The government has set the target for all scheduled commercial banks and NBFCs for providing additional MSME credit of Rs 1.54 lakh crore in the current financial year (FY25).
The banks and NBFCs should aim at total credit growth of Rs 5.75 lakh crore, Rs. 6.21 lakh crore and Rs 7 lakh crore to MSMEs in the financial year 2024-25, 2025-26 and 2026-27 respectively, according to Finance Minister Nirmala Sitharaman.
At the ‘National MSME Cluster Outreach’ programme here, organised jointly by the Department of Financial Services (DFS), Ministry of Finance, and Small Industries Development Bank of India (SIDBI), the minister underscored the importance of MSMEs in India's economic development, particularly their role in innovation, job creation, and contributing to the country’s self-reliance.
The Finance Minister also interacted with entrepreneurs, providing insights on how the government and financial institutions can further support their growth and sustainability. Sitharaman said that banks need to walk extra mile for enhancing credit to MSME sector.
Jitan Ram Manjhi, Union Minister for MSMEs, highlighted the government’s initiatives aimed at bolstering the MSME sector and urged all the banks to focus towards extending more credit to small enterprises in rural areas.
Around 150 MSME clusters were connected virtually for the launch with senior bank officials being present in each of these clusters.
FM Sitharaman also virtually inaugurated six new SIDBI branches in Karnataka, expanding SIDBI’s reach and financial assistance to MSMEs in these clusters.
She also inaugurated four Nari Shakti Branches of Union Bank of India at Bengaluru, Chennai, Jaipur and Vishakhapatnam, with the goal of empowering women entrepreneurs and the Learning Centre of Canara Bank at Bagaluru, Bengaluru.
FM Sitharaman also distributed sanction letters to 11 MSME customers of SIDBI, aggregating to Rs. 25.75 crore and 2 sanction letters to MSME customers of Nari Shakti Branch of Union Bank of India aggregating Rs 11 crore.
During the event, SIDBI signed a memorandum of understanding (MoU) with the Peenya Industries Association strengthening the collaboration to support MSMEs through capacity building, credit facilities, and knowledge-sharing.
Goyal assures deeptech startups of big push from Rs 10,000 crore Fund
Commerce and Industry Minister Piyush Goyal announced on Saturday that the government will provide a substantial outlay for deeptech startups from the Rs 10,000 crore Fund of Funds scheme.
Fresh tension in Manipur; village chiefs among 10 assaulted by militants
Fresh tension broke out between two tribal communities in Manipur’s Kangpokpi district on Saturday after at least 10 people, including two key village leaders, were allegedly assaulted by suspected Kuki militants over a land dispute, officials said.
Gandhis 'abandoned' Muslims in Waqf Bill debate: Amit Malviya slams Rahul, Priyanka's absence
The absence of Congress leaders Rahul Gandhi and Priyanka Gandhi Vadra during the heated debate on the Waqf (Amendment) Bill in the Lok Sabha drew criticism from the BJP, which accused them of neglecting the Muslim community that they often claim to ‘advocate for’.
Tripura hosts first ever Bipul Charu and Karu Kala Utsav in Agartala
Chief Minister Dr Manik Saha on Saturday inaugurated the first ever three days long Bipul Charu and Karu Kala Utssav – Arts and Crafts festival here in Agartala Government College of Art and Craft. The festival was named after the pioneer of modern sculpture in the state Bipul Kanti Saha.
Police detains one with brown sugar, yaba tablets worth over Rs 2 lakh from Agartala
Police of West Agartala police station and Battala outpost on Friday last detained one youth and seized narcotic items worth over Rs 2 lakh.
CM pays surprise visit to IGM, directs to ensure no gaps in patient care
Tripura Chief Minister Prof. Dr. Manik Saha today paid a surprise visit to IGM Hospital and Agartala Government Dental College and directed all staff and doctors to ensure that there is no gap in the treatment of patients.
Sudip writes CS demanding Child Care Leave for Contractual women Govt employees
Senior Congress leader and MLA Sudip Roy Barman has written to Tripura Chief Secretary Jitendra Kumar Sinha, urging the state government to extend Child Care Leave (CCL) benefits to women working under contractual arrangements in various departments.
PM Modi pays tribute at Indian Peace Keeping Force Memorial in Sri Lanka
Prime Minister Narendra Modi visited and laid a wreath at the Indian Peace Keeping Force (IPKF) Memorial in Sri Jayawardenapura Kotte, near Colombo, on Saturday evening.