financial Support to MSMEs in ZED Certification Scheme.

Additional Secretary & Development Commissioner MSME Ram Mohan Mishra urged Chambers of Commerce to transfer to MSMEs knowledge of emerging areas of business and technology and share with them their vision of the future in order to make MSMEs competitive. This handholding will give the necessary boost to the MSME sector in the country.