Sitharaman Boosts MSME Growth with New Cluster Outreach Initiative

Union Minister Nirmala Sitharaman has launched the National MSME Cluster Outreach Programme to enhance financial access and growth for MSMEs. She also inaugurated new SIDBI and Union Bank branches aimed at empowering entrepreneurs. Key targets for credit growth were set for banks and NBFCs.

Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman, inaugurated the National MSME Cluster Outreach Programme, a joint effort by the Department of Financial Services and SIDBI, aimed at widening financial access for Micro, Small, and Medium Enterprises nationwide. During the virtual launch on Saturday, approximately 150 MSME clusters participated, with senior bank officials present to witness the event.

The programme is designed to promote MSME growth by ensuring access to financial services, according to a statement from the Ministry of Finance. Additionally, Sitharaman inaugurated six new SIDBI branches in Karnataka, which will extend financial aid to MSMEs, and four Nari Shakti Branches of Union Bank of India in major cities to empower women entrepreneurs. A new Learning Centre for Canara Bank was also launched in Bengaluru.

In her address, Sitharaman highlighted the critical role MSMEs play in India's economic progress through innovation and job creation. She emphasized the need for banks to enhance the credit available to MSMEs, setting ambitious targets for increased credit dispersal. The event also saw SIDBI sign an MoU with Peenya Industries Association, and sanction letters were distributed to MSME customers to support growth across various sectors, fulfilling recent Union Budget announcements.

(With inputs from agencies.)