Kochi, May 21 (ANI): Reserve Bank of India (RBI) Deputy Governor K C Chakrabarty said here on Friday that micro, small and medium enterprises (MSME) are an integral part of the country's planned approach
Addressing the programme organized to mark the release of report on a survey conducted by the Institute of Small Enterprises and Development (ISED), Chakrabarty reiterated the concept of 'Small is not only beautiful but also Bountiful' here on Friday.
He emphasized that the MSME sector need to be strengthened for overall pro-active growth.
"If we are talking of inclusive growth, if we are talking of sensitivity of growth then it cannot happen without including the MSME's as an integral part of our planned approach," he said.
"If we are able to extend that credit to the MSME's it is more inclusive because by nature they are more inclusive because in every village there will be some MSMEs," Chakrabarty added.
He further said that the MSME contributes for an inclusive growth.
"If you give to the corporate it is not that every village will get the benefit but if you can cover the needs of the MSMEs it will be more inclusive," Chakrabarty said.
Calling for the need for extensive rural banking, Chakrabarty said India has over 6,00,000 villages and even after 40 years of nationalisation, only 35,000 villages have access to banking services.
"By 2012 all villages of more than 2,000 population must have a banking business. They must have banking service and by 2015 all villages must have banking services, all households must have a bank account, that's the first condition," Chakrabarty said.
Whether banks will give the credit or not that is a next stage. Today if they want they are not able to provide and that is a major agenda," he added.
The MSME play a pivotal role in the overall industrial economy of the country.
As per available statistics of the fourth census of the MSMEs, this sector employs an estimated 59.7 million persons spread over 26.1 million enterprises. (ANI)