KTR urges RBI Governor to strengthen small scale Industries

Mumbai, Sept 05: The Telangana Minister for Industries and IT Minister KT Rama Rao has asked RBI governor Urjit Patel to strengthen the micro and small scale industries, requesting the central government to support them all.

Minister KTR met Urijit Patel to participate in the annual global investors meet at the RBI headquarters in Mumbai here on Monday.

While speaking on the occasion, he said that small industries in India's economy are very important as they produce 45 percent of the output, 40 percent of exports and employment for lakhs of people.

He sought the cooperation of the apex bank in promoting investments in the sector which was contributing to more than 40 per cent of the country's exports.

He lamented that several of these MSMEs were turning sick for want of proper assistance from the banking sector. He explained that there were more than 69,000 micro and small enterprises in Telangana, of which 8,618 turned sick.

In Telangana, there are 8,618 Kollam industries and they are setting up special treatment centers for renewal, with a Rs 100 crore corpus fund. They requested treatment centers as a separate financial institution.