NEW DELHI: Union micro small and medium enterprises (MSMEs) minister Nitin Gadkari on Friday said the government is working on a policy to set up a social microfinance institution to support micro and small industries.

Supporting very small entrepreneurs, businesses and shop owners will enable them to restart their business and increase access to credit up to 10 lakh, within three days.

“I have interacted with Md Yunus (founder of Bangladesh’s Grameen Bank) and he has given me a note and advice on that. Yesterday, we had long discussion. NITI Aayog, people from Indian Institute of Technology, road secretary ha given me suggestion…,” Gadkari said at a virtual conference organized by FICCI. “We are framing policy for making of social microfinance institution, where finance can be available in three days up to 10 lakh for small people. This is the way we can create employment potential and that can be great contribution for our growth.”

The minister also said there is a need for sector-wise and industry-wise study of the ground level issues by think tanks so that new policies may be formulated taking into account their recommendation. He urged the industry bodies to work on reducing country’s import bill and create employment opportunities by enhancing manufacturing activities and production in the country.

“We are trying to develop industrial clusters throughout the country especially in rural, tribal and agricultural areas,” Gadkari said, adding that since social distancing is the new norm, automation and digitalization in MSMEs should be followed on a bigger scale.

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