Credit inflow much lower than small biz need

DESPITE continuing efforts of the government to channelise the formal financing to small businesses, a survey shows though credit availability has improved, the quantum is much lower than what they need.

- ENS ECONOMIC BUREAU @ Mumbai

This segment saw ₹33.6 lakh crore in bank credit under the Mudra scheme over the past one decade. However, more than 40% of such businesses feel the segment needs more fund inflow.

In an interview to a business daily, Prime Minister Narendra Modi has said as much as ₹33.65 lakh crore of credit was extended to 52.37 crore loan accounts under the scheme, launched in April 2015. This, he said, "celebrates 10 glorious years of empowering small and micro-entrepreneurs across India."