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2010-06-21

MSMEs: High cost of credit a major hindrance

The high cost of credit and non-availability of raw material at competitive rates are the major impediments to the growth and development of the micro, small and medium enterprises (MSME) sector, whic

MSMEs: High cost of credit a major hindrance

The high cost of credit and non-availability of raw material at competitive rates are the major impediments to the growth and development of the micro, small and medium enterprises (MSME) sector, which contributes about 45 per cent to the country’s total manufacturing, said a survey conducted by Confederation of Indian Industry (CII).

 

Out of the 100 participants of the survey 80 per cent said high cost of credit was the biggest impediment to the growth and development of the MSME sector.

 

The participants suggested that the government should promote modern technology, create infrastructure and simplify labour laws for MSMEs to help growth and development.

 

For 55 per cent participants, procurement of raw material at competitive rates and delayed payment along with lack of availability of credit are also crucial factors that inhibit growth and development of MSMEs.

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