UP govt seeks Rs 70,000 cr loans for MSMEs
Lucknow, Dec 23 (KNN) The UP government has asked for Rs 70,000 crore loan from banks for the Micro Small and Medium Enterprises (MSME) sector in the state, which will include Chief Minister Yogi Adityanath 's flagship One District One Product (ODOP) programme.
So far, in September, this year, the MSME sector has registered a substantial increase of Rs 40741.95 crore in September 2019 compared to Rs 29,782.46 crore in 2018.
MSME Principal Secretary, Navneet Sehgal met Bank of Baroda general manager Ramjas Yadav to apprise him of the growing demand for loans in the MSME sector in the state, according to a media report.
Lauding the MSME sector, he said, it plays an important role in the state's exports, as it accounted for nearly 80 per cent of the total exports adding that ''the department has been organizing special loans meals for credit outreach to assist young entrepreneurs to join the sector.''
''In order to ensure success of the loan campaign, District magistrates have been asked to hold loan melas with banks. The success of these loan melas will be reviewed in January 2020," added Sehgal.
He further informed that in the last three years, UP has registered 15 lakh new MSMEs and the sector has clocked an unprecedented growth, increasing providing employment opportunities.
''With the growth in the sector, there is a need for loans to be increased to over Rs 70,000 crore in the next financial year," Sehgal said.