India will double the flow of credit to MSMEs in five years, PM says

Indian Prime Minister, Dr. Manmohan Singh, said the government needs to do more to realize the full development potential of Micro, Small and Medium Enterprises (MSMEs).
Attending the National Awards to Micro, Small and Medium Enterprises in New Delhi, Mr Singh guaranteed the Government’s commitment to double the flow of credit to MSMEs in five years.
According to the Prime Minister, “Greater availability of credit can contribute to the faster modernization and expansion of these enterprises and the augmentation of their productivity and competitiveness.
“I would urge MSMEs to also explore new and emerging sources of finance such as venture capital and private equity”, he said.
The effort of the government is even to enable entrepreneurs to get one-stop access to facilities for capacity building and skill development, credit, marketing support and quality technology. To this end, 2000 clusters have been identified across the country and specific interventions are being carried out in 500 of them to start with.

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