Nirmala Sitharaman Launches National MSME Cluster Outreach Programme
Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman, has introduced the National MSME Cluster Outreach Programme. This initiative, organized by the Department of Financial Services and the Small Industries Development Bank of India (SIDBI), aims to enhance financial services for Micro, Small, and Medium Enterprises (MSMEs) across India.
The launch event connected 150 MSME Clusters virtually, with senior bank officials present. Sitharaman also inaugurated six new SIDBI branches in Karnataka and four Nari Shakti Branches of Union Bank of India in various cities, focusing on empowering women entrepreneurs.
In her speech, Sitharaman emphasized the crucial role of MSMEs in innovation, job creation, and self-reliance. She urged banks to increase credit to the MSME sector, setting targets for additional credit growth in the coming years.
During the event, SIDBI signed an MoU with the Peenya Industries Association to support MSMEs through credit facilities and knowledge-sharing. Sitharaman distributed sanction letters to MSME customers, supporting various sectors from traditional industries to advanced technologies.
The event also highlighted the increase in the loan limit under the Pradhan Mantri Mudra Yojna (PMMY) from Rs 10 lakh to Rs 20 lakh, as announced in the Union Budget 2024-25.
Doubts Revealed
Nirmala Sitharaman -: Nirmala Sitharaman is the Finance Minister of India. She is responsible for managing the country’s finances, including the budget and economic policies.
MSME -: MSME stands for Micro, Small, and Medium Enterprises. These are small businesses that play a crucial role in the Indian economy by providing jobs and contributing to production.
Cluster Outreach Programme -: A Cluster Outreach Programme is an initiative to connect and support groups of similar businesses, called clusters, to improve their access to resources and services.
SIDBI -: SIDBI stands for Small Industries Development Bank of India. It is a bank that helps small businesses in India by providing them with financial support.
Nari Shakti branches -: Nari Shakti branches are special bank branches focused on empowering women by providing them with financial services and support.
MoU -: MoU stands for Memorandum of Understanding. It is an agreement between two or more parties to work together on a common goal.
Peenya Industries Association -: Peenya Industries Association is a group of businesses located in the Peenya industrial area in Bangalore, India. They work together to support and promote industrial growth.
PMMY -: PMMY stands for Pradhan Mantri Mudra Yojana. It is a government scheme in India that provides loans to small businesses to help them grow.
Rs 20 lakh -: Rs 20 lakh is a way to express 2 million rupees, which is a unit of currency in India. It is used to measure money and financial transactions.
