PM Modi reminds banks of their duty to provide adequate finance to MSMEs promised under budget

New Delhi, Mar 7 (KNN) Prime Minister Narendra Modi on Tuesday highlighted the importance of banks reach reaching out to MSMEs and providing them with adequate finance which would ensure effective utilisation of the additional collateral-free guaranteed credit of Rs 2 lakh crore allotted in this year’s budget.

Addressing a Post Budget Webinar on the subject of ‘Enhancing Efficiency of the Financial Services for Creating Growth Opportunities, he said the need of the hour is that the benefits of the strength in India's banking system should reach the maximum number of people.

He asked the banking system to reach out to the maximum number of sectors.

The Prime Minister pointed out that the Government's policies related to Financial Inclusion have made crores of people part of the formal financial system.

He called upon the stakeholders to re-engineer all the processes to reduce the cost and increase the speed of credit so that it reaches the small entrepreneurs quickly. 

It is the tenth of a series of 12 post-budget webinars organised by the government to seek ideas and suggestions for effectively implementing the initiatives announced in the Union Budget 2023.

Addressing the gathering, the PM said that the government is paving the way for collective ownership and equal partnership in the implementation of the budget through these Post Budget Webinars where the views and suggestions of stakeholders hold utmost importance.

He also highlighted that India is presiding over G-20 and also attracted the highest FDI in the country in the year 2021-22. The Prime Minister noted that a major part of this investment has taken place in the manufacturing sector.

The PM emphasized that applications are continuously pouring in to avail of the PLI scheme which makes India an important part of the global supply chain. The Prime Minister urged everyone to take full advantage of this opportunity.

Touching upon the issue of ‘Vocal for Local’ he said that this is not a matter of choice but “Vocal for local and vision of self-reliance is a national responsibility.”

He noted the tremendous enthusiasm for Vocal for Local and Aatmnirbharta in the country and talked about increased domestic production and record growth in exports.

“Our exports have been at an all-time high, whether in goods or services. This indicates growing possibilities for India,” the PM said and asked the stakeholders like organizations and Chambers of Industry and Commerce to take up the responsibility to promote local artisans and entrepreneurs up to the district level. 

Concluding the address, he stated that the benefits of India's economic development should reach every class and person and urged all stakeholders to work with this vision.  (KNN Bureau)