Ease of Doing Business for MSMEs: The National Bank for Agriculture and Rural Development (NABARD) has estimated a credit potential of Rs 308.2 crore for the Government’s priority sector, the micro, small and medium enterprises (MSMEs), in Kallakurichi district of Tamil Nadu as per a report by the Knowledge and News Network (KNN) 

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For other priority sectors, the credit potential projected by the bank is Rs 773.85 crore for 2023-24, the report added. The Potential Linked Credit Plan (PLP), a documentation of potentials for rural economic activities, both in physical and financial terms is pegged at Rs 4,971.48 crore

The estimated credit potential for the priority sectors of the district for financial year 2023-24 is about 7 per cent more in comparison with the previous year. As a matter of fact, it is about 13 per cent higher than the current year’s Annual Credit Plan (ACP) target.

Indian Bank, the lead bank of the Kallakurichi district that ascertains sector-wise lending priorities, will hold PLP as the reference to work out the Annual Credit Plan.  

Sravan Kumar Jatavath, District Collector, Kallakurichi had released the PLP at a meeting. Besides agriculture sector investments, loans to the MSMEs, education and housing sectors must be disbursed without any undue delay, he said. 

Among those present were Swarnambal Subramaniyam, LBO, Reserve Bank of India;  K. Balamurugan, AGM, NABARD, Puducherry Cluster (DDM-Kallakurichi); C. N. V. Ramakrishna, Deputy Regional Manager, Indian Bank and L. Muneeswaran, LDM,  Indian Bank. 

Meanwhile, the state government, a week ago announced that the peak hour electricity charges for MSMEs operating in the state were reduced to 15 per cent from 25 per cent. 

Referring to the reduced charges, the government said that the move will greatly benefit the MSMEs in Tamil Nadu. 

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Earlier in October, the state government had urged the Centre to release a special emergency credit line guarantee scheme (ECLGS) for the MSMEs involved in the garment business to relieve their stress. 

Social Media: National Bank for Agriculture and Rural Development (NABARD) has estimated a credit potential of Rs 308.2 crore for the government’s priority sector, the MSMEs, in Kallakurichi district of Tamil Nadu.