Amit Mitra urges banks for more advances to MSME in West Bengal

West Bengal industry minister Amit Mitra has urged the banking sector to extend more advances to the MSME sector.

"The banking sector should increase the extent of assistance to the MSME sector in Bengal," Mitra said at the inauguration of SBI's specialised branch for small and medium sector.

During FY12-13, the MSME sector had got advances to the tune of Rs 4200 crore, while the amount jumped to Rs 8200 crore in the first half of FY13-14, a rise of more than 100 per cent, he added further.

"The banks should increase this by 150 per cent for the full FY13-14 fiscal," Mitra said. This would help the MSMEs to engage themselves in the financial inclusion process, the minister said.

Mitra said 92 per cent of the manufacturing sector in the country was unorganised, out of which a big chunk was MSMEs.

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