KTR submits MSMEs-focused memo to RBI Governor seeking financial leverage

State IT & Industry Minister also called on ICICI chief for support on proposed Telangana-Fund to boost start-ups and WomePreneurs in the youngest state of India

KTR submits MSMEs-focused memo to RBI Governor seeking financial leverageTelangana IT and Industries Minister K T Rama Rao has submitted a memorandum to Governor of Reserve Bank of India (RBI) Urjit Patel focused on the challenges encountered by micro, small and medium enterprises (MSMEs) in the state, on his recent visit to Mumbai.

“Met with Governor of RBI Urjit Patel & discussed MSME sector issues, IHC and reconstituting SLIC. Also presented a Handloom Stole,” the Minister tweeted.

In an exhaustive and definitive discussion with the Governor, Rao stressed over the required measures for MSME sector in the youngest state in India given their employment generation potential besides critical role as economy driver. He concerned over the miniscule support provided to the sector financially.

Rao also pointed out that banks often declare MSMEs sick even without conducting the required viability study fund as per RBI guidelines. He informed that Of the 69,120 micro and small industries in Telangana, 8,618 have been declared sick

Prior to his meeting with the Governor, the Minister called on ICICI MD and CEO Chanda Kochhar and had free-wheeling discussion over digital initiatives, Industrial Health Clinic (IHC), T-Fund & women entrepreneurship in the state. He even sought for the bank’s support on the proposed T-Fund to help start-ups.

He also met with IDBI Bank Chairman M K Jain and his team to discuss expeditious revival of Sirpur Paper Mill where they are the lead banker.

Rao called on various top industrialists like JSW Group Chairman Sajjan Jindal and Lupin Pharmaceuticals MD Nilesh Gupta for wide ranging discussions regarding plans to accelerate industrial growth in Telangana.

The Minister was in Mumbai to address the Motilal Oswal Annual Global Investor Conference where he presented forth the investment potential & opportunities in Telangana. Rao is soon to be honoured with the ‘SKOCH IT Minister of the Year Award’ at a ceremony of 49th SKOCH Summit in New Delhi on September 9.

Swastika Tripathi

Two words - Aspirant Storyteller!

No Comments Yet

Comments are closed