Finance Minister Engages With MSME Sector In Udaipur, Outlines Support Measures

New Delhi, Aug 24 (KNN) Union Finance Minister Nirmala Sitharaman met with entrepreneurs from the marble and granite industry in Udaipur, Rajasthan, on Friday.

The interaction took place at an event organised by the Small Industries Development Bank of India (SIDBI) in the Sukher Industrial Area.

During the meeting, Sitharaman emphasised the government's dedication to expanding banking services for Micro, Small, and Medium Enterprises (MSMEs).

She highlighted recent Union Budget recommendations for the MSME sector, including plans to expand SIDBI's branch network.

The Finance Minister's visit to Udaipur marks the first in a series of planned visits to MSME clusters across the country, aimed at gathering feedback and implementing budget announcements.

A Memorandum of Understanding (MoU) was signed between SIDBI and the Udaipur Marble Association in the presence of the Finance Minister.

The agreement outlines a comprehensive plan to enhance the Association's capabilities through various interventions, including facilitating marketing efforts via buyer-seller meetups.

Sitharaman also visited the local SIDBI branch, where she held discussions with existing customers and received direct feedback.

Alongside Union Minister of MSME, Jitan Ram Manjhi, she distributed sanction letters to several MSME borrowers.

Minister Manjhi reiterated the government's commitment to extending scheme benefits to micro enterprises, highlighting the progress of the Credit Guarantee Scheme for Micro and Small Enterprises.

He urged banks to increase support for micro units and focus on creating livelihood opportunities for the economically disadvantaged.

M Nagaraju, Secretary, Department of Financial Services, stated that enhancing lending to MSMEs is a key priority, with close monitoring of bank performance in this area.

SIDBI Chairman and Managing Director Manoj Mittal assured the Finance Minister and MSME Minister of the bank's commitment to promoting, developing, and financing MSMEs. He also mentioned SIDBI's plans for branch expansion, in line with the recent Union Budget announcements.

(KNN Bureau)