Job Creation: New Credit Scheme for Small, Medium Enterprises to Encourage Employment Generation, Says Nitin Gadkari

Medium and Small Enterprises Minister Nitin Gadkari said that credit limits of World Bank and Asian Development Bank will be used to provide loans to small and medium enterprises that will help provide employment opportunities to the poor.

A new scheme is being worked out to encourage employment generation by small and medium enterprises in the country, with special focus on scheduled castes and tribals, the government told Rajya Sabha on Monday.

Medium and Small Enterprises Minister Nitin Gadkari said while replying to questions during the Questions hour that credit limits of World Bank and Asian Development Bank will be used to provide loans to small and medium enterprises that will help provide employment opportunities to the poor.

He said small and medium enterprises contribute 29 per cent of India’s GDP and provide employment to 11 crore people. “The aim is to raise this target to 50 per cent of GDP and increase the number of people getting employment from SME sector,” he said.

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“The government is working on bringing a new scheme that would provide employment opportunities as talks are on with the World Bank and Asian Development Bank and their credit limits would be used to provide credit to SMEs. “This policy will come within a month as the government was evolving such a scheme that would lay emphasis on creating more employment opportunities, with special focus on scheduled castes and scheduled tribes. Emphasis will also be laid on tribals and rural agriculture related activities,” he said.

Source: Financial Express

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