Getty ImagesAmong the ambit of MSME, bank credit to Medium and Micro firms registered double-digit (YoY) growth in November 2021, reveals the Economic Survey 2021-22 tabled in the Parliament today.
Medium industries, particularly, have witnessed high double-digit growth for over a year and credit growth to the segment stood at 48.7 % in November 2021, as compared to 25.7 % in November 2020.
Credit growth to micro and small industries accelerated to 12.7% in November 2021 from 0.6% a year ago. However, bank credit to large industries broadly remained at the same level as that of last year.
The Survey says the robust bank credit flow to the critical sector reflects the effectiveness of various measures taken by the Government and the RBI to boost credit flow to MSMEs.
Indian MSMEs employ 40% of the country's workforce; contributes 30% of the nation's GDP and are responsible for 50% of its exports.
Medium industries, particularly, have witnessed high double-digit growth for over a year and credit growth to the segment stood at 48.7 % in November 2021, as compared to 25.7 % in November 2020.
Credit growth to micro and small industries accelerated to 12.7% in November 2021 from 0.6% a year ago. However, bank credit to large industries broadly remained at the same level as that of last year.
The Survey says the robust bank credit flow to the critical sector reflects the effectiveness of various measures taken by the Government and the RBI to boost credit flow to MSMEs.
Indian MSMEs employ 40% of the country's workforce; contributes 30% of the nation's GDP and are responsible for 50% of its exports.
( Originally published on Jan 31, 2022 )
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