Govt sets higher MSME lending target of Rs. 27.5 lakh crores for FY25

The FY25 target is over 10% more than the previous year’s lending. The Secretary noted that the Government was looking to extend more support to MSMEs in line with the Budget announcements. The Union Government has set a higher target for MSMEs lending for FY25 at Rs 27.5 lakh crores, over 10% higher than the previous year, M. Nagaraju, Secretary, Department of Financial Services (DFS) said on September 18. The Secretary noted that the Government was looking to extend more support to MSMEs in line with the Budget announcements. “We are keen to enhance MSME credit,” the DFS Secretary noted, addressing the media at the launch of the NPS Vatsalya scheme. The NPS Vatsalya scheme, launched on September 18, allows for children below 18 years old to open NPS accounts, in a bid to secure the future. “Fulfilling what is said in Budget within few months, shows that Budget speeches are not read but enacted upon,” said Finance Minister, Nirmala Sitharaman. The Secretary also pointed out that DFS will meet people from the Debt Recovery Tribunals on September 21. The meeting is likely to focus on the progress made on the amount stuck in tribunals.