The government is exploring new financial lending institutions to support small-scale units in terms of financial support, said Union Minister for MSME, Nitin Gadkari on Monday.

He further said that government is working towards strengthening the NBFCs which will help small businesses to avail easy credit in the coming time.

Minister’s remarks came during a video conference with the members of Calcutta Chamber of Commerce on impact of COVID-19 on MSMEs and the measures taken to address the challenges at hand.

Addressing the members, Gadkari re-iterated that these are trying times as we are waging a war against COVID-19 pandemic as well as the economic instability caused by it. He requested all the stakeholders to work in tandem and urged the industry to maintain a positive attitude during this time to tide over this crisis.

The Minister also stressed on usage of PPE and advised to maintain social distancing norms in personal life and at work places.

Giving an overview of the Rs 20 lakh crore stimulus plan, he explained various support measures which has been announced for MSMEs such as collateral free automatic loan, distress fund etc. He said that all these measures will provide the required support to MSMEs to face the current economic challenges.

The Union Minister mentioned that special focus towards export enhancement is the need of the hour. He further added that there is need to reduce our cost on production, logistics etc. to become economically viable. The Minister shared that the Ministry of MSME is working on two booklets to cover details about last three year’s export and import.