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SMEs essential for Indian microfinance market to grow with 11.3% CAGR until 2028

Updated: Dec 02, 2022 12:34:06pm
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SMEs essential for Indian microfinance market to grow with 11.3% CAGR until 2028

New Delhi, Dec 2 (KNN) India’s microfinance market is expected to grow at a CAGR of 11.3 per cent until 2028 and growth of SMEs is one of the key drivers supporting this expansion, as per a recent report.

According to a study by Report Ocean, due to increasing microenterprises, government initiatives to support microfinance, and reduced interest rates the India Microfinance Market is booming.

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The report has also predicted the nationwide microfinance sector to grow rapidly in the years to come.

“The crucial role microenterprises play in advancing economic development is favourably affecting the market growth,” said the report.

Presenting prospects for the business in the future, the microfinance sector has a high penetration of modern technologies in emerging markets, including POS, ATMs, mobile banking, and others.

For example, the Indian government has developed several financial assistance programs for current and future MSMEs.

These programs are designed to give aspirant MSMEs financial support so they can establish themselves and/or reach their full potential, said the report.  (KNN Bureau)

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