The Ministry of Micro Small and Medium Enterprises sector accounts for about 20% of the country’s GDP.
Recently, the UP government granted loan to around 13 lakh MSME units worth Rs.42,700 crore in the financial year 2020-21.
The state government has for the first time given such a large amount to the MSME sector in a year.
Moreover, this has also spawned 65 lakh direct and indirect employment opportunities in the private sector.
The country’s micro, small and medium enterprises operational in Uttar Pradesh represents 14 per cent.
However, the government will take strict actions for the disposal of cases related to banks on the MSME Sathi app.
A total of 41.16 per cent of bank accounts are covered under the Pradhan Mantri Suraksha Bima Yojana.
Currently, appointment of 58,000 Bank Correspondent Sakhi is in process under one Bank Correspondent programme.
Banks and the NABARD should take necessary steps to bag potential projects and entrepreneurs for use of agricultural infrastructure funds.
NBFCs should also be a part of the SLBC meetings from time to time in order to share their suggestions and progress.
The MSME sector being the backbone of the Indian economy has created 11 crore jobs so far. In fact, it is also the largest employment provider in the country.
In the last Union Budget, the government raised tax exemptions for small business units with a turnover of up to Rs.2 crore.
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