Indian gov't asks banks to ensure credit to MSMEs

The Indian government has asked banks to ensure enhanced and affordable credit to Micro, Small and Medium Enterprises (MSMEs) with a view to achieving the target of 1-trillion-U.S. dollar merchandise exports by 2030.

Minister of Commerce and Industry Piyush Goyal has asked banks to do so to achieve the goal, according to an official statement issued on Thursday.

The direction was given during a meeting on Wednesday to discuss increasing the availability of export credit to MSME exporters.

Top officials of 21 banks attended the meeting.

Goyal said the Export Credit Guarantee Corporation Limited (ECGC) can examine the extension of the scheme proposed for nine banks to all the banks, so that export credit offtake for MSME exporters can be increased.