WB sets target to generate 22 lakh jobs through MSMEs

Kolkata, June 25 (KNN) West Bengal Government has presented its Budget in the Assembly where they have set a target to generate 22 lakh jobs and most of them would be created by the Micro, Small and Medium Enterprises (MSMEs).

Finance Minister Amit Mitra while presenting the budget said that maintaining that the MSME sector was labour intensive and had maximum output elasticity. “Bank funding to the sector in the last five years has increased a lot… it is the highest among states. More bank funding entails more investments.”

Meanwhile, the state government is also preparing a strategy for the sector, aiming at promoting various products — particularly engineering and textiles. Under the new strategy, banks will provide loans to individuals on the recommendations of the state government and thus help Bengal promote its export polic.

“A memorandum of understanding (MoU) has already been signed between the state government and the Export Import Bank of India (Exim Bank) few months ago in which the latter has agreed to provide financial assistance and also advisory support,” All India Trinamool Congress (AITC) said. (KNN Bureau)