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The representatives of industry associations in Bengaluru and Mysuru, led by the Confederation of Indian Industries (CII) met the members of the Parliamentary Standing Committee on Finance led by M Veerappa Moily. The representatives requested the committee to instruct the banks to increase the quantum of lending to the MSME sector.
The association mentioned about Goods and Services Tax (GST), bank credit and other financial and minimum wages, in a representation to the committee.
The group of associations that were involved in the meeting included the Confederation of Indian Industry (CII), Indian Machine Tool Manufacturers’ Association (IMTMA), Federation of Karnataka Chambers of Commerce and Industry (FKCCI), Karnataka Small Scale Industries Association (KASSIA), the Associated Chambers of Commerce and Industry of India (ASSOCHAM), Bengauru Chamber of Industry and Commerce (BCIC), Association of Women Entrepreneurs of Karnataka (AWAKE), Mysuru Industries Association (MIA) and Mysuru Chamber of Commerce and Industry (MCCI).
Their press release stated that the micro, small and medium enterprises (MSMEs) had received only 17.4 per cent of the total credit support from the banks, while large companies enjoyed 82.6 per cent.
To tide over the challenges of getting loans from the banks, the MSMEs have had to approach non- banking financial companies (NBFCs)[/vc_column_text][/vc_column][/vc_row]
