Bengal likely to achieve FY'22 revised credit target to MSME: official

Kolkata: The West Bengal government's revised credit target to MSME sector of Rs 1.02 lakh crore in FY'22 is achievable, and in the first half of the current fiscal, credit flow to the sector remained firm with single-digit growth, an official said on Tuesday.

Lending to MSMEs in the first six months of the current fiscal till September was Rs 46,000 crore which is about 47 per cent of the previous year's credit of Rs 87,166 crore.

State level banker's meeting had initially set a credit target at Rs 90,237 crore but at a meeting in June, then finance minister Amit Mitra had urged the bankers to increase it to Rs 1.02 lakh crore.

The last two quarters have attracted greater credit demand and with the economy on a revival trajectory, the revised target is likely to be achieved," a banking official said.

In North 24 Parganas district, the bank credit during April November 2021 was Rs 6,506 crore compared to Rs 6,606 crore in the entire 2020-21.

State government and bankers were promoting industry by organising camps. The state MSME and textile department are also holding district-wise 'Silpa Sahayata Synergy' ahead of the Bengal Global Business Summit (BGBS) scheduled to be held in April next year.

West Bengal accounts for 11.62 per cent of micro, small and medium enterprises in the country with over 52 lakh units.