MSMEs in Goa declining; NPAs jump to 13% from 1.9%

Panaji, Mar 11 (KNN) The Micro, Small and Medium Enterprises (MSMEs) in Goa are not doing well and running into losses as the Non-Performing Assest (NPAs) in the sector jumped sharply from 1.9 per cent in June 2019 to 13 per cent in September.

According to the data shared with various stakeholders at the empowered committee for MSMEs convened by the Reserve of India’s (RBI) financial inclusion and development department, it was revealed that in the quarter ending June 2019, the number of sick units in Goa stood at 949, with outstanding loans of just Rs 86.7 crore.

According to the Sick Industrial Companies Act, a sick industrial unit is a company which at the end of any financial year incurs accumulated losses equal to or exceeding its entire net worth.

The data on credit to MSMEs also revealed that 8.95 per cent of the total lending to the sector remained outstanding with the 6,663 sick units while it also showed that 8.95 per cent of the total lending to the sector remained outstanding with the 6,663 sick units.

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