Formalization of MSMEs and Credit access remains in policy focus: MSME Secretary

New Delhi, Nov 18 (KNN) The main ambitions of Ministry of MSME is to formalise MSMEs and provide them easy and affordable access to credit, said B. B. Swain, Secretary, Ministry of MSME.

He said this is also directly related to the presence of several enterprises in the cultural space.

Addressing a FICCI event as India assumed charge of the G20 presidency, Swain spoke about the resilience shown by the MSME sector during the pandemic.

He credited the policy changes introduced by the government for it.

“Policy changes occurred in various sectors, from broadening the scope of MSME sector to enhancing the ease of doing business, from making the existing guidelines and also new schemes to make them (the MSMEs) more inclusive, for providing various options of financing and for providing equity support for strengthening market access,” he said.

Further he reflected on the decision taken by the ministry to extend non-tax benefits to three years instead of one year for all MSMEs whose categorization (from micro to small or from small to medium) had changed upwards.

Swain said that solving the issue of delayed payments, providing affordable credit, rolling out Raising and Accelerating MSME Performance (RAMP) scheme, organizing hackathons etc are the main focus areas of the Ministry.  (KNN Bureau)