PM Modi's pet schemes underperforming in Gujarat: Report -Avinash Nair
-The Indian Express
Stress faced by certain industries, drought in some areas hurt patronage of financial schemes for MSMEs, says State Level Bankers’ Committee report
Ahmedabad: The Union government’s high profile financial aid schemes meant to support the micro, small and medium enterprises of the country have not performed as well as expected in Gujarat, a report of the State Level Bankers’ Committee (SLBC) released on Tuesday showed. Districts such as Vadodara, Gir Somnath and Kutch achieved less than 50 per cent of the target for the “loan in 59 minutes” scheme, while Stand-Up India, which facilitates loans for people from Scheduled Castes and Scheduled Tribes as well as women, and the MUDRA loan scheme had been underperforming, the report said.
Stress faced by certain industries as well as drought were found to be the reasons that some districts performed poorly. Underachievement of targets of the “PSBloansin59minutes” scheme—floated to provide micro, small and medium enterprises (MSME) loans up to Rs 1 crore in just a matter of 59 minutes—in Gujarat forced the campaign to be extended by over a fortnight in the state.
Despite the extension, Vadodara, Gir Somnath and Kutch districts reported less than 50 per cent achievement of targets, the SLBC report shows.
“Earlier, the campaign was slated for 100 days. However, owing to the under-achievement of targets by few districts, the campaign was extended till February 28, 2019,” states the report that was made public on Tuesday after the 160th meeting of SLBC-Gujarat.
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