MSME Sector Will Get An Easy Loan, Govt Announced

MSME sector will get an easy loan, small business is occupied by the big corporate in the epidemic.

Many schemes have been introduced by the central government for the betterment of the micro, small, and medium (MSME) sectors.

The government considers MSMEs to be a strong pillar of the Indian economy. In fact, MSME is the largest employment sector in India.

This is the reason why BB Swain, Secretary, Ministry of Micro, Small and Medium Enterprises (MSME) said on Monday that the government is working to ensure that this category of entrepreneurs can get easy loans.

Rs 3.47 lakh crore loan sanctioned under the emergency loan guarantee scheme

Swain told a conference organized by CII on International MSME Day that access to affordable loans remains a challenge for all and efforts are being made to address this problem.

Swain said, “We are also working towards bringing small enterprises into the formal framework.”

He said that loans worth Rs 3.47 lakh crore have been sanctioned under the Emergency Loan Guarantee Scheme. Out of this, loans worth 2.31 lakh crore have been given to the MSME sector.

Minister of State for MSME, Bhanu Pratap Verma, who was present during this, said that through e-commerce not only the profits of micro, small and medium enterprises have increased but their marketing expenses have come down.

Not only this, but it has also helped them to expand their reach to new markets. Verma said that MSMEs play an important role in employment generation in the country.

The market share of a quarter of MSMEs decreased.

A quarter of MSMEs lost a three percent market share during the pandemic and was captured by big corporate houses.

Rating agency CRISIL analyzed MSMEs in 69 sectors and 147 clusters with revenues of Rs 47 lakh crore.

The survey revealed that half of the companies in the pandemic not only lost their market share but also reduced operating profit