CGTMSE Celebrates 10th Foundation Day
The Minister in his address mentioning that the MSME Sector is the pillar of the Indian economy. Highlight the Government efforts towards promoting this vibrant sector, he said various measures of the Government including setting up of Prime Minister's task force on MSMEs, implementation of the National Manufacturing Competitiveness Programme (NMCP), assures the Government's commitment to the development of this sector so as to make it more competitive to meet the emerging challenges both nationally and Internationally.
He further added that this sector comprising more than 26 million enterprises as per the 4th census of MSMEs, is the second largest employment generator in the country, producing more than 40% of industrial output and nearly one-third of country's exports.
Shri Patel said the Credit Guarantee Scheme is an important instrument in achievement of the national goal of inclusive growth. The scheme lays special emphasis on under developed and underserved regions like the North East Region, J&K, etc. He complemented the CGTMSE team for working diligently to make MSEs strong and vibrant.
The Minister also announced the trial opening of MSME call centre with a Toll free no. 1800 180 6763.
Shri Dinesh Rai, Secretary, Ministry of MSME also congratulated CGTMSE for the remarkable progress in guarantee covers provided by it, and said that the credit guarantee scheme was launched as an effective alternative to collaterals and the Government attaches a lot of importance to this initiative. He further added that Banks/Financial Institutions now have greater faith and trust in CGTMSE's claims payment process.
Shri Madhav Lal, (AS &DC) MSME speaking on the occasion outlined the importance of the MSME sector in the national economy. He said the Credit Guarantee Scheme plays a very crucial role in the dispensation of credit to the MSME sector and ensures the growth and development of the sector where CGTMSE is reaching out to entrepreneurs in the interior regions of the country.
Shri Rakesh Rewari, DMD, SIDBI presented CGTMSE impressive journey of 10 years towards the empowerment of the MSME sector.
CGTMSE was set up on July 27, 2000 by the Government and Small Industries Development Bank of India to provide collateral/third party guarantee free credit facility (both fund as well as non fund based) extended by Banks/FIs, to new as well as existing Micro and Small Enterprises, with a maximum credit cap of Rs. 100 lakh (Rupees Hundred lakh only) under its Credit Guarantee Scheme (CGS).
As on June 30, 2010, CGTMSE is catering to 115 Banks/FIs comprising of 27 Public Sector Banks, 17 Private Sector Banks, 61 Regional Rural Banks, 8 Financial Institutions and two Foreign Banks for availing credit guarantee from the Trust.
The setting up of CGTMSE has brought out a resolution in the banking world as more and more Banks/FIs have started providing credit to Micro and Small Enterprises. Many of these small enterprises would not have seen the light of the day but for the guarantee support of CGTMSE.
As at June 30, 2010, cumulatively, 3,72,403 accounts have been accorded guarantee approval for Rs. 14,801.46 crore, which is estimated to produce turnover of Rs. 70,100 crore, exports of Rs. 3,005 crore and provide employment to 19.07 lakh persons.
The highlight of the function was the release of two books one tracing the trowth and achievements of CGTMSE over the last ten years and the other, 'SIDBI book on MSME Database 2010'.
The top three banks and two regional rural banks having highest coverage under the Credit Guarantee Scheme were felicitated. State Bank of India, Punjab National Bank, Canara Bank, Purvanchal Grameen Bank and Karantaka Vikas Grameen Bank were the recipients of the awards.
The function was also attended by Smt. Ravneet Kaur, Joint Secretary, Department of Financial Services, Ministry of Finance, Deputy Managing Director, SIDBI and Shri O.S. Vinod, Chief Executive Officer, CGTMSE, and senior officials from various Ministries, Chairmen and Executive Directors of various banks, State Financial Corporations, Micro Finance Institutions, senior functionaries of several corporates, MSMEs, representatives of industry associations, functionaries from multilateral institutions, international experts in the field of MSME and SIDBI Board members.
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