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President lauds micro SMEs as engines of growth

President lauds micro SMEs as engines of growth

New Delhi, Aug 31, President Pratibha Devisingh Patil Tuesday asked banks to provide credit to micro, small and medium enterprises (MSMEs).

“Availability of adequate credit is paramount to the success of the micro and small enterprises. Timely financial support is absolutely essential for their (MSMEs’) survival, failing which they face the threat of extinction. I urge banks to give special attention to this aspect,” said Patil.

She lauded their role in the country’s development. “In India, these enterprises account for almost 45 percent of manufacturing output, 95 percent of the number of industrial units and 40 percent of exports,” she said.

“Clearly they are engines of growth providing employment to almost 60 million people, making it the largest source of employment after the agriculture sector,” Patil said while giving away national awards to the MSMEs.

Congratulating the winners of the awards, she said she was confident that this will encourage them, as well as other MSMEs to “scale new frontiers.”

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