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FSME rues inadequate allocations
Federation of Small and Medium Enterprises of India (FSME) on Monday said the MSME sector was not provided with adequate budgetary allocations in the Union Budget presented by Finance Minister Arun Jaitley on Monday.
Hyderabad: Federation of Small and Medium Enterprises of India (FSME) on Monday said the MSME sector was not provided with adequate budgetary allocations in the Union Budget presented by Finance Minister Arun Jaitley on Monday.
“The allocation of Rs 25,000 crore for bank re-capitalisation is inadequate. Government has to allocate Rs 75,000 crore to the banks if it wants banks to fund startups, provide loans to MSME sector under Mudra and CGTMSE scheme,” A P K Reddy, National President, FSME, said in a statement.
He further said that only 65 per cent coverage was being given under Mudra loan scheme. “It will be better if 100 per cent coverage of capital required is given under the scheme,” Reddy added. Underlining the need for giving more importance to the MSME sector for overall growth of the economy, he said necessary changes to be made to SARFAESI Act for benefit of the sector.
