Srinagar, Mar 29 (KNN) Penetration of Micro Small and Medium Enterprises (MSMEs) in India on availing schemes and getting finance is on the lower side and large portion of these units depend on informal sector for finance, said Regional Director of Reserve Bank of India (RBI), Jammu.

Chairing the meeting at the 43rd empowered committee meeting on MSMEs for Jammu and Kashmir, Regional Director of RBI-Jammu, Thomas Mathew urged the participants to step up their awareness initiatives so that both prospective and established entrepreneurs are aware about the policies and schemes targeting the MSME sector.

In his address, he stressed on the importance of the MSME sector in the Indian economy, especially their contribution to GDP and employment generation.

Comparing it with other economies, he said that the sector has tremendous scope and potential.

The committee also reviewed the progress of banks in extending credit to the MSE sector and issues being faced by them.

Besides this, it reviewed the status of various government run schemes like CGTMSE covered cases, status of NPAs in the MSE sector, progress on the structured mechanism for flow of credit to the MSE sector, revival and rehabilitation of sick units, identification of unrecognized clusters for MSE, implementation of financial education programs for the sector, etc. (KNN/YV)