Innovations happen and entrepreneurs flower in the micro, small and medium enterprises (MSMEs) sector. Growth of this sector not only ensures industrialisation across the country, but also facilitates a more equitable growth.
The Union Government has shown a strong commitment to boosting credit to this sector and has instructed public sector banks to play a pivotal role in providing critical assistance.
The Government wants to double the credit flow to this sector in the next five years. To back this, Reserve Bank of India (RBI) has mandated all scheduled commercial banks to achieve 20 per cent year-on-year credit growth to the sector.
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