MSME funding: How FinTechs can help address credit gap for small businesses
A symbiotic relationship between banks and digital NBFCs can lead the way towards a win-win situation for all
The introduction of the Co-Lending Model (CLM) allows banks and registered NBFCs to co-lend to provide credit
The MSME (Micro, Small and Medium Enterprises) sector is emerging as one of the most significant pillars of the Indian economy as it contributes largely towards nation-building. MSME has emerged as the growth engine of the economy with a vast network of about 6.33 crore enterprises contributing 30 per cent of our nominal Gross Domestic Product (GDP) and 48 per cent to exports, said RBI Governor Shaktikanta Das, while addressing an event last week on the occasion of 185th Foundation Day Celebration of Bombay Chamber of Commerce and Industry.
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Read more about MSME emerged as growth engine of economy, showing revival: RBI Governor on Business Standard. The sector has been rendered vulnerable by the pandemic necessitating concerted effected effects to combat the stress and focus on the revival of the sector
MSME sector emerges as growth engine of economy, says RBI Governor ANI | Updated: Feb 25, 2021 12:56 IST
New Delhi [India], February 25 (ANI): The Micro, Small and Medium Enterprises (MSME) sector has emerged as the growth engine of the economy and is showing signs of revival after the Covid-led degrowth in early part of the current financial year (2020-21), Reserve Bank of India (RBI) Governor Shaktikanta Das said on Thursday.
“MSME has emerged as the growth engine of the economy with a vast network of about 6.33 crore enterprises contributing 30 per cent of our nominal Gross Domestic Product (GDP) and 48 per cent to exports,” he said while addressing an event on the occasion of 185th Foundation Day Celebration of Bombay Chamber of Commerce and Industry.
There is a need for coordinated action between centre and states to reduce taxes because there are indirect taxes levied both of them, says RBI Governor Shaktikanta Das