Financial inclusion of MSMES needed for development of the Country: Giriraj Singh

Minister of State (I/C) for MSME,Giriraj Singh, 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.

The MSME Minister said Government is keen to bring SC/ST entrepreneurs at par with their counterparts in the industry, dedicating financial schemes exclusively for them.

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 upgradation 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 Upgradation (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.

The focus of the conference was to highlight the financial challenges faced by the SC/ST entrepreneurs and the various steps taken by the Government and other stakeholders to overcome these challenges. Aloan and awareness camp was also organized by the partnering banks and financial institutions for the participants of the conference.

Image Credit: PIB