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Manmohan hopeful of doubling credit flow to SMEs
Our Bureau
New Delhi, Aug. 30 The Prime Minister, Dr Manmohan Singh, today expressed hope of doubling credit flow to the small and medium sector within five years. While giving away the national awards to small and medium enterprises (SMEs) in the Capital on Thursday, Dr Singh said, “I hope we can double the credit flow to this sector within a period of five years. I urge our banks and financial institutions to come forward and support and nurse SMEs, especially through risk and venture capital support.”
He said that the Government has charted a strategy based on cluster development that offers a holistic and integrated approach for the development of the sector. “We have also taken up skill development as a high priority area…we intend to fund more polytechnics and ITIs to address the growing demand for skilled manpower of our enterprises,” he said.
As a first step towards extending social security to workers in the sector, Dr Singh said the Government had declared provision of an old age pension to all citizens above the age of 65 and living below the poverty line.
The Prime Minister gave away awards to 111 entrepreneurs under three categories — outstanding entrepreneurs of micro and small enterprises, khadi and village industries and coir industries, special awards to women and SC/ST entrepreneurs and banks for excellence in small enterprises lending.
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