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SIDBI Has Carved Out a Strategic Niche For Itself: Pranad Mukherjee

SME WORLD Bureau
Apr 2010

The economy is all set to bounce back on the growth path of 9 per cent per annum. This optimism is expressed by Finance Minister Pranad Mukherjee. He also expressed the hope that the various measures announced in this year's Budget 'will revive private investment with increased economic activity.

The Minister was speaking at a programme organized by Small Industries Development Bank of India (SIDBI) in commemoration of SIDBI's 20th Foundation Day recently in Delhi. “Micro finance has emerged as a new channel of economic empowerment and attainment of the Millennium Development Goals”, he said.

Lauding SIDBI's role in the micro finance arena and for 'reaching out to over 2 crore beneficiaries' through its partner Micro Finance Institutions, the Minister complimented SIDBI's efforts for enabling numerous MSME entrepreneurs to become successful and for receiving global recognition for its services. “It is indeed a matter of great pride and satisfaction that a financial institution envisage for itself such an all-encompassing role enabling the MSME sector to meet all emerging challenges.”

”The Micro, Small and Medium Enterprise sector has been a key contributor to the growth story of the Indian economy. This sector contributes 8 percent of the country's GDP, 45 percent of the manufactured output and 40 percent of our exports and above all, provides employment to nearly 6 crore persons through 2.6 crore enterprises. According to the Eleventh Five Year Plan, the MSEs not only generate the highest employment per capita investment, but have also checked the rural – urban migration by providing villagers and people living in isolated areas with sustainable sources of local employment.”

Important Pillar

Underlining the importance of credit to MSMEs, Mukherjee said “the Government of India has always considered the MSMEs as an important pillar of economic growth and has supported the sector with proactive and growth oriented policies. It is an acknowledged fact that finance is a highly effective tool for creating economic opportunity and fighting poverty. Timely availability of credit to MSMEs is extremely important to meet their growing needs and to help them keep their business lifeline vibrant and progressive.”

Mukherjee said “the Prime Minister's Task Force on MSMEs has made a number of recommendations for the sector, which would be examined in a time-bound manner. The Government aims to double the credit flow to MSME sector within five years.

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