The Credit Guarantee Scheme for Micro and Small Enterprises (CGTMSE) has approved a stunning credit guarantee equivalent to Rs. 1 lakh crore within just 7 months of the current fiscal year, 2023-24, in a major step for the Micro, Small, and Medium Enterprises (MSME) sector. This accomplishment much exceeds the 12-month timetable set in the prior fiscal year, 2022-23.
Narayan Rane, Union Minister for Micro, Small, and Medium Enterprises, announced the achievement, expressing enormous delight in CGTMSE‘s extraordinary achievement. He noted how this achievement demonstrates the government’s unwavering commitment to supporting MSMEs by enabling access to affordable loans.
The critical function of CGTMSE in facilitating loan flow to MSMEs, particularly those in the informal sector, remains critical. The accelerated speed of credit guarantee approvals reflects the government’s proactive attempts to provide financial assistance to MSMEs, ultimately strengthening their role in the nation’s economic advancement.
Rane acknowledged CGTMSE‘s extraordinary accomplishment to the Hon’ble Prime Minister, Shri Narendra Modi Ji‘s unwavering support and visionary leadership. He attributed this achievement to Modi’s strategic advice and continuous commitment to boosting the MSME sector.
The Minister congratulated the whole CGTMSE team, emphasizing that approving a credit guarantee of Rs. 1 lakh crore in just 7 months is a significant success for both CGTMSE and the MSME sector.