2024-01-17 15:04:37
Hyderabad:Micro Small and Medium Enterprises (MSMEs) consistently account for 30 percent of India’s GDP. The sector, which provides more than 111 million jobs, has received only 14.5 trillion of its credit requirement of 37 trillion, meeting the 20-25 trillion credit gap.
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The credit gap of the MSME sector is $530 billion. MSMEs have received only $289 billion from formal financial institutions such as public and private banks out of the required $819 billion in credit. Investment banking company Avendus Capital has stated that the credit gap of MSME companies, which play an important role in the country’s economy, remains an unsolvable problem.
Although MSMEs play a major role in India’s business structure, their full potential remains untapped due to their credit gap. According to a World Bank report, MSMEs play a major role in providing employment in developing countries.
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600 million jobs need to be created by 2030 to create employment for fresh graduates. Globally, MSMEs play an important role in generating employment. It is said to reduce its credit gap and promote the growth of MSMEs, creating jobs and helping economic growth.
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#Thinningofcreditsupplytomsmes