HYDERABAD: Though Micro, Medium and Small Enterprises (MSME) contribute to 30 per cent of the Gross Domestic Product (GDP), 40 per cent of all exports, and employ 100 million people across the country, only 15 per cent of their debt requirement is met through formal lending channels, with most of them struggling to get finance for day-to-day operations or growth.
These were the observations made by K Abhiram, director of Endiya Partners, during one of the panel discussions at FinTech Festival India, which was organised by Constellar (a subsidiary of TEMASEK and Singapore Press Holdings) and conducted at T-Hub on Friday.
Moderating a discussion, he said that despite having public and private sector, cooperative and small finance banks, MSMEs have been struggling to get timely financial assistance.