Ministry of MSMEs, Government of India claims MSMEs provide the largest share of employment after agriculture accounting nearly 8 percent of the country’s GDP, 45 percent of the manufacturing output and 40 percent of the exports.
“We request entrepreneurs to approach banks (for loans) instead of non-institutionalised informal sources (like relatives, friends or moneylenders),” said Barik.
The banks are meant to credit lending to small entrepreneurs at low interest rate. “The RBI is behind bankers and entrepreneurs and will try to see that more and more credit is diverted to MSME sector so it progresses in the North East,” the regional director said according to the report.
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