FM Nirmala Sitharaman says, 'Stressed MSMEs will not be declared as NPAs'

Finance Minister Nirmala Sitharaman on Friday said that micro, small and medium enterprises (MSMEs) can approach any public sector bank to sort out ir finances. Speaking at annual conference of industry body ASSOCHAM in New Delhi, Sitharaman said, "We make sure that stressed MSMEs will t be declared NPAs. y can be restructured without NPAs." n Performing assets (NPAs) are loans or vances that are in default or have delayed interest payments.

RE | Nirmala Sitharaman To Chair 38th GST Council Meeting In Delhi

"We will also ensure that y get ditional term loans and ditional liquidity through ir working capital requirement. Between December 7 and January 7, MSMEs can approach any public sector bank and sort out ir finances."

RE | Former Chief Ecomic viser Subramanian Puzzled By Buoyant Stock Markets Amid Slow-down

Infra push with mega pack

Sitharaman also informed that government has formed a task group on infrastructure to deploy front-ended fund of Rs 1 lakh crore for five years. "In budget, I h anunced that Rs 1 lakh crore will be given for infrastructure. I have anunced post-budget that I will make sure it will be front-loed. We have formed task group... Task Group is also looking at getting pipeline rey so that at earlier we clear each one of those projects. Nearly, 10 of m are rey for clearance. So se will get money upfront," she said.

RE | Room For Strong Growth For Microfinance In India: KPMG

Pumping money into housing

Sitharaman also said Cabinet has approved an alternative mechanism where money will be given to incomplete housing projects. "For those projects which are remaining or incomplete all over country. Homebuyers are worried y are t getting homes. Cabinet has approved an alternative mechanism where we will put money first into it and ditionally we keep ding to it and investment from elsewhere is also brought in. Through opening an escrow account, those projects which are waiting to be completed shall get completed," ded she.

(With ANI inputs)

RE | 'Mission To Create 5 Cr Jobs; Govt Taking Steps To Boost Ecomy': Gkari