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What are the challenges SMEs face in accessing credit despite plethora of Government schemes?

What are the challenges SMEs face in accessing credit despite plethora of Government schemes?

by deAsra Foundation

The micro and small businesses sector in India hosts a diverse range of organisations, across the scale of businesses, types of businesses, products, and service offerings. India has around a 63million small and micro businesses, with 36 percent engaged in commerce, 33 percent in other services, and the remaining 31 percent in manufacturing. After agriculture, the SME industry is the second largest employer in India, employing around 110.8 million people, capturing over 20% of national employment. Over the last five years, there have been numerous policies and campaigns that have aided the growth of these enterprises, including Make in India, Credit Guarantee Trust Fund for Micro & Small Enterprises, Micro & Small Enterprises Cluster Development, Digital India, and Skill India, along with robust infrastructure, councils supporting SME export, and credit support.  

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