Credit-lending for MSME in Bengal sees 5.74% growth

KOLKATA: Eyeing to maintain the top spot in the MSME sector, in another big push, the credit lending to entrepreneurs in the sector has witnessed considerable growth in Bengal in the first six months of the current fiscal.

The credit lending to entrepreneurs in this sector in the said period has gone up by 5.74 per cent compared to the same time period in the last fiscal.

According to the state government's data, the credit lending to MSMEs in the first six months of the current fiscal till September was Rs 46,000 crore across Bengal. It was around Rs 87,000 crore and Rs 70,000 crore during 2020-21 and 2019-20 fiscal respectively.

The credit lending has gone up this time compared to that of the same in the six-month time of the previous two fiscals. It has gone up by around 5.74 per cent and about 31.42 per cent compared to that of the six months of 2020-21 and 2019-20 financial year respectively.

Different sectors of the MSME and the Textile industry, including food processing, shoe and leather goods manufacturing, wooden furniture, foundries, fisheries and animal resources reap the benefits of bank lending and it helps entrepreneurs to further grow their businesses. There are different banks, including State Bank of India, Punjab National Bank, SBI, UCO, Bank of India and private banks too have come forward to lend credit to MSME entrepreneurs.

Credit-lending is further expected to grow this time with the intervention of the state government. Senior officers of the state MSME and Textile department held repeated meetings with the State Level Bankers' Committee (SLBC) to ensure credit lending to entrepreneurs. The trend shows that credit lending would break all records in this fiscal and would cross the Rs 1 lakh crore mark, said a senior state government officer.

The state has faced the double whammy of the Covid pandemic and a series of natural disasters. However, credit lending has witnessed growth despite the setbacks. It comes as a major parameter highlighting further growth in the state's MSME sector.

The state MSME department has also stressed the ease of doing business simplifying the process of tracking the lending process.

The state MSME and Textile department is also organising district wise 11 'Silpa Sahayata Synergy' ahead of the Bengal Global Business Summit (BGBS) that is scheduled to be held on April 20 and 21. A single point assistance portal — https://silpasahayata.myenterprisewb.in/ — has also been introduced to assist the entrepreneurs from MSME and the Textile sector.