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In a major boost to the Micro, Small, and Medium Enterprises (MSME) sector, the government has outlined ambitious credit growth targets, mandating scheduled commercial banks and Non-Banking Financial Companies (NBFCs) to extend additional credit of Rs 1.54 lakh crore in the current financial year (FY25). Finance Minister Nirmala Sitharaman announced a robust three-year credit roadmap for MSMEs, with targets of Rs 5.75 lakh crore in FY25, Rs 6.21 lakh crore in FY26, and Rs 7 lakh crore by FY27.
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FAQ :
The government has set a target of Rs 1.54 lakh crore in additional credit growth for MSMEs in the current financial year (FY25).
The three-year credit roadmap includes targets of Rs 5.75 lakh crore in FY25, Rs 6.21 lakh crore in FY26, and Rs 7 lakh crore by FY27.
The announcement was made during the 'National MSME Cluster Outreach' event in Bengaluru.
Initiatives included the inauguration of six new SIDBI branches in Karnataka, four Nari Shakti Branches by Union Bank of India, and a new Canara Bank Learning Centre in Bengaluru. Sanction letters totalling Rs 25.75 crore were also presented to MSME customers.
SIDBI (Small Industries Development Bank of India) is involved in organising the outreach event and signed an MoU with the Peenya Industries Association to support MSMEs with credit facilities, capacity building, and knowledge sharing.
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