Piyush Goyal: CGTMSE, SIDBI to set up framework for faster processing of SME loans
Parul January 13, 2020
MORE IN News
As per the official statement, commerce and industry minister, Piyush Goyal has directed SIDBI and the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) to set up a framework for helping process loans to SME units faster and also provide insurance cover to the SME exporters.
According to the statement, the minister has also urged SME sector manufacturers to produce high-quality goods and follow international standards so that exports from the SME sector may become a part of the global value chain.
The minister also examined the possibility of big companies making full payment to SMEs against delivery so that working capital of SME units is not blocked. In fact, the minister assured the MSME sector that the government would give all support and help in the skilling of manpower.
It is reported that many issues related to the MSME sector like accessing credit from banks, delay in payments from PSUs and government departments, the issue of GST refund, the dearth of skilled manpower in the SME sector, and the issue of differing wages in states across the country were put up for discussion with the minister by MSMEs through industry chambers including the Confederation of Indian Industry (CII).