Banking Sector Strengthens MSME Economy, Noida

Noida: MSMEs (Micro, Small, and Medium Enterprises) are the backbone of the country's economy, contributing 30% to the total GDP. They also account for 40% of the country's exports and provide employment to 16 crore people. However, only 3.5 crore out of 6.5 crore MSMEs are availing credit from banks, highlighting a significant gap. To bridge this gap and promote the MSME sector, the banking sector is working actively.

Canara Bank's Executive Director, Ashok Chandra, addressed the MSME Outreach Program organized by Canara Bank and MSME Industrial Association, Noida, at the National Open School auditorium in Sector 62. He emphasized the importance of youth involvement in the banking sector, stating that 71% of Canara Bank's 84,000 employees are under 35 years old. The bank has achieved a business of over Rs 23 lakh crore in the first quarter of FY 2024-25, with a profit of Rs 3900 crore.

The MSME Industrial Association's District President, Suresh Singh Nahata, highlighted the significance of the MSME sector in generating employment opportunities and contributing to economic growth. He suggested opening a new bank branch in Sector 10 to facilitate industries in Sectors 9 and 10.

Canara Bank's Delhi Circle Chief General Manager, Rajesh Kumar Singh, explained that the MSME Outreach Program aims to provide financial assistance and support to small and medium entrepreneurs. The bank offers various loans, subsidies, and financial services to MSMEs under this program.

MSME Development and Facilitation Delhi's Joint Director, RK Bharti, emphasized that industrial development is crucial for the country's economic growth. He highlighted the importance of MSMEs in empowering women, youth, and marginalized communities through self-employment and entrepreneurship.

Industrialist Navin Agarwal stressed that an entrepreneur is indirectly connected with 500 families, making industrial development essential. He suggested that the banking sector should work closely with industries and improve banking policies. Canara Bank is providing good services, and such programs should be organized regularly.

The event provided information on various schemes offered by Canara Bank for entrepreneurs. Attendees included DDRWA President NP Singh, Association's Noida President Shivkumar Rana, Yamuna Authority Chairman Ramesh Rathore, Greater Noida Industrial Area President Dayaram Sharma, Women's Wing President Reena Rana, Minister Aakanksha Chug, PD Sharma, Sameer Seth, Dilshad, Aslam Khan, by Shahzad, Bhupendra Bisht, Ganesh Bisht, Ashok Sharma, CA Ashish Gupta, CA Pankaj Mishra, Subodh Kumar, and hundreds of entrepreneurs."