He was addressing a gathering of bankers here, as part of a promotion campaign of MUDRA (Micro Units Development and Refinance Agency).
"People going abroad do very good and the reason for it is very simple. They get a good opportunity there and have the required financial support to take their ideas forward. Also, the interest rates on banks there are very low," Singh said.
He said the MUDRA scheme was a tool for young entrepreneurs to be empowered to do what they want.
"There is no collateral required to avail the loans and the paper work is also very minimal. According to figures, women have been the main beneficiaries of this scheme," he said.
Singh asked the bankers to interact with beneficiaries and seek their suggestions, feedback and complaints to ensure that the scheme can be made better with time.
"MUDRA can be a tool to stop farmer suicides as well mostly due to over burdening from loans. The other members of the family can avail the loan facility and do some other work to balance the bad finances," he said.
Singh said that since employment opportunities are limited in the country, the banks should encourage people to widen their scope of work and employ more people to help cut down the unemployment rate.
Maharashtra's Women and Child Development Minister Pankaja Munde, Shiv Sena MP Arvind Sawant and BJP MLA Raj Purohit were present on the occasion.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)