The Centre has acknowledged MSMEs' contribution to the country's economic growth, and the Budget 2023-24 has given a boost to the fund-starved sector with higher credit flow and by simplifying compliances, an official said on Wednesday.
Availability, accessibility and affordability of credit/funds are the main challenges of the sector, said B B Swain, Secretary to the Union Ministry for Micro, Small and Medium Enterprises (MSMEs).
He was addressing a session at the launch of the three-day Indian Foundry Congress (IFC) and India Foundry Equipment Exhibition (IFEX), being organised by the Institute of Indian Foundrymen (IIF) at the India Expo Centre in Greater Noida.
"The government has acknowledged the contribution of MSMEs to the economic growth of the country. Union Budget 2023-24 has given a boost to the fund-starved sector with higher credit flow and by simplifying compliances," Swain said.
He said the launch of a revamped credit guarantee scheme worth Rs 9,000 crore for MSMEs would enable collateral-free credit of Rs 2 lakh crore loans to small businesses.
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