President Pratibha Devi Singh Patil has asked financial institutions and banks to increase the flow of credit to micro, small and medium enterprises (MSMEs).
President Pratibha Devi Singh Patil has asked financial institutions and banks to increase the flow of credit to micro, small and medium enterprises (MSMEs).
“Availability of adequate credit is paramount to the success of the micro and small enterprises. It must be kept in mind that it is the vulnerable unorganized enterprises which are still perceived as risky by financial institutions, and suffer the greatest constraint in access to credit because of the very nature of operations especially of the traditional cottage industries. I urge banks to give special attention to this aspect,” Patil said at a MSME award function.
Highlighting the importance of MSME sector in the nation’s economic activity, she further said, “In India, these enterprises account for almost 45 percent of manufacturing output, 95 percent of the number of industrial units and 40 percent of exports. Clearly, they are engines of growth. Besides, the sector provides employment to almost 60 million people, making it the largest source of employment after the agriculture sector.”
The President called upon the MSME’s especially of the traditional sector to employ cost effective technologies, in sectors like coir industry, which employ about 5.5 lakh persons, many of whom are women in the coconut growing states of the country. She further added, “It is undeniable that technology and innovations are game changers, being the key determinants of increasing productivity through improvement in skills, better capital equipment and better systems”.
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