The Reserve Bank of India (RBI), Gangtok, convened the 14th Meeting of the Empowered Committee on MSME for Sikkim on August 21, 2023 in Gangtok to review the flow of credit to the MSME sector for the quarter ending June 2023.

The meeting was chaired by Shri Kishore Pariyar, Regional Director (RD) of RBI Gangtok and attended by Shri S K Gupta, General Manager (GM) of NABARD, Sikkim; Shri N. K. Singh, GM-cum-SLBC Convener; officials from the Department of Commerce & Industries; SIDBI; Sikkim Entrepreneurship and Economic Development (SEED); along with 12 General Managers, and 4 Deputy General Managers of various banks operating in Sikkim were present at the meeting.

In his opening address, Shri Kishore Pariyar, RD, RBI Gangtok, emphasized the pivotal role played by the MSME sector in fostering the inclusive growth of the Indian economy. He commended the banks for their consistent growth in providing financial support to the MSME sector within the state of Sikkim.

The meeting unveiled significant achievements within the MSME sector for the quarter ending June 30, 2023. Notably, lending under the Prime Minister's Employment Generation Programme (PMEGP) surged by an impressive 84.80% during the quarter ending June 30, 2023, marking substantial growth from the previous quarter ending March 31, 2023. Highlighting the sector's strong performance, banks showed impressive progress by achieving a 9.61% Year-on-Year (Y-o-Y) increase in Micro accounts under the PM Task Force on MSME Lending. This growth came close to reaching the desired target of 10% Y-o-Y growth. Additionally, the commitment of banks to MSME lending was evident in a 21.03% Year-on-Year increase in outstanding credit to the Micro and Small Enterprises (MSE) sector, surpassing the set annual target of 20%. The prevalence of Micro Enterprises was a focal point, constituting 69.38% of total credit distribution to Micro and Small Enterprises, exceeding the 60% target set by the PM Task Force on MSME Lending.

****

(Source-RBI, Gangtok)

(Release ID: 1951414)