West Bengal Boosts MSME Sector with Ambitious Loan Targets

The West Bengal government aims to provide Rs 1.53 lakh crore in bank loans to the MSME sector during the current fiscal year, representing a 5.5% increase from the previous year. With 89 lakh MSME units generating jobs for 1.36 crore people, this initiative is expected to spur economic growth and employment.

The West Bengal government has announced an ambitious target of distributing Rs 1.53 lakh crore as bank loans to the MSME sector for the current fiscal year. This represents a 5.5 per cent increase from the previous year's figure of Rs 1.45 lakh crore, which already marked a significant 14 per cent growth.

A leader in MSME units, West Bengal houses 21.5 per cent of the country's total MSME units, employing 1.36 crore people. Notably, nearly 32.7 per cent of these 89 lakh units are owned by women entrepreneurs, according to Debashis Bandopadhyay, Special Secretary of the MSME Department.

The increased bank loans are primarily used for working capital and capital expenditure, thus stimulating business growth and employment opportunities. The state has also developed 1,400 power loom units to meet the 5 crore metres per year fabric demand for school uniforms, worth around Rs 500 crore annually.

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