Finance Minister Advocates Cluster Development in Arunachal Pradesh

Union Finance Minister Nirmala Sitharaman urged the Arunachal Pradesh government to adopt a cluster development approach to boost productivity and competitiveness of micro and small enterprises. During a credit outreach program, she highlighted the importance of schemes like PM SVANidhi and Stand-up India to further financial inclusion and economic growth.

Union Finance Minister Nirmala Sitharaman on Tuesday urged the Arunachal Pradesh government to implement a cluster development strategy to enhance the productivity and competitiveness of micro and small enterprises (MSEs).

Speaking at a credit outreach event organized by the State Bank of India, she highlighted that the state lacks a single cluster sanctioned by the MSME ministry and suggested incorporating the 20 GI-identified products into this strategy. Sitharaman emphasized that clusters could be supported through financing from the Small Industrial Development Bank of India (SIDBI).

The finance minister also underscored the significance of initiatives such as PM SVANidhi, Stand-up India, and PM MUDRA in promoting financial inclusion and development. She praised the success of the Jan Dhan Yojana and highlighted the government's efforts in making loan guarantees unnecessary.

(With inputs from agencies.)