Welcome Guest

Businessex.Com
Home News Govt to help MSMEs access bank loans at cheaper rates: Kalraj Mishra

Govt to help MSMEs access bank loans at cheaper rates: Kalraj Mishra

Tags: sharad jaipuria, sme, msme, kalraj mishra, narendra modi, bank loan, funding, PHD chamber of commerce, entrepreneur

September 17, 2014 | COMMENTS ( 0 )

Govt to help MSMEs access bank loans at cheaper rates: Kalraj Mishra

The Union Ministry of MSME is lobbying hard with the public sector banking enterprises to extend loan facilities to MSMEs at base rate so that this segment is able to access vast capital from the financial and banking institutions at much cheaper rates and roll out quality products and run their enterprises effectively, Kalraj Mishra, Union Minister for MSME said while inaugurating the 2nd Innovation Summit-2014 under the aegis of PHD Chamber of Commerce and Industry today.
 
 
"To ensure this, I am meeting the senior functionaries of banking and financial institutions at Lucknow on Thursday (tomorrow) so that an earlier decision is taken on this front with their concurrence which will be duly endorsed subsequently by the Reserve Bank of India, Finance Minsitry and the Prime Minister Office", said Mishra.
 
 
Mishra said that micro, small and medium enterprises across the country needed capital at relaxed rates of interest to run their enterprises and cater to the needs of their big brothers as well as contributes substantially to India's manufacturing and external engagements.
 
 
"A couple of weeks ago, after my meeting with the representatives of host of micro and small industry associations in New Delhi following intense and protracted discussions with them, it was consented that the Ministry of MSME would work hard to ensure that base rate interest regime would be facilitated for the small and tiny enterprises. Subsequently, this concern of theirs was forwarded to the Prime Minister Office by the MSME Ministry and as a follow up action, I would be having conclusive parleys with the representatives of the banking and financial institutions so that with due deliberations the base rate interest regime is prevailed for this segment of industry.  There has to be an intense focus on rural entrepreneurs and we will try to simplify business procedures for their growth," Mishra explained.
 
 
"My Ministry has been working hard to make sure that the new government succeeds in setting up of Credit Guarantee Trust Funds to extend liberal packages to MSME as a whole and inputs have already been incorporated in the new draft MSME Policy which is at the advanced stage of finalization. The government proposes to roll out the new policy in the next 30 days," said Mishra.
 
 
As per stipulation of the new policy, the general procedures as well as procurement procedures would be vastly simplified and all clearances for setting up of micro and small businesses would be accorded online within a fixed period of 15 days, assured the minister.  
 
 
Sharad Jaipuria, President and Vice President, PHD Chamber and Mahesh Gupta complimented the government for being proactive towards the industry by formulating policies that would accrue higher growth to India. Both Jaipuria and Gupta thanked the MSME Minister for making sure that MSME segment which is an important stakeholder in the space of PHD Chamber for making sure that the new government would treat it with base rate interest facilities.  The need of the hour is to build the innovative capacities of MSMEs to unleash their entrepreneurial spirit.

Please add your comment

Rating
Not readable? Change text.
Enter the characters as seen on the image (case insensitive)
  Notify me of followup comments via e-mail   Subscribe for daily newsletter

Other NEWS

Delhi based startup i2e1 raises $5,00,000

Delhi based startup i2e1 raises $5,...

December 10, 2015

Delhi-based i2e1, a smart network player platform which aims to provide low-cost and free internet to consumers and actionable ana....

Cab aggregators collaborate with state governments to boost entrepreneurship

Cab aggregators collaborate with st...

November 06, 2015

Ola and Uber, cab aggregators have signed agreements with Rajasthan government for skill development and creation of entrepreneuri....

Phase II of startup incubator T-Hub to be operational soon

Phase II of startup incubator T-Hub...

November 04, 2015

Telangana government is planning to expand T-Hub, its ambitious incubator programme, in its second phase with about Rs 150 crore i....

Sabse Technologies receives investment from Ratan Tata

Sabse Technologies receives investm...

November 04, 2015

Global telecom carrier, Sabse Technologies Inc, started by Hotmail Founder Sabeer Bhatia today announced that Tata Sons' Chairman ....

Mobile startup BlackNGreen seeks international expansion

Mobile startup BlackNGreen seeks in...

November 02, 2015

Buoyed by a strong demand for value added services, mobile startup BlackNGreen is eyeing revenue of Rs 350 crore in the next one y....

Startups seek better future under Hay Group's programme

Startups seek better future under H...

October 30, 2015

Global management consultancy, Hay Group will help 100 selected entrepreneurs transform their startups into successful companies o....

Quintype raises USD 3.25 million for product enhancement

Quintype raises USD 3.25 million fo...

October 27, 2015

Quintype, a data-driven publishing company raised USD 3.25 million to enhance product and business development. ....

Hospitality aggregator startup Qik Stay raises $250K

Hospitality aggregator startup Qik ...

October 27, 2015

Delhi-based Qik Stay, a hotel branding and aggregator startup, has raised $250K in seed round of funding from venture capital firm....

Milk Mantra targets a turnover of Rs 150 crore this fiscal

Milk Mantra targets a turnover of R...

October 26, 2015

Odisha-based startup dairy firm, Milk Mantra is targeting a turnover of Rs 150 crore this fiscal.....

Vista Rooms creates app on Instagram, targets tier II & III cities

Vista Rooms creates app on Instagra...

October 23, 2015

Mumbai-based online budget accommodation aggregator, Vista Rooms has created an app-like experience on Instagram where travellers ....

Jiyo Natural receives funding from Indian Angel Network

Jiyo Natural receives funding from ...

October 23, 2015

Indian Angel Network (IAN) has invested an undisclosed amount in Bengaluru-based consumer health food startup, Jiyo Natural.....

​​Vodoo raises USD 1 million from SAIF Partners

​​Vodoo raises USD 1 mi...

October 15, 2015

Deals and price comparison application, Vodoo has raised USD 1 million (around Rs 65 lakh) from SAIF Partners in a seed funding ro....

IBM launches public data centre in Chennai, partners with Nasscom to boost start ups

IBM launches public data centre in ...

October 15, 2015

Technology giant, IBM today launched public data centre in Chennai to tap into growing demand from financial services and governme....

For Nasscom, PPP will boost startups in India

For Nasscom, PPP will boost startup...

October 14, 2015

In the wake of some reservations over the central government creating startup funds, Nasscom's "10,000 startups" Vice President, R....

WalmartLabs to seek partnership with Indian startups

WalmartLabs to seek partnership wit...

October 14, 2015

WalmartLabs, the digital arm of US-based retailing major Walmart Stores, is scouting for startups in India for partnership and wor....