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Permanent secretariat for TN GIM Measuring roof tops in terms of KW/MW Making ‘my Amaravati’... Adapt Vajpayee dinner diplomacy Excel Generators provide the vital back-up Preserving for the future Like Hinduism: many paths to reach God... R Sridhar steps down as CEO of Shriram Capital Gay abandon in pricing West Bengal: mindless malignancy Solar, solar everywhere … TN-leverage strength of BHEL, NLC... Liberal imports idling indigenous capacities Odisha: spectacular win by Naveen Patnaik CRS, a jewel among managers, is no more. He continues the focus on social amelioration CIPET hqrs to stay at Guindy – for the present? Should we change the official year? An enemy’s enemy is a friend Revving up the manufacturing sector Streamlining mandatory third party cover When the President was rendered homeless… Welcome thrust on trade in Modi’s foreign visits... No mega rail project for Tamil Nadu IPL type auction for VCs? An inexplicable neglect Welcome changes that testify to Jayalalithaa’s return to health The Swadeshi Trump Polls and promises Russi Mody – a tribute Tatas moving out of urea production... The brown list of Venkitaramanan The rise and fall of Annamalai University Robber barons everywhere Why this malaise in medical education? Make standards certification mandatory... Shanti and Sadhana through Music A professional at the helm of IRDA... Come elections, come advertisements... Where is Rajaji? L&T- the specialty of special purpose vehicles Build close rapport with business leaders Padma Bhushan for A Ramakrishna When online building permits work…. Tribute – Manikam Ramaswami Mu Sigma – is no more Align crops to agro climate endowments… There was flood of milk. Reason: no milk commissioner! ONGC at KG Basin Colour-Chem’s colourful KRVS Reliance’s TV – 18 ready to launch Tamil News Channel Another Indian music maestro at the UN Contrarian cousins Wise Presidents Quality education through the PPP mode L&T: focus on infrastructure and more infrastructure… Breaththrough in malaria control Towards speedy justice PPP mode for upgrading Corporation Hospitals The power-full Hindujas Funding the un-funded to the lack of interest on the part of these to focus on original research. This despite the much lower costs of such research in India. 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When TN politicians can emulate Kerala's TN – agglomerate land holdings without alienating ownership Boy, can you beat these? Of course, Gujarat is vibrant This scant respect for Law Demise of a media baron... A friendly business group Vibrant Gujarat A glass full of corruption Tatas moving out of urea production... Fortune 500 review Things happen by accident and not by design... Fortune for Indian Airlines Chennai and Kolkata miss opportunity to grow as Delhi and Mumbai Haul over the coal The star of Spencers is no more Which side are you, Montek? Editor's Says Banning booze... Maximising the micro pricing … Computation of GDP – conundrums continue Rahman at CIC GNS - 100: our first subscriber Put expensive assets created to use... PC’s preference for professionals EEC at the National Media Centre A proud Madrasi
 
Funding the un-funded

Noted chartered accountant, columnist and Convenor, Swadeshi Jagran Manch, S Gurumurthy (SG), has been campaigning for the recognition of the contribution of several lakhs of small business units. SG has been referring to the substantial share of micro, small and medium enterprises to the nation’s GDP, employment and exports. In extensive travels to different parts of the country he has been interacting with hundreds of entrepreneurs from these sectors. He has been stressing on their rich contributions despite the severe constraints they face in accessing needed funds on fair terms. SG has been receiving a good deal of support from Prof R Vaidyanathan of IIM-Bangalore. The learned academic has also been passionately advocating the case of micro, small and medium enterprises (MSMEs).

This great work has received notice, redressal and action at the hands of Finance Minister Arun Jaitley. In his budget for 2015-16, Jaitley proposed, “to create a Micro Units Development Re-Finance Agency (MUDRA) Bank with a corpus of Rs 20,000 crore and credit guarantee corpus of Rs 3000 crore. MUDRA Bank will re-finance micro finance institutions through a Pradhan Manthri Mudra Yojana for lending. Priority will be given to SC/ST enterprises. Just as we are banking the un-banked, we are also funding the un-funded.”

Jaitley pointed to the NSSO Survey of 2013 that estimated 5.77 crore small business units, mostly individual proprietorships, which run small manufacturing, trading or services activities. “Only four per cent of such units receive institutional funding. Providing access to institutional finance to such micro/small business units would turn them into strong instrument of GDP growth and also employment,” states a press note from the Ministry of Finance.

The Ministry also proposes changes in priority sector lending (PSL) norms. It estimates total credit extended by banks in PSL at Rs 2,154,356 crore. Changes proposed in PSL include:

  • A separate sub-limit of up to 8 per cent for PSL
  • Loans for agri processing and agri infrastructure to be included in PSL without any limit on the size of loans
  • Loans to medium enterprises included in PSL
  • Loans up to Rs 5 crore for social infrastructure like schools, healthcare, drinking water, sanitation… under PSL for towns of less than one lakh population.
  • Renewable energy sector added to PSL with a limit of Rs 10 crore loan
  • Progress to be monitored quarterly

 

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