New Delhi, Mar 19 (KNN) Rajya Sabha member T K S Elangovan of DMK has expressed concern over the decline in the share of Micro Small and Medium Enterprises (MSME) sector in the country's GDP to 28 per cent from 45 per cent in 2011.

He said that smaller industries were suffering due to lack of bank financing and allocation to the sector was lowered in the revised estimate during 2018-19

Elangovan further asserted that though MSMEs need funds for technology upgradation and infrastructure, but banks were not proving funds adding that ''the government should support small industries and banks should lend.''

Lauding MSME sector which provide huge employment opportunities to people, the DMK leader said the government should re-evaluate its strategy and provide support to this sector for economic development of the country.

As per Budget estimates, an outlay of Rs 7,572 crore has been earmarked for the MSME Ministry for 2020-21.

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