MSME to get 60% of priority sector lending

Emphasizing the importance of micro, small and medium enterprises in India the Union Finance Minister Pranab Mukherjee said that 60 per cent credit of the priority sector is to be earmarked for micro enterprises, with 10 per cent growth in the number of units to be covered.

The minister said that the public sector banks have 87,000 at present branches spread all over the country including the rural and the remote areas. He said that the number of these branches will keep increasing and 2000 more will be added by 2012.

There are 26million such enterprises in the sector which produce around 6000 products and employ 60 million people.