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05/07/2022 04:22pm

Union IT Minister Ashwini Vaishnaw encourages start-ups to innovate credit solution for MSMEs

image Union IT Minister Ashwini Vaishnaw encourages start-ups to innovate credit solution for MSMEs

New Delhi, July 5 (KNN) Ashwini Vaishnaw, Union minister for Electronics and Information Technology (MeitY) has urged the start-ups to ideate and develop a credit solution for micro, small and medium enterprises (MSME).

He also asked the start-up ecosystem to take advantage of Open Network for Digital Commerce (ONDC) for their businesses.

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Speaking at the second day of the Digital India Week on Tuesday in Ahmedabad, the minister said, “I would like to make an appeal to all of you. One big challenge where you (start-ups) can really help is in supporting the MSMEs… Can we come up with a credit solution for MSMEs?”

Citing example of SVANidhi programme he said that we should all make something like this programme which requires minimal paperwork and is carried a short time.

PM SVANidhi is a micro-credit facility scheme which provides affordable loans to street vendors to resume their livelihoods that have been impacted due to Covid-19 lockdown.

He also requested the start-ups to make ONDC successful and utilize the recently-launched Genesis, a platform for promoting start-ups in tier 2 and tier 3 cities. (KNN Bureau)

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