Banking sector should be liberal in lending to MSMEs: UP finance minister

UP Finance Minister Suresh Kumar Khanna (photo:ANI)


Uttar Pradesh Finance Minister Suresh Kumar Khanna called upon the banking sector to be liberal and cooperative in lending to the cottage, small, and medium enterprises (MSMEs) so that the credit-deposit ratio increases and the economy moves forward in a better way.

Khanna was addressing a two-day ‘Uttar Pradesh MSME Conclave’ organised by the Associated Chambers of Commerce and Industry of India (ASSOCHAM) here on Wednesday.

He further said that all the banks should take concrete steps to protect the loans given by them but should also be liberal in giving loans. Try to increase the CD ratio. The more it grows, the more our MSMEs will be able to boost their industries.

“It is my humble request that if the attitude of the banking sector is cooperative, things will be better. We want to increase the purchasing power so that the economy runs better. We have resolved to make India self-reliant. It should be the dream of every Indian that we become self-reliant in every way,” he said.

Khanna said the demand is prepared as per the requirement. He also called upon the MSME units and startups to give solutions while keeping in view the needs of society. Advances in technology are constantly being made. Keeping in view the needs of the society, you must focus on innovation.

He said when the BJP came to power in Uttar Pradesh in 2017, the state’s exports were almost half of what they are now. Today, the export of the state is one lakh Rs 76,000 crore. At present, the Gross State Domestic Product (GSDP) of the state is Rs 25 lakh crore. We have to take this to 32 lakh crore.

A Memorandum of Understanding (MoU) was also exchanged between ASSOCHAM and IIT Kanpur on the occasion.