Bengaluru: Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman, launched the National MSME Cluster Outreach Programme today, organized by the Department of Financial Services (DFS), Ministry of Finance, and the Small Industries Development Bank of India (SIDBI). The event, attended by Jitan Ram Manjhi, Union Minister for MSMEs (virtually from Gaya, Bihar), and other dignitaries, aimed at enhancing financial access and fostering growth for Micro, Small, and Medium Enterprises (MSMEs) nationwide.
The launch connected around 150 MSME clusters virtually, with senior bank officials present to support the rollout. Sitharaman also inaugurated six new SIDBI branches in Karnataka, expanding SIDBI’s reach to clusters in Tumakuru, Raichur, Shivamogga, Kalaburagi, Mangaluru, and Vijayapura. Additionally, four Nari Shakti branches of Union Bank of India were launched in Bengaluru, Chennai, Jaipur, and Visakhapatnam to empower women entrepreneurs, alongside Canara Bank’s new Learning Centre in Bengaluru.
During her address, Smt. Sitharaman emphasized the critical role MSMEs play in India’s economy, particularly in fostering innovation, job creation, and advancing the country’s self-reliance. She set a target for Scheduled Commercial Banks and NBFCs to provide an additional ₹1.54 lakh crore in MSME credit in the current financial year, aiming for credit growth targets of ₹5.75 lakh crore, ₹6.21 lakh crore, and ₹7 lakh crore for FY 2024-25, 2025-26, and 2026-27, respectively.
In a virtual message, Union MSME Minister Jitan Ram Manjhi highlighted government initiatives to bolster MSMEs, especially in rural areas, urging banks to enhance credit access for small enterprises.
At the event, SIDBI signed an MoU with the Peenya Industries Association, strengthening support for MSMEs through credit facilities, capacity building, and knowledge-sharing initiatives. Smt. Sitharaman also distributed sanction letters to 11 MSMEs through SIDBI, totaling ₹25.75 crore, and 2 additional letters through Union Bank’s Nari Shakti branches amounting to ₹11 crore, supporting a range of sectors, from traditional industries to high-tech fields like aerospace and quantum technology.
The Finance Minister also handed over sanction letters to five borrowers under the newly introduced Tarun Plus category of the Pradhan Mantri Mudra Yojana (PMMY), following the recent Union Budget announcement that raised the loan limit under PMMY from ₹10 lakh to ₹20 lakh, further empowering MSMEs across the nation.
