The facility will be available only to new credit customers with a goal of at least 50 per cent of them being woman entrepreneurs.
Though fuel price increase has reduced their margins, the MSMEs cannot pass on the burden to customers, as many vendors have signed contracts with their purchasers.
Union Minister of State for MSME Bhanu Pratap Singh Verma said it will act as a facilitator in the path of development of the coir sector and subsequent economic growth of the State.
Aerospace Engineers Pvt Ltd bagged a long-term contract from Boeing for supplying aviation components
Representatives of around 50 MSMEs, from Chennai and surrounding districts, took part in the meeting that spanned an hour.
With credible solutions to delayed payments and access to credit, MSMEs can triple their gross value added from Rs 60 lakh crore to Rs 180 lakh crore in the coming decades
Under this, the country's largest private sector bank will also provide MSMEs with a set of specially-tailored schemes to enhance their competitiveness.
According to official data, UP exported goods worth Rs 21,500.85 crore in April and May this year, up 152.67% as compared to the export of goods worth Rs 8,511.34 crore in the same period in 2020.
Co-lending was introduced by the RBI to increase the credit flow to the unserved and underserved sector by utilising the nimble-footed NBFC coverage to the informal sector.
However, the government appears to have arrested the debt stock to 17.8 per cent of the GSDP midway through 2021-22 financial year which seems a positive sign for the pandemic-hit State economy.
It is identified that the MSME sector holds immense potential in fostering energy efficiency and up-gradation of the technologies.
Bansal said that startups working with T-Hub and T-Works could make efficient use of funds.
Taking a dig at the previous TDP regime, he said a huge hype was created by holding big summits and signing pacts even before they became a reality.
The State government will release Rs 1,124 crore as incentives to support Micro, Small and Medium Enterprises (MSMEs), textile and spinning mills, on Friday.
Within industries, the key sectors that are deleveraging continuously include iron and steel, construction, cement and telecom.