MSME Min Giriraj Singh urges banks to provide loans to youth, small entrepreneurs
New Delhi, Feb 12 (KNN) Minister of State for Micro Small and Medium Enterprises (MSMEs), Giriraj Singh has urged the banks to set their priorities in line with the policies and financial guarantees of the government and provide loans to youth and small entrepreneurs.
Speaking at ‘Regional Conference on MSME Financing under National SC/ST Hub Scheme’ here, he stressed on the need for financial inclusion of small entrepreneurs, without whom the country cannot develop.
While appreciating the banking sectors concerns about the Non-Performing Assets (NPAs) and bad debts, he pointed out that where there is need based financing from the banks the recoveries have been more than 99 per cent.
He said government is keen to bring SC/ST entrepreneurs at par with their counterparts in the industry, dedicating financial schemes exclusively for them.
Talking about the 12 initiatives of the government for the MSME sector announced by the Prime Minister on November 2, 2018, Singh urged MSMEs to take full advantage of the 59 Minute Loan Sanction portal.
Addressing the gathering, Secretary of MSME, Dr. Arun Kumar Panda, said timely availability of low cost capital, technology upgradation to make MSMEs competitive, market accessibility and skilled man-power are the core components for the development of the MSME sector.
He also urged MSMEs to avail the benefits of various schemes of the Ministry like Credit Guarantee Trust Fund for Micro & Small Enterprises (CGTSME), Prime Minister’s Employment Generation Programme (PMEGP), Credit Linked Capital Subsidy for Technology Upgradation (CLCSS), Lean Manufacturing Competitiveness for MSMEs, Financial Support to MSMEs in ZED Certification Scheme.
On the occasion, Additional Secretary & Development Commissioner-MSME, Ram Mohan Mishra urged Chambers of Commerce to transfer to MSMEs knowledge of emerging areas of business and technology and share with them their vision of the future in order to make MSMEs competitive.
This handholding will give the necessary boost to the MSME sector in the country, he added.
The focus of the conference was to highlight the financial challenges faced by the SC/ST entrepreneurs and the various steps taken by the government and other stakeholders to overcome these challenges.
A loan and awareness camp was also organized by the partnering banks and financial institutions for the participants of the conference.
(From PIB Inputs-KNN/YV)