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Financial Inclusion Of Small Entrepreneurs Need Of Hour

Capital Market 

Ministry of Micro Small and Medium Enterprises (MSME) organized a Regional Conference on MSME Financing under National SC/ST Hub Scheme in New Delhi today. Minister of State (I/C) for MSME, Giriraj Singh, in his inaugural address stressed on the need for financial inclusion of small entrepreneurs, without whom the country cannot develop. While appreciating the banking sectors concerns about the Non-Performing Assets and bad debts, he pointed out that where there is need based financing from the banks the recoveries have been more than 99 per cent. He urged the banks to set their priorities in line with the policies and financial guarantees of the Government and provide loans to youth and small entrepreneurs.

The MSME Minister said Government is keen to bring SC/ST entrepreneurs at par with their counterparts in the industry, dedicating financial schemes exclusively for them. Talking about the 12 initiatives of the Government for the MSME sector announced by the Prime Minister on 2nd November 2108, Giriraj Singh urged MSMEs to take full advantage of the 59 Minute Loan Sanction portal. He said the resources are limited but the Government, during last 4 years, have done a lot for the development of MSME sector.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, February 12 2019. 17:28 IST