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Banks should turn their focus to non-corporate entities, rather than just big corporates, said S. Gurumurthy, chartered accountant and corporate advisor.
He said Sensex companies’ contribution to the country’s GDP is just one per cent. All the BSE 500 companies contribute only five per cent. The corporate entities – all listed and non-listed companies – together contribute only 14 per cent.
But, 39 per cent of the GDP comes from non-corporate enterprises, which are now mostly catered to by non-banking finance companies or local money lenders. He was delivering his special address at the 19{+t}{+h} All-India Conference of Corporation Bank Officers Organisation here. ., he .
“In India, which is known as an entrepreneur-driven economy, majority of entrepreneurs come from these small towns, and not from IITs and IIMs,” he insisted.
> ravikumar.ramanujam@thehindu.co.in
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