MSME Ministry open for suggestions to make access to credit easier for MSEs: DC MSME

New Delhi, April 14 (KNN) The Development Commissioner MSME Shailesh Kumar Singh has called for suggestions to ensure that Micro and Small Enterprises (MSEs) get easier access to credit under the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) scheme. 

Speaking at an event by MSME association India SME Forum and Axis Bank, Singh said, “Although the CGTMSE scheme has been very successful in enabling collateral-free loans but it is still extremely difficult for MSEs to get credit.”

“We need to address this issue and any  suggestions are most welcome,” he added. 

In FY22, Rs 55,217.74 crore was approved with over 7 lakh guarantees cumulatively under the scheme, as per government data. 

The Finance Minister Nirmala Sitharaman has also announced revamping the scheme with the required infusion of funds to facilitate additional credit of Rs 2 lakh crore for MSEs.

Singh also urged the small businesses to register on the Udyam portal stating that  it is a gateway to avail government facilities offered to MSMEs. 

He further spoke about the ministry’s plan on addressing the deficiencies for MSMEs in accessing credit, infrastructure and technology, and marketing support along with the need to add more technology centres for MSMEs. (KNN Bureau)