“Loan up to Rs 10 lakh can be given through microfinance institutions. It will give a boost to trade and help the economy go grow at a faster pace. We are making all efforts for this” said Nitin Gadkari, Union Minister for Road Transport, Highways, and MSME while addressing chartered accountants of North India through video conference.
Gadkari also said that there is a need to form social microfinance institutions to offer loans to small industrial units.
He said that due to the pandemic of COVID-19, the economy has faced huge losses, even people are nervous and have fear in their minds.
“It is our duty to bring people out of nervousness and fear. Together with self-confidence, we should tackle the situation and move ahead,” he suggested. He said that the country had faced several natural calamities and the country has emerged out of such situations.
“The pandemic will last for a long duration. We have to make a habit to live with it and keep a positive mind with self-confidence,” he said. Milkmen, vegetable vendors, cobblers, and small traders in remote villages and tribal areas should get financial help through microfinance institutions.
“Reserve Bank of India should give permission for such microfinance institutions which can give loan from Rs 5 lakh to Rs 10 lakh. A chartered accountant should take the responsibility to monitor such microfinance institutions” he said.
“To make self-reliant India, one has to become self-reliant. We have to bring the change with the latest technology, skill development, new innovations, available market in the country. If foreign investment comes, it will boost the economy of the country and they will also get good returns,” Gadkari pointed out.