Giriraj Singh bats for financial inclusion of MSMEs and SC/ST entrepreneurs

The Ministry of MSME organised a regional conference on MSME Financing under National SC/ST Hub Scheme in New Delhi on Tuesday, where Giriraj Singh, Minister of State for MSME, stressed on the need for financial inclusion of small entrepreneurs, said an official release.

The conference focussed on highlighting the financial challenges faced by SC/ST entrepreneurs and the various steps taken by the government and other stakeholders to overcome them. A loan and awareness camp was also organised by the partner banks and financial institutions for participants of the conference.

“I appreciate the banking sector’s concerns about non-performing assets and bad debts, but where there is need-based financing from the banks, the recoveries have been more than 99 percent,” the minister said at the event. He urged banks to align their priorities with the policies and financial guarantees of the government and provide loans to youth and small entrepreneurs.

The release added that the minister and the government are keen to bring SC/ST entrepreneurs at par with their counterparts in the industry by dedicating financial schemes exclusively for them. Singh also elaborated on the 12 government initiatives for the MSME sector announced by the Prime Minister in November 2018.

He added, “I urged MSMEs to take full advantage of the 59-minute loan sanction portal. The resources are limited but the government, during the last four years, has done a lot for the development of MSME sector.”

Arun Kumar Panda, Secretary MSME, also attended the event, He said timely availability of low cost capital, technology upgradation to make MSMEs competitive, market accessibility, and skilled manpower were the core components for development of the sector.

“I urged MSMEs to avail the benefits of various schemes of the Ministry, like Credit Guarantee Trust Fund for Micro and Small Enterprises (CGTSME), Prime Minister’s Employment Generation Programme (PMEGP), Credit Linked Capital Subsidy for Technology Upgradation (CLCSS), Lean Manufacturing Competitiveness for MSMEs, and Financial Support to MSMEs in ZED Certification Scheme,” Panda said.

Ram Mohan Mishra, Additional Secretary and Development Commissioner, MSME, urged Chambers of Commerce to share with MSMEs knowledge of emerging areas of business and technology, and also share with them their vision of the future in order to make them competitive.

Last week, Singh had felicitated select Central Public Sector Enterprises (CPSEs) for their work under the Public Procurement Policy for promotion of SC/ST entrepreneurs. Fourteen CPSEs in the Maharatna, Navratna, Miniratna, and general categories were felicitated.

ALSO READ:

CPSEs felicitated for procuring orders worth Rs 520 Cr from SC/ST entrepreneurs this year

MSME Ministry and FICCI’s buyer-seller meets to boost procurement from SC/ST entrepreneurs