Government to remove barriers in credit flow to MSME sector: Bhanu Pratap Singh Verma
Emphasising the Micro, Small & Medium Enterprise (MSME) sector's important role in making India a $5-trillion economy, Union Minister Bhanu Pratap Singh Verma has said that the government will remove all the barriers in credit flow to this sector. He said that the government was also committed to develop a better system of redressal and debt facilities.
The minister said the MSME sector is being developed as a new engine of growth in the country and modernised through innovation and will be more competitive. He said that the export business from the MSME sector is continuously increasing with the contribution to the country's exports now touching almost 50 per cent.
He stated that MSME sector also accounts for about 30 per cent of the country's GDP. He said ‘in such a situation, the role of our MSME sector becomes important in strengthening India's position in the global trade.’
