The domestic currency on Monday had suffered the biggest single-day drop in past six years -- to close at a five-month low of 70.73, owing to heavy capital outflows by investors anxious over the US-China trade tension.
Finance Minister Nirmala Sitharaman will be meeting the PSU bank heads and major private sector banks on August 5 to review credit growth in various sectors like MSMEs, retail, auto, NBFCs and HFCs which will provide key indications for the steps needed to accelerate GDP growth.
As small scale industries develop and grow, they contribute towards the growth of the economy considerably.
Commerce and Industry Minister Piyush Goyal said that India’s exports will reach US$ 1 Trillion when India becomes a US$ 5 Trillion economy.
Finance Minister Nirmala Sitharaman reviewed the performance of banks on Monday in New Delhi in a meeting with the top management of Public Sector Banks, HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank and Citi Bank. RBI Deputy Governor N. S. Vishwanathan also participated in the review.
In spite of MSMEs' immense contribution to the economy, successive governments have not really addressed the unique problems faced by MSMEs. Even today, access to formal lending and credit facilities remains a challenge.