Govt raises MSME lending target to Rs 27.5 lakh cr for FY25

New Delhi: The Union government has raised its lending target for Micro, Small, and Medium Enterprises (MSMEs) to Rs 27.5 lakh crore for FY25, marking an increase of over 10% compared to the previous year, media report said.

IBNS • 18 Sept 2024, 07:40 pm

Secretary of the Department of Financial Services M Nagaraju on Wednesday said that the government aims to provide enhanced support to MSMEs in line with the commitments made in the Budget, reported Moneycontrol.

“We are keen to enhance MSME credit,” the DFS secretary noted, addressing the media at the launch of the NPS Vatsalya scheme, reported Moneycontrol.

The NPS Vatsalya scheme, also launched today enables children under 18 years of age to open National Pension System (NPS) accounts, aiming to secure their financial future.

“Fulfilling what is said in Budget within few months, shows that Budget speeches are not read but enacted upon,” said Finance Minister Nirmala Sitharaman, reported Moneycontrol.

M Nagaraju also stated that a meeting with officials from Debt Recovery Tribunals is scheduled for September 21, according to the report.

The discussion is expected to focus on the progress made in recovering funds currently stuck in the tribunals.