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Business Standard
3 days ago
- Business
- Business Standard
Government keen to increase credit availability to MSMEs, says official
He said that MSMEs provide employment to 27 crore people and that is why the ministry keeps them in mind while making policies The government wants to increase credit availability to micro, small and medium enterprises (MSMEs) and also improve them by enhancing technology, an official said on Friday. Addressing CII's Annual General Meeting, Rajneesh, Additional Secretary and Development Commissioner, Ministry of MSME said India is the fourth largest economy today and would be the third-largest soon. Rajneesh highlighted how MSMEs took a hit during COVID-19 but turned around very fast. He said that MSMEs provide employment to 27 crore people and that is why the ministry keeps them in mind while making policies. "We want to increase credit availability to MSMEs. This year Budget provided for providing credit cards to micro enterprises," he said adding MSME NPAs (bad loans) were less than 5 per cent in last five years as per RBI data. He also highlighted the role of technology to improve MSMEs, suggesting that through use of technology issues between environment concerns and growth aspirations can be resolved. Sunil Mathur, Managing Director and CEO of Siemens Ltd said, today average productivity level is 75 per cent in India whereas it is over 90 per cent in Europe and use of technology can help bridge this gap (productivity). He pointed that Indian MSMEs are dealing with challenges like access to market and finance. Shreekant Somany, CMD Somany Ceramics said digitisation helps MSMEs reduce cost and improve operational efficiency and suggested that MSMEs find new ways for rating them properly so that they get required financial facilities. "We must support MSME innovation hubs for improving quality of products to meet global standards," he said opining that regulatory compliance burden is heavy on MSMEs. Deepak Jain, Chairman Lumax Group said MSMEs represent the true entrepreneurship spirit of India. "We need to have very collaborative ecosystem... today ecosystems compete with each other, " he said citing example of China competing with other ecosystems globally. He stressed on the need to support MSMEs saying that supporting MSMEs should be a national competitive strategy. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
The Hindu
3 days ago
- Business
- The Hindu
Government keen on increasing credit availability to MSMEs: Official
'The government wants to increase credit availability to micro, small and medium enterprises (MSMEs) and also improve them by enhancing technology,' an official said on Friday (May 30, 2025). Addressing the Confederation of Indian Industry's (CII) Annual General Meeting, Rajneesh, Additional Secretary and Development Commissioner, Ministry of MSME said, 'India is the fourth largest economy today and would be the third-largest soon.' Mr. Rajneesh highlighted how MSMEs took a hit during COVID-19 but turned around very fast. He said that 'MSMEs provide employment to 27 crore people and that is why the Ministry keeps them in mind while making policies.' 'We want to increase credit availability to MSMEs. This year's Budget provided for providing credit cards to micro enterprises,' he said adding 'MSME NPAs (bad loans) were less than 5% in last five years as per RBI data.' He also highlighted the role of technology to improve MSMEs, suggesting that through the use of technology, issues between environment concerns and growth aspirations can be resolved. Sunil Mathur, Managing Director and CEO of Siemens Limited, said, 'today average productivity level is 75% in India, whereas it is more than 90% in Europe, and use of technology can help bridge this gap (productivity).' He pointed out that Indian MSMEs are dealing with challenges including access to market and finance. Shreekant Somany, CMD Somany Ceramics, said, 'digitisation helps MSMEs reduce cost and improve operational efficiency and suggested that MSMEs find new ways for rating them properly so that they get required financial facilities.' "We must support MSME innovation hubs for improving quality of products to meet global standards," he said, opining that regulatory compliance burden is heavy on MSMEs. Deepak Jain, chairman Lumax Group, said, 'MSMEs represent the true entrepreneurship spirit of India.' "We need to have very collaborative ecosystem... today ecosystems compete with each other," he said citing example of China competing with other ecosystems globally. He stressed on the need to support MSMEs saying that supporting MSMEs should be a national competitive strategy.
