Financial inclusion and employment are the discussion point of the time: Giriraj Singh
The Minister of State (I/C) for Micro, Small and Medium Enterprises (MoMSME) Giriraj Singh inaugurated the Regional Conference on MSME Financing for Schedule Caste / Schedule Tribe at Dr Ambedkar International Centre (DAIC) here today.
Singh said financial inclusion and employment are the discussion point of the times.
“We need to create a system where the government knows the reason behind a person's disappointment upon not securing compliance,” he added.
Addressing the conference, Alka Arora, Joint Secretary with the Ministry of MSME said, “We have 15 banks participating today at the MSME Financing Conference for SC/ST entrepreneurs where you can get help with securing bank loans and guidance on other bank initiatives."
Dr Arun Kumar Panda, MSME Secretary said the four challenges that SC/ST Entrepreneurs face are timely availability of low cost capital, technology that is required to make one competitive, the knowledge of buying and selling & skilled manpower.
He said the Ministry is keen to bring SC/ST Entrepreneurs at par with their counterparts in the industry by dedicating financial schemes exclusive for SC/ST entrepreneurs.
The Secretary pointed that the government has proactively changed the definition of MSME Industry giving individual space to large, medium & SME.
Dr Panda said with the introduction of GST, the entrepreneurs who were in an informal set up of business have come to a very formal set up of business.
Addressing the gathering, Additional Secretary to MSME, Ram Mohan Mishra emphasized on the need to analyze the causes why finance related facilities like loans are not being extended to the entrepreneurs and what could be the solutions towards its.
Besides, he also suggested that if some recognized bodies like chambers of commerce and community organizations would come forward and give the banks some assurance in building the entrepreneur credibility that we know this person and he will return your money back, then it will help in maintaining the trust between lender and borrower.
The Regional Conference on MSME Financing was organized by Confederation of Indian Industries (CII) with the support of MSME Ministry and SC/ ST Hub. (KNN Bureau)