The MSME sector in West Bengal received Rs 1.20 lakh crore in bank loans during the last financial year, according to state MSME Secretary Rajesh Pandey. With close to 90 lakh MSME units employing approximately 1.35 crore people, Pandey emphasized the significance of the sector, which has an employment potential of between 25 and 40 people per Rs one crore invested, compared with just five to 10 people for large-scale units.
The Bengal MSME sector’s total loans of Rs 1.20 lakh crore have boosted its prospects as a key sector driving economic growth and offering employment opportunities. MSME Secretary Rajesh Pandey made the announcement, further highlighting that the bank loans were granted in the previous financial year. He added that the MSME sector should be given its due to continue driving growth in West Bengal.
Pandey also mentioned that with Bengal’s 90 lakh MSME units, the sector has continued to show its importance in the state’s economy, where they generate jobs and add value. Pandey concluded that the State Government could do more to support the sector, and taking steps to do so would exponentially increase the number of employment opportunities available.
This marks a major step forward for the MSME industry, with last year’s loans laying the groundwork for a better future for the smaller firms that are the backbone of the Indian economy. The trend is expected to continue, with further growth predicted in the last fiscal year’s bank loan figures. This marks a significant milestone for the sector and an opportunity for investment potential, all with broad ramifications for India’s industrial growth as a whole.
