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FDI can be explored in NBFCs to strengthen them: MSME Minister Nitin Gadkari

The Minister opined that strengthening of NBFCs, state cooperative banks, district cooperative banks and credit societies is required to extend support to MSMEs during this challenging time. 

Union Minister Nitin Gadkari on Thursday held meetings via video conferencing with the representatives of the Council of Leather Export, FICCI-‘NBFC Program’ and IMC Chamber of Commerce and Industry on impact of COVID-19 on MSMEs. 

The Minister mentioned that for providing the much-needed impetus to the MSME sector to deal with the current economic instability the government has announced Special Economic Package: Aatmanirbhar Bharat Abhiyan.   

The Minister has added that the definition of medium enterprises has been further revised by increasing the investment and turnover limit basis inputs from related stakeholders. 

Addressing the representatives of the Council of Leather Export, he mentioned that the proposal for establishing leather cluster nearby to Agra Ring Road may be submitted. 

These industrial clusters may develop smart cities, smart villages and other infrastructure to help the people working in leather sector of Agra. 

MSME Minister added that the permission from the Ministry of Aviation may be explored for using private airline for the purpose of sending export products. 

MSME Minister Nitin Gadkari said that the need of the hour is to fight the war against COVID-19 pandemic while continuing the economic activity.   

The Minister further mentioned that the pandemic can be a blessing in disguise, and there is a need to utilize this opportunity. 

The Union Minister emphasized on usage of PPE and advised to maintain social distancing norms. The Minister said that special focus is required to reduce imports from other countries.

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