While presenting the Union Budget 2024-25, Finance Minister Nirmala Sitharaman announced that the Small Industries Development Bank of India (SIDBI) will open new branches within the next three years to facilitate direct credit for MSMEs.
She announced that the Union Government plans to open 24 new branches by the end of this year which should result in the expansion of SIDBI’s service coverage to 168 out of 242 major MSME clusters.
Additionally, e-commerce export hubs will also be set up in a PPP mode with a streamlined regulatory framework for MSMEs and their products to expand to the international market.
The budget has also brought credit support for MSMEs during the stress period under the new mechanism so that they can avoid the NPA stage.
