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E-commerce platforms have helped the Micro, Small and Medium Enterprises (MSME) industry to increase profits, reduce marketing expenses and access new markets. Union Minister of State Bhanupratap Singh Verma said at the Confederation of Indian Industry (CII) conference that MSMEs play an important role in expanding manufacturing in the country and generating employment.
The MSME industry needs more attention to make India a $5 trillion economy, he said. Simultaneously, small businesses need to improve their management skills and make technology smart. He said that the Emergency Credit Facility Guarantee Scheme (ECLGS) was started to revive this industry in the Corona epidemic. After facing many waves of corona with the help of this, now this industry is standing firmly. A total loan of Rs 3.47 lakh crore was guaranteed under the scheme. Out of this, Rs 2.31 lakh crore was given to the MSME sector.
Government is working for easy borrowing
BB Swain, Secretary, Ministry of MSME said that the government is working on providing easy credit to the MSME industry. In the program organized on MSME day, he said that access to affordable credit remains a challenge for all. Therefore, efforts are being made to solve this problem.
ICICI Lombard to settle claim in 10 days
ICICI Lombard General Insurance has said that it will settle claims of MSME customers up to Rs 5 lakh in 10 days. For this, with the help of artificial intelligence and other data analysis, this work will be completed. In a statement, the company said this would include assets and marine claims.