Sitharaman told Arunachal Pradesh government to adopt ‘cluster’ development approach
Itanagar. Union Finance Minister Nirmala Sitharaman advised the Arunachal Pradesh government to adopt ‘cluster’ development approach as a key strategy to enhance productivity and competitiveness as well as capacity building of micro and small enterprises (MSEs) in the state. Speaking at a credit access program organized by the State Bank of India here, he said that till date Arunachal Pradesh does not have a single industrial ‘cluster’ declared by the MSME Ministry.
“I request Chief Minister Pema Khandu to adopt a ‘cluster’ development approach for 20 GI-marked products in the state,” the Finance Minister said. Such ‘clusters’ at smaller locations may be declared by the Ministry and Small Industrial Development Bank of India (SIDBI) may be linked to finance such enterprises.” A ‘cluster’ is a group of enterprises… .which are located as far as possible in the adjacent area. It produces similar and identical products and services. The Ministry of Micro, Small and Medium Enterprises (MSME) has adopted a ‘cluster’ development approach to help MSEs become more competitive and productive.
This approach involves setting up Common Facility Centers (CFCs) to support the growth and sustainability of MSEs. Sitharaman said that small scale industry development and enterprises related to agriculture and allied sectors can be started in Arunachal Pradesh. The Credit Access Program is a great platform through which schemes like PM Swanidhi, Stand-up India, Kisan Credit Card, PM Mudra, NRLM-SHG, PM Surya Ghar and PMEGP can be launched. He said, “Prime Minister Narendra Modi has already launched 17 schemes to benefit people through bank loans, for which no guarantee is required.”
The Finance Minister said that earlier loans were extremely difficult for entrepreneurs because banks wanted guarantees, but after Modi came to power in 2014, he made it mandatory for every family in the country to open a bank account under the Jan Dhan Yojana. “Modi launched many schemes which do not require any guarantee and banks will give loans without asking for any paper,” he said. Earlier, the minister donated an ambulance and a body to the police headquarters here as part of SBI’s CSR activity. Assigned a transportation vehicle. Besides, 50 bicycles donated by SBI were also given to the girl students.
Sitharaman also flagged off two vans for financial literacy donated by the National Bank for Agriculture and Rural Development (NABARD) as part of its CSR activity. He also flagged off a medical vehicle donated under the CSR activity of SIDBI for organizing medical camps in rural areas of the state. During the program, the Minister also handed over sanction letters from banks to the beneficiaries under various schemes of the Central Government and distributed loan amount of Rs 14.41 crore to 160 beneficiaries under various schemes. Sitharaman later visited Namsai, where she will participate in another credit access program and inaugurate the regional office of SBI.
