Need credible policy to attract investments that are exiting China to boost MSME manufacturing: Rane

MSME Minister Narayan Rane on Tuesday met Finance Minister Nirmala Sitharaman and flagged the need for a credible policy for attracting foreign investments that are exiting China, to enhance the manufacturing capacity of micro, small and medium enterprises.

Rane held a detailed discussion regarding the enhancement of budget and continuation of flagship schemes of the ministry, according to an official statement.

He also raised the issue of credit requirements of COVID-19-hit MSME units.

''He highlighted the need for a credible policy for attracting the foreign investment exiting China to enhance the manufacturing capacity of the MSMEs,'' it said.

Rane shared with the finance minister the feedback of the MSME entrepreneurs regarding the ''apathy and indifference'' of the banks towards providing credit to the sector.

''The finance minister assured her support to enhance the budget of MSME for the growth of the sector. She informed that banks will be asked to be sensitive to the needs of MSMEs, and district-level interactions will be held between the bankers and the MSME borrowers,'' it added.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)