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Govt to remove barriers in credit flow for MSMEs: Union Minister
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IANS | 28 Jun, 2022
Union Minister of State for MSME, Bhanu Pratap Singh Verma on Tuesday
said that the government will remove all the barriers to credit flow in
this sector.
He said that the government was also committed to develop a better system of redressal and debt facilities.
The
minister was addressing a MSME Convention organised by Associated
Chambers of Commerce and Industry of India (ASSOCHAM) in association
with the Ministry of MSME, when he emphasized the important role of the
Micro, Small and Medium Enterprises (MSME) sector in making India a
$5-trillion economy.
The theme of this session focused on making MSMEs globally competitive through trade, finance and better investment facilities.
The
minister further said that the MSME sector was being developed as a new
engine of growth in the country. It is being modernized through
innovation and will be more competitive.
He added when the industry faced a crisis in terms of business, the government made many provisions for this sector.
For
instance, under the Emergency Credit Facility Guarantee Scheme (ECLGS),
a provision of loan facility up to Rs 5 lakh crore has been made,
whereas Credit Guarantee Fund Trust for Micro and Small Enterprises
(CGTMSE) provides an additional credit of two lakh crore rupees.
He
informed that the export business from the MSME sector was continuously
increasing with the contribution in the country's exports now touching
almost 50 per cent.
It also accounts for about 30 per cent of the
country's GDP. In such a situation, the role of MSME sector becomes
important in strengthening India's position in global trade.
He
further said that the industry has to move with the times and must focus
on adopting new-age technology, which also includes digitizing systems,
processes and operations in all aspects of the business to save time
and expenses. This will result in quality goods and businesses
functioning without interruption, which will create new employment
opportunities.
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