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Indian Economy

Ministry of Micro,Small & Medium Enterprises

MSME Sector is a nursery of Entrepreneurship: Shripad Naik

Posted On: 02 NOV 2018 7:41PM by PIB Mumbai

Panaji, November 2, 2018


The role of Micro, Small and Medium Enterprises in the economic and social development of the country is well established. The MSME sector is a nursery of entrepreneurship often driven by individual creativity and innovation, said Shripad Naik. Union Minister of State (I/C) Ministry of AYSUH Shripad Naik was speaking at the function of launching of “Samveg”, to celebrate the role of MSMEs in the development of the nation which was organized by banking sector at NIO, Dona Paula today. The event was telecasted from Delhi where Prime Minister launched major Support and Outreach Initiative for MSME sector. North Goa district is among the 100 districts selected for the Support and Outreach initiative programme.


Shripad Naik further said that timely availability of credit is a pre requisite for any entrepreneur to maintain the viability of his business; therefore this programme would lay emphasis on a new initiative called Contactless Loan Platform. It will help improve credit flow to MSME sector which is backbone of country’s economy in terms of output, exports and employment generation. One of the positive points of this initiative would be the linking of data which in turn cut down the lapses and information asymmetry.


This initiative will set a new benchmark in loan delivery mechanism by reducing the turnaround time from 20-25 days to just 59 minutes, said Shri Naik.




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Read this release in: Marathi

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