2022-23 (FY22-23)
Since UP is targeting to double its merchandise exports to Rs 3 trillion by 2027, the higher credit flow to the MSMEs would bolster the sector by overcoming the working capital requirements.
The total number of MSMEs in UP is pegged at 9 million. The sector accounts for 60 per cent of the state’s industrial output, and is the second largest creator of employment - after agriculture and allied activities.
Apart from credit, UP is anchoring the MSMEs to market their products globally through popular ecommerce platforms such as Flipkart and Amazon.
Nabard has also estimated an additional credit potential of Rs 6,200 crore in UP for boosting exports in 2023-24.
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