Manipur CM distributes emergency working capital to 41 MSMEs

Our Correspondent

Imphal, May 15 (EMN): Manipur Chief Minister N Biren Singh distributed emergency working capital finance to 41 Micro Small and Medium Enterprises (MSMEs) of the state in a simple function held at the chief minister’s secretariat on Friday.

Consequent upon Prime Minister Narendra Modi’s announcement of INR 20 lakh crore economic package aimed at uplifting the economy weakened by the nation-wide lockdown and Covid-19 pandemic,

The assistance was provided in coordination with the SBI and Punjab National Bank to enable the MSMEs to resume their normal functions.

Speaking at the occasion, the SIngh said that announcement of 20 lakh crore economic package was a bold and historic step as the amount equals to 10% of the total Gross Domestic Product of the country.

He opined that few countries could take such a decision and it had never happened in the history of the country. Singh then said that the government took the daring step as the country needs to stimulate the economy while fighting Covid-19 pandemic at the same time. Following the prime minister’s announcement, Union Finance Minister Nirmala Sitharaman had spelt out the details of the economic package in which support to MSME sector had been mentioned as a major component, Singh said.

Stating that financial assistance in the form of loans from different banks to these enterprises to restart their normal activities would prove to be a success as repayment rate is now encouragingly high in the state, he opined that the state too needs to focus on agriculture, horticulture and MSME sectors to revive the economy in line with the central government’s decision.

Stating that Manipur stands first in the number of registration of MSMEs in the entire Northeast, and 50% of these MSMEs are owned by women, the he observed that Manipur’s future lies on agro-based industries and MSMEs.

It may be mentioned that Prime Minister Narendra Modi announced a special economic and comprehensive package of INR 20 lakh crore-equivalent to 10% of India’s GDP, in response to the various challenges arising out of the Covid-19 pandemic on May 12.

The government of Manipur strongly supports these measures and will continue to take necessary steps to implement the various measures announced by the Union Government, from time to time. Extension of institutional credit support by the banks is an important component of the announced economic package for which the state government is working in close collaboration with the banks and other stakeholders in Manipur.