Banks disbursed 2.5 times more loans to UP MSMEs in FY 2020-21: Navneet Sehgal

Lucknow, Jul 20 (KNN) The banks have disbursed two and half times more loans to Micro Small and Medium Enterprises (MSME’s) in Uttar Pradesh (UP) in the financial year 2020-21 as compared to 2016-17, said an official.

"In the financial year 2020-21 banks disbursed Rs 73,765 crore loans to MSMEs," said Navneet Sehgal, Additional Chief Secretary, Information, MSME, Export Promotion, Khadi and Village Industry, Government of Uttar Pradesh.

According to him, this was two and half times more as compared to the loan amount of Rs 28,136 crores disbursed by banks to MSMEs in 2016-17 four years ago.

Sehgal further said that in the last four years, 2.6 crore people also got employment and an investment of Rs 5 lakh crore was made in the state.

“Despite lockdown and pandemic in 2020-21, the state witnessed a spike in the disbursement of loans to MSMEs. In the last four years around 74 lakh new units have been set up in the state,” Sehgal added.