“Unsecured credit line for MSMEs is a top priority,” says MSME Development Forum President | India is blooming
Kolkata/IBNS: Micro, small and medium enterprises (MSMEs) have been a major source of employment and income for India, but professional assistance and credit assistance are out of reach for many, said a senior official from the MSME Development Forum.
MSME Development Forum Chair Rajnish Goenka said, “An unsecured line of credit for MSMEs is a top priority.
“Taking a loan is easy but repaying and repaying it is difficult. Many of them are used to accepting private funding from their relatives, which shows the need to create friendly relations between banks and MSME actors,” he said.
Speaking of the resistance to accepting loans from banks, he added, “Banks are a more reliable source of credit and cannot be left uninvolved in the expansion process.”
MSMEs are expected to play a major role in India’s vision of becoming a $5 trillion economy as 6.3 crore of these establishments account for 30% of our nominal GDP.
With the vision of enhancing the contribution of MSMEs in West Bengal (WB), a new MSME Development Forum team for the state has been introduced alongside the appointment of Dr. Mamta Binani as the Chairman of the MSME Development Forum , WB
Dr Mamta Binani said: “Our immediate goal is to create a responsible value system, provide job training for 2,000 people, job placement for 1,000 people and engage the use of technology in everything we do.”
She will lead a team of 40 new senior management team members to promote and drive outreach programs that boost MSMEs in West Bengal.
“The Motto of West Bengal Chapter is to provide Information, Support, Advocacy for Start-ups, Women Entrepreneurs, Start-ups Schedule Caste, Establish udyam by new policy made by government “, she said.