Government strategy aims to double credit to SME sector in next 5 years
The Minister of State for Finance, SS Palanimanickam has announced a plan by the government to achieve a minimum annual growth of 20 per cent in credit to the SME sector. Identified as a new thrust area, the government is addressing the vast employment potential as well as addressing the repayment issues of banks. As part of several development packages designed to spearhead a growth plan for the economy following investment interest from global giants, it will implement a drive through the public sector banks to fix target levels of funding for the SME sector.
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