The Credit Guarantee Scheme for Micro and Small Enterprises (CGTMSE) has authorized a loan guarantee of Rs. 1 lakh crore in just 7 months of the current fiscal year 2023-24, providing a significant boost to the MSME sector. The same was accomplished in 12 months during the prior fiscal year 2022-23.
Glad to announce that CGTMSE has approved credit guarantees of Rs. 1 lakh crore in just 7 months of FY 2023-24. In the previous Financial Year 2022-23, the same was achieved in 12 months.
— Narayan Rane (@MeNarayanRane) November 24, 2023
CGTMSE's crucial role in ensuring sustained growth, resilience, and employment generation… pic.twitter.com/3RtyWwtUvF
Announcing this in a social media post on X (formerly known as Twitter), Union Minister for Micro, Small and Medium Enterprises, Shri Narayan Rane, expressed his pride in CGTMSE’s remarkable achievement.
He said that this achievement is a testament to the government’s unwavering commitment to supporting MSMEs and providing them with access to affordable credit.
CGTMSE has been playing a pivotal role in facilitating credit flow to MSMEs, especially those in the informal sector. The accelerated pace of credit guarantee approvals reflects the government’s proactive measures to facilitate financial support to MSMEs, thereby bolstering their contribution to the nation’s economic development.
Shri Rane further stated that the phenomenal success of CGTMSE can be attributed to the unwavering support and visionary leadership of the Hon’ble Prime Minister, Shri Narendra Modi Ji. His strategic guidance and dedication to empowering the MSME sector have played a pivotal role in achieving this milestone.
He also congratulated the entire team of CGTMSE and wrote that the achievement of approving a credit guarantee of Rs. 1 lakh crore in just 7 months is a significant milestone for CGTMSE and the MSME sector.
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