'Credit line without collateral for MSMEs is a top priority,' says Chairman of MSME Development Forum

MSME Development Forum Chairman Rajnish Goenka said, "Credit line without collateral for MSMEs is a top priority."

"Taking a loan is easy but to service and pay it back is difficult. Many of them have a habit of accepting private financing from relatives, which shows that there's a need to create friendly relations between banks and MSME players," he said.

Speaking about the resistance present in accepting loans from banks, he added, "Banks are a more reliable source of credit and can't be left uninvolved in the journey of expansion."

MSMEs are expected to play a major role in India's vision of becoming a USD five trillion economy, as 6.3 crore such establishments account for 30 percent of our nominal GDP.

With the vision to bolster the contribution of MSMEs in West Bengal (W.B), a new team of MSME Development Forum for the state was introduced alongside the appointment of Dr. Mamta Binani as the President of MSME Development Forum, W.B.

Dr Mamta Binani said, "Our immediate goal is to create an accountable value system, provide vocational training to 2,000 individuals, placement for 1,000 people, and engage the use of technology in everything we do."

She will lead a team of 40 new executive team members to promote & conduct awareness programs that bouy up MSMEs in West Bengal.

"The motto of West Bengal Chapter is to give information, support, advocacy for start-ups, Women Entrepreneurs, Schedule Caste Start-ups, establish udyam by new policy developed by government," she said.