Govt exploring new financial lending systems for MSMEs: Gadkari

May 25: Union Minister for MSME and Road Transport and Highways, Shri Nitin Gadkari today said that the government is exploring new financial lending institutions to support small-scale units in terms of financial support.  Shri Gadkari said that government is working towards strengthening the NBFCs which will help small businesses to avail easy credit in the coming time.

He was speaking at a meeting via video conferencing with the Members of Calcutta Chamber of Commerce on impact of COVID-19 on MSMEs and the measures taken to address the challenges at hand.

The Minister also stressed on usage of PPE (masks, sanitizer etc.) and advised to maintain social distancing norms in personal life and at workplaces.

The Minister also informed them that there has been restructuring of 6 lakh MSMEs till March 2020 and the Ministry is aiming to cover an additional 25 lakh until December 2020. He added that the current contribution of MSMEs in export is 48%, which may be increased to 60%. He further shared that currently 11 crore jobs have been created through MSMEs and this to be increased to 5 crores.

The Union Minister mentioned that special focus towards export enhancement is the need of the hour. He further added that there is a need to reduce our cost on production, logistics etc. to become economically viable. The Minister shared that the Ministry of MSME is working on two booklets to cover details about the last three year’s export and import.