Union Finance Minister Nirmala Sitharaman has advised the Arunachal Pradesh government to adopt the cluster development approach to enhance productivity and competitiveness of micro and small enterprises (MSEs) in the state. She addressed a credit outreach program organized by the State Bank of India and reviewed the performance of Regional Rural Banks (RRBs) in the North East region.
Sitharaman emphasized that Arunachal Pradesh lacks even a single cluster announced by the MSME ministry, and requested Chief Minister Pema Khandu to take up cluster development for 20 GI-identified products in the state. She suggested that the ministry and Small Industrial Development Bank of India (SIDBI) could finance such enterprises.
Earlier, Sitharaman conducted a meeting to review the performance of seven RRBs in the North East region, covering states such as Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, and Tripura. The meeting aimed to discuss improvements and advancements in financial performance and technology upgrades since the first review in 2022.
Sitharaman recognized the vital role of RRBs in supporting the rural economy and encouraged these banks to enhance credit disbursement under various government schemes, including PM MUDRA and PM Vishwakarma. She also directed NABARD to promote FPOs in the North East region.
Additionally, Sitharaman suggested that small industry development and enterprises related to agri and allied sectors could be taken up, and credit outreach programs could be utilized to promote schemes like PM SVANidhi, Stand-up India, Kisan Credit Card, PM MUDRA, NRLM-SHG, PM Surya Ghar, and PMEGP. She emphasized that Prime Minister Narendra Modi has already launched 17 schemes to benefit people through bank loans without requiring guarantees.
Sitharaman also urged stakeholders to focus on credit for agriculture, horticulture, and allied activities like piggery, goatery, sericulture, and fisheries. She recommended holding special State Level Bankers' Committees (SLBCs) meetings, including RRBs, to explore the potential of horticulture, floriculture, sericulture, and animal husbandry in the North Eastern states.
Furthermore, Sitharaman emphasized resolving land record availability issues for extending agricultural credit and increasing funding
