MSMEs has developed significantly in the last three years, says Union Minister

Youths can obtain loan up to ₹ 10 lakh without security from MUDRA banks

May 31, 2017 11:35 pm | Updated 11:35 pm IST - Salem

Union Minister of State for MSME Haribhai Parthbhai Chaudhary has said that the micro, small and medium enterprises has developed significantly in the last three-year BJP rule.

Addressing media persons after inaugurating new facilities at the Steel Cluster Services Salem Private Limited at Seelanaickenpatti here on Wednesday, the Minister said that loan to the tune of ₹ 1.44 lakh crore were provided by the Micro Units Development and Refinance Agency Bank (MUDRA) to borrowers and steps are taken to double the loan amount in the current year.

He added that the Centre has ordered MUDRA banks to give priority to SC/ST and women entrepreneurs while lending. The Minister said that all the respective departments in the States were allotted necessary funds without discrimination and said that after demonetisation, deposits in the banks have increased. “Now banks approach customers at their doorsteps to provide loan”, he added.

Mr. Chaudhary said that 93% of the industries in the country are MSMEs and the Centre is providing finance and technology assistance to them. Hence, products that we were importing so far were produced here and exported now, he added. He said that the Centre is giving priority to youth and women for starting new units and they can obtain loan up to ₹ 10 lakh without security from MUDRA banks.

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