Financial Crisis of SMSEs in India
For last 3-4 years Small Scale Industries are facing closure due to lack of business as well as Working Capital inclusive of mine. Many have closed while others are managing to survive with the burden of debt taken from local / private lenders. Such industries need utmost attention along with financial solution to overcome the crisis. I appreciate Central Govt. initiatives & measures like Mudra Loan, 59 Minutes Business Loan, SMSEs Business Loan etc., but what I find that it is not working on ground level as I have enquired many times from ICICI Bank Ltd. about these loans but it was negative reply with reply that they are dealing in these loans. I do not know why they are interested despite the fact that ICICI Bank itself has been publicizing Mudra Loan on its website.
What I wanted to convey that private banks must support to SMSEs their survival and growth of SMSEs in larger interest. SMSEs is still backbone of Indian economy having greater scope of employment and revenue generation for the nation.
I expect your response whether I am right or wrong on the issue.