ENA MSME 2024-11-11 15:24:27 <p><span style="font-size:14px"><strong>New Delhi, Nov 11 (KNN)</strong> The government has announced ambitious credit growth targets for Micro, Small, and Medium Enterprises (MSMEs), mandating scheduled commercial banks and Non-Banking Financial Companies (NBFCs) to provide additional credit of Rs 1.54 lakh crore in the current financial year (FY25).</span></p> <p><span style="font-size:14px">Finance Minister Nirmala Sitharaman unveiled a comprehensive three-year credit growth roadmap for the MSME sector, projecting targets of Rs 5.75 lakh crore, Rs 6.21 lakh crore, and Rs 7 lakh crore for financial years 2024-25, 2025-26, and 2026-27, respectively.</span></p> <p><span style="font-size:14px">The announcement came during the 'National MSME Cluster Outreach' program in Bengaluru, jointly organised by the Department of Financial Services and the Small Industries Development Bank of India (SIDBI).</span></p> <p><span style="font-size:14px">During the event, which connected 150 MSME clusters virtually, the Finance Minister emphasised MSMEs' vital role in driving economic growth, innovation, job creation, and fostering self-reliance.</span></p> <p><span style="font-size:14px">Union Minister for MSMEs, Jitan Ram Manjhi, outlined various government initiatives and urged banks to increase their focus on rural enterprise lending.</span></p> <p><span style="font-size:14px">The program marked several significant inaugurations, including six new SIDBI branches in Karnataka and four Nari Shakti Branches of Union Bank of India in major cities, specifically designed to support women entrepreneurs.</span></p> <p><span style="font-size:14px">A new Learning Centre of Canara Bank was also inaugurated at Bagaluru, Bengaluru, strengthening the financial infrastructure for MSMEs.</span></p> <p><span style="font-size:14px">In a demonstration of immediate impact, the Finance Minister distributed sanction letters worth Rs 25.75 crore to 11 MSME customers through SIDBI, and an additional Rs 11 crore to two customers through the Union Bank of India's Nari Shakti Branch.</span></p> <p><span style="font-size:14px">The event culminated with SIDBI signing a memorandum of understanding with the Peenya Industries Association, aimed at enhancing MSME support through capacity building, credit facilities, and knowledge-sharing initiatives.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 39867 https://knnindia.co.in/news/newsdetails/msme/govt-sets-msme-credit-growth-target-of-rs-154-lakh-crore-for-fy25 2024-11-11 15:24:27 knnindia.co.in