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Financial inclusion of MSMEs needed for development of country: Giriraj Singh
Feb-13-2019

In order to mitigate financial challenges faced by entrepreneurs, the Minister of State for Micro, Small and Medium Enterprises (MSMEs) Giriraj Singh has said there is need for financial inclusion of small entrepreneurs, underlying that without whom the country cannot develop.

While appreciating the banking sector 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. Giriraj Singh further requested 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.

Besides, the MSME Minister said that the government is keen to bring SC/ST entrepreneurs at par with their counterparts in the industry, dedicating financial schemes exclusively for them. The minister also highlighted the 12 initiatives of the Government for the MSME sector announced by the Prime Minister on November 02, 2018, and asked MSMEs to take full advantage of the 59 Minute Loan Sanction portal. He further said that the resources are limited but the Government, during last 4 years, has done a lot for the development of MSME sector.


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