Govt considering increasing credit limit for small, micro enterprises

Will encourage entrepreneurship in industrial units, says MSME minister Kalraj Mishra

Micro, Small and Medium Enterprises Minister Kalraj Mishra said his ministry was considering increasing the funding limits under the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) schemes for borrowers.

"We are mulling over increasing the funding limits under CGFT/CGTMSE scheme for borrowers. We are endeavouring to re-define the MSME sector in which funding limits in this scheme were decided way back in year 2006 and today it is year 2014; so funding limits need to be changed and increased," Mishra said at an event jointly organised by Indo-American Chamber of Commerce and Ramnagar Induatrial Area Association here yesterday.

The MSME ministry would encourage more and more people to become entrepreneurs and set up their own industrial units under this sector, he said, adding the government will support them financially and morally.

"I take the responsibility to encourage entrepreneurs of our country and will give them a full backing by supporting them at all quarters," he said, adding the MSME ministry wants to promote rural entrepreneurship and would appreciate if more and more women entrepreneurs come forward.

"Mishra emphasised on promoting the use of solar energy, which would save electricity as well as fuels.

He attributed rise in unemployment to deterioration of cottage industry in the country and added that this industry must be revived.

He said the NDA government was putting efforts to build better infrastructure and provide on-time transportation facility so that Indian entrepreneurs may compete with their global, especially Chinese, counterparts.

Mishra said the NDA government wants India to be developed as a manufacturing hub and export its quality products worldwide.

Even the agricultural sector must grow at a rapid pace in the country, he said, reiterating Prime Minister Narendra Modi's slogan "we want to make in India, made in India".

"Rising unemployment in the country can only be decreased and removed through the skill development programme for youths and the MSME ministry is thriving to achieve it," he added.