Time of India
3 days ago
- Business
- Time of India
Government keen to increase credit availability to MSMEs: Official
The government wants to increase credit availability to micro, small and medium enterprises ( MSMEs ) and also improve them by enhancing technology, an official said on Friday. Addressing CII's Annual General Meeting, Rajneesh, Additional Secretary and Development Commissioner, Ministry of MSME said India is the fourth largest economy today and would be the third-largest soon. Rajneesh highlighted how MSMEs took a hit during COVID-19 but turned around very fast. He said that MSMEs provide employment to 27 crore people and that is why the ministry keeps them in mind while making policies. "We want to increase credit availability to MSMEs. This year Budget provided for providing credit cards to micro enterprises," he said adding MSME NPAs (bad loans) were less than 5 per cent in last five years as per RBI data. Live Events He also highlighted the role of technology to improve MSMEs, suggesting that through use of technology issues between environment concerns and growth aspirations can be resolved. Sunil Mathur, Managing Director and CEO of Siemens Ltd said, today average productivity level is 75 per cent in India whereas it is over 90 per cent in Europe and use of technology can help bridge this gap (productivity). He pointed that Indian MSMEs are dealing with challenges like access to market and finance. Shreekant Somany, CMD Somany Ceramics said digitisation helps MSMEs reduce cost and improve operational efficiency and suggested that MSMEs find new ways for rating them properly so that they get required financial facilities. "We must support MSME innovation hubs for improving quality of products to meet global standards," he said opining that regulatory compliance burden is heavy on MSMEs. Deepak Jain, Chairman Lumax Group said MSMEs represent the true entrepreneurship spirit of India. "We need to have very collaborative ecosystem... today ecosystems compete with each other, " he said citing example of China competing with other ecosystems globally. He stressed on the need to support MSMEs saying that supporting MSMEs should be a national competitive strategy.
Mint
3 days ago
- Business
- Mint
Govt keen to increase credit availability to MSMEs: Official
New Delhi, May 30 (PTI) The government wants to increase credit availability to micro, small and medium enterprises (MSMEs) and also improve them by enhancing technology, an official said on Friday. Addressing CII's Annual General Meeting, Rajneesh, Additional Secretary and Development Commissioner, Ministry of MSME said India is the fourth largest economy today and would be the third-largest soon. Rajneesh highlighted how MSMEs took a hit during COVID-19 but turned around very fast. He said that MSMEs provide employment to 27 crore people and that is why the ministry keeps them in mind while making policies. "We want to increase credit availability to MSMEs. This year Budget provided for providing credit cards to micro enterprises," he said adding MSME NPAs (bad loans) were less than 5 per cent in last five years as per RBI data. He also highlighted the role of technology to improve MSMEs, suggesting that through use of technology issues between environment concerns and growth aspirations can be resolved. Sunil Mathur, Managing Director and CEO of Siemens Ltd said, today average productivity level is 75 per cent in India whereas it is over 90 per cent in Europe and use of technology can help bridge this gap (productivity). He pointed that Indian MSMEs are dealing with challenges like access to market and finance. Shreekant Somany, CMD Somany Ceramics said digitisation helps MSMEs reduce cost and improve operational efficiency and suggested that MSMEs find new ways for rating them properly so that they get required financial facilities. "We must support MSME innovation hubs for improving quality of products to meet global standards," he said opining that regulatory compliance burden is heavy on MSMEs. Deepak Jain, Chairman Lumax Group said MSMEs represent the true entrepreneurship spirit of India. "We need to have very collaborative ecosystem... today ecosystems compete with each other, " he said citing example of China competing with other ecosystems globally. He stressed on the need to support MSMEs saying that supporting MSMEs should be a national competitive strategy.
The Print
6 days ago
- Automotive
- The Print
PM flags off first 9000 HP electric locomotive
The Prime Minister inaugurated the country's first 9,000 horsepower locomotive engine, a locomotive manufacturing shop and rolling stock workshop built at a cost of Rs 21,405 crore in Dahod on Monday. Siemens Ltd has bagged the project from the Railways to design, engineer, manufacture and maintain 1,200 electric locomotives of 9000 horsepower (HP). New Delhi, May 26 (PTI) The 9000 horsepower electric locomotive, inaugurated by Prime Minister Narendra Modi on Monday, will be crucial in realising the government's target to increase the share of railways in freight movement to 45 per cent from the current 27 per cent, Siemens Ltd said. Siemens' factories in Nashik, Aurangabad and Mumbai have been manufacturing critical components for this project, with final assembly, testing and commissioning performed at the Indian Railways' factory in Dahod, Siemens said. 'The introduction of these advanced locomotives is crucial to realise the Government of India's aspiration to elevate railway's share in freight movement from 27 per cent to around 45 per cent,' Sunil Mathur, Managing Director and Chief Executive Officer, Siemens Ltd, said. 'Siemens Limited takes pride in partnering with Indian Railways in this prestigious project,' Mathur said. Each of the 1,200 locomotives of 9000 HP has a maximum speed of 120 km/hour. The locomotives, which have a haulage capacity of 5800 tons, are designed to transport freight efficiently across India's vast rail network. PTI KKS MR This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
