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The Ministry of Micro, Small, and Medium Enterprises (MSMEs) Secretary B B Swain has said that the government is working towards facilitating greater ease of access to credit for MSMEs. Acknowledging that access to affordable credit remains a challenge for all, especially MSMEs, he said efforts are being made to address the issue.

The Secretary said ‘another landmark in the direction of formalizing of MSMEs on the horizon wherein we are working towards bringing into formal framework the tiniest of the micro-enterprises.’

Swain informed that the total amount of loans guaranteed under ECLGS (Emergency Credit Line Guarantee Scheme) is Rs 3.47 lakh crore. Out of this, the amount earmarked to MSMEs is Rs 2.31 lakh crore. He also said the Self Reliant India Fund has been operationalized wherein twenty-two daughter funds have already been empaneled.