Indian economy may gain momentum due to MSME sector

The liquidity problem of micro, small and medium companies (MSME) is slowly ending. Under the Emergency Credit Line Guarantee Scheme (ECLGS), the government is making all possible efforts to overcome the financial constraints of this sector as soon as possible. Finance Minister Nirmala Sitharaman's office said in a tweet that under ECLGS, public and private banks have allotted loans of Rs 1,10,343.77 crore till July 1. Due to this, disbursement of more than 52 thousand crore rupees has also been done.

According to the tweet, under the 100 percent ECLGS, the loan allocation of the MSME sector increased by Rs 10,000 crore in the last six days ended on the first July. There has also been an increase of Rs 7,000 crore in loan disbursement in these six days. Significantly, ECLGS has the highest share in the recently announced economic package of more than Rs 20 lakh crore by the central government.

For your information, let us tell you that the MSME sector does not have any problem in getting loans, for this, the Finance Minister and the Ministry are holding review meetings with banks at regular intervals. The purpose of this package is to get over 30 lakh small and medium companies to get rid of the financial difficulties in restarting the business after the lockdown ends.

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