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2013-10-24

R&D, Technology & knowledge dissemination key to revive MSMEs: Jaspal Singh

“Technological advancement, Research & Development, enhanced awareness about the assisting schemes and knowledge dissemination can work wonders to upscale the level of MSMEs in India and particularly in North,” said Mr Jaspal Singh, Secretary-Expenditure Dept of Finance & Planning, Government of Punjab.

Technological advancement, Research & Development, enhanced awareness about the assisting schemes and knowledge dissemination can work wonders to upscale the level of MSMEs in India and particularly in North,” said Mr Jaspal Singh, Secretary-Expenditure Dept of Finance & Planning, Government of Punjab.

 

He was addressing a Conference on Financing for Growth-Focus on sustainable development of MSMEs, organized by the CII (Confederation of Indian Industry) at CII Headquarters here in Sector 31 on Wednesday.

 

"It is imperative that finance is easily available to MSMEs and at reasonable rates so that they can grow to the next level. We are continuously working to create an enabling environment for the MSMEs in Punjab as they play a critical role in Punjab's economy", he added.

 

On this occasion, an MOU was signed between CII and Canara Bank to facilitate credit access for Micro, Small and Medium enterprises. Under this MOU, Canara Bank shall extend a concession of 50 bps on the applicable card rate of interest and rebate of 50% in the processing/Upfront fee to the current MSME members of CII applicable all across India.

 

This MOU was signed by  Mr R Madhusudan, General Manager, MSME Wing, Head Office, Bangalore on behalf of Canara Bank and Mr Raman Saluja, Chairman Regional committee on MSMEs, CII Northern Region on behalf of CII.

 

Mr P S Rawat, Executive Director, Canara Bank, said, “In north, 71.15 lac MSME enterprises (27.3% of India’s total MSMEs) provide employment to approximately 1.53 crore people i.e. 25.8% of national MSMEs, hence it really needs help from financial institutions in current scenario. Against this backdrop, Canara Bank has signed this first of its kind MoU that will provide structural finance to the sector.”

 

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