Govt working towards strengthening MSME ecosystem, focus on higher credit support, capital and interest subsidy: PM Modi

New Delhi, Feb 24 (KNN) In a bid to woo the sector, Prime Minister Narendra Modi during his speech at the ET's Global Business Summit said that the government is working towards strengthening the Micro, Small and Medium Enterprises (MSMEs) in the country.

The Prime Minister further said that provided the fact that MSMEs form the backbone country’s economy, it is important to uphold the MSMEs.

“Ecosystem for MSMEs form the backbone of our economy, we are working towards strengthening the sector”, PM Modi said.

Listing the steps in the line, the Prime Minister informed that the focus of the government in recent times have been to formalise the MSMEs and also assist them by providing higher credit support, capital and interest subsidies.

Also there is special focus on the role of innovation in this regard, the Prime Minister added.

Commenting on the need of a good Financial Technology mechanism, the PM said that for an MSME friendly ecosystem, and to have a better access of finance for the MSMEs, it is important to promote the FinTech mechanism in the country.

The Prime Minister also spoke on the big loan defaulters and assured that in due course, the government will be taking action against them. (With PIB Inputs) (KNN/DA)