The government is working towards facilitating greater ease of access to credit for Micro, Small, and Medium Enterprises (MSMEs), a top official said on Monday.
Acknowledging that access to affordable credit remains a challenge for all, especially MSMEs, B B Swain, Secretary of the Ministry of MSME, said efforts are being made to address the issue.
''Access to affordable credit remains a challenge for all, especially MSMEs. We are working towards facilitating greater ease of access to credit to adequately address this aspect,'' the Secretary said.
Addressing a summit organized by the industry body CII on the occasion of International MSME Day, Swain 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''.
He 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.
The Secretary said the Self Reliant India Fund has been operationalized wherein twenty-two daughter funds have already been empaneled.
Speaking at the summit, the Minister of State for MSME Bhanu Pratap Singh Verma said the MSME Ministry is trying to unlock the true potential of MSMEs in manufacturing along with raising their competitiveness.