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FDI For NBFCs

Nitin Gadkari, Union Minister for MSME has said that Foreign Direct Investment (FDI)  can be explored in Non Banking Financial Companies (NBFC)s to strengthen them, which will lead towards greater support to MSME Sector..

The Minister opined that strengthening of NBFCs, State Cooperative Banks, District Cooperative Banks, Primary Credit Coop Societies etc is required to extend support to MSMEs during this challenging time.
Mr.Gadkari  today held meetings via video conferencing with the representatives of Council of Leather Export, FICCI-‘NBFC Program’ and IMC Chamber of Commerce and Industry on impact of COVID-19 on MSMEs.
During the interaction, the Minister mentioned that for providing much needed impetus to the MSME sector to deal with the current economic instability the government has announced Special Economic Package: Aatmanirbhar Bharat Abhiyan.
He further explained the various support measures which have been announced for MSMEs including changes in definition of MSMEs to provide the required support to the sector. He has added that definition of medium enterprises has been further revised by increasing the investment and turnover limit basis inputs from related stakeholders.
Mr.Gadkari said that the need of the hour is to fight the war against COVID-19 pandemic while continuing the economic activity.
The Minister further mentioned that the pandemic can be a blessing in disguise, and we need to utilize this opportunity.
 He emphasized on usage of PPE (masks, sanitizer etc.) and advised to maintain social distancing norms.
He mentioned that special focus is required to reduce imports from other countries. He added that Ministry of MSME is working on two booklets to cover details about last three year’s export and import.
Some of the questions asked and the suggestions given included: Including traders as MSMEs, inclusion of Medium enterprises in the M/o MSME order dated 02.11.2018 related to timeline of 45 days for payment to MSMEs, incorporating digital KYCs in case of NBFCs, push required from RBI to change master KYC notification encouraging use of contact list KYC,  including cotton spinning in the eligibility list of Interest Subvention Scheme, reducing imports and utilizing domestic capacity, need of labour reforms to bring change in MSME sector, etc.
Mr.Gadkari responded to the questions from representatives and requested for sending suggestions and assured all the help from the government.
 


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