SIDBI should ensure funds availability to small units: Virbhadra Singh
NEW DELHI: It is time for the Small Industries Development Bank of India (SIDBI) to lay empahsis on the small units with the aim to help them make more competitive and also ensure availability of funds to them, according to MSME Minister Virbhadra Singh.
Singh said, “SIDBI was primarily meant for this (MSME) sector. But if it lends to others as well, it will become like any other bank.” This statement has come on the sidelines of a function on small-scale industry organised by PHD Chamber here.
Last month, Centre unveiled a bill to permit the film makers and those functioning amusement parks, restaurants and travel agencies to access loans from SIDBI. It aims to give power to the Board of Directors of SIDBI.
The Minister stated that the fund flow to MSMEs is on the rise, but it is insufficient.
Moreover, the MSME Ministry has been implementing different schemes related to technology, quality upgradation and marketing support to raise the competitiveness of micro and small enterprises (MSEs).
Reports suggest that the MSME sector contributes 45% to overall the manufacturing output and 40% exports of India. India houses 26-million units of SMEs employing nearly 60-million people.
