On September 18, 2025, the Secretary of the Department of Financial Services (DFS), Ministry of Finance, chaired a meeting in Mumbai organized by the Indian Banks Association (IBA) on "Empowering MSMEs: Opportunities, Challenges and Way Forward." The meeting included senior leadership from Small Industries Development Bank of India (SIDBI), Public Sector Banks (PSBs), Private Sector Banks (PVBs), IBA, and MSME Industry Associations nationwide