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Not easy for entrepreneurs to avail bank loans: Nitin Gadkari

Referring to the need for cutting delays in decision making or project implementation, the minister said he has started a practice of maintaining timeline so as to expedite and monitor the process. He said the government is working on launching a new website for MSME sector on the lines of Alibaba platform for marketing MSME products.

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Last Updated: Mar 06, 2020, 11.03 PM IST
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"Wherever you go, it is not easy to get a bank loan," Gadkari said while addressing a conference on Empowering Women Entrepreneurs here.
Union MSME Minister Nitin Gadkari on Friday said it is not easy for entrepreneurs to avail bank loans, and there is a need to encourage those who have a good track record to boost entrepreneurship. Recently, Gadkari met bank chiefs along with Finance Minister Nirmala Sitharaman and discussed issues in extending finance to micro, small and medium enterprises (MSME) sector.

"Wherever you go, it is not easy to get a bank loan," Gadkari said while addressing a conference on Empowering Women Entrepreneurs here.

Referring to the need for cutting delays in decision making or project implementation, the minister said he has started a practice of maintaining timeline so as to expedite and monitor the process.

He said the government is working on launching a new website for MSME sector on the lines of Alibaba platform for marketing MSME products.

MSME Secretary Arun Kumar Panda said the government is in the process of setting up a portal whereby MSMEs across the world can do business with their Indian counterparts through a digital platform.

He said the ministry is setting up a portal in various languages to inform people about various schemes and incentives offered by the Centre as well as state governments, with a view to promote entrepreneurship.

Panda said goods worth about Rs 300 crore have already been procured from women entrepreneurs after 3 per cent sourcing from women entrepreneurs was made mandatory for ministries and state owned enterprises.

Central Ministries and PSUs are procuring 25 per cent from MSMEs and it has been directed that 4 per cent of purchases should be from SC/ST entrepreneurs and 3 per cent from women entrepreneurs.
(Catch all the Business News, Breaking News Events and Latest News Updates on The Economic Times.)

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