New Delhi, Aug 11 (KNN) Acknowledging that the MSME sector faces difficulties in getting access to finance from the banks, Union Finance Minister Arun Jaitley said MSMEs get less space in media, in economic discussions and even during the policy formations.

Jaitley said this while addressing the launch of MSME Databank Portal and Finance Facilitation Portal here today.

The Finance Minister said the major challenge before an MSME is finance availability. In the Companies Act passed in 2013, there were provisions like related party transactions, which resulted into difficulties for the MSME sector.

He, however, hailed that the sector still grows despite facing all the difficulties.

Jaitley further said, “MSMEs get less space in media, economic discussions and even during the policy formations as compared to its space in economy of the country.”

“MSMEs are the backbone of the country,” he said.

Noting that MSMEs create several times more jobs than the organised sector and large corporates, the Finance Minister said the government is making efforts to create conducive environment for the sector to grow.

Minister also said that the sector has huge challenges in terms of competition with economies of scale in this global world.

The constitutional amendment bill on GST passed by both Houses of Parliament was by consensus, he said adding this has sent the right signal to the global community and changed the global perception towards India. (KNN Bureau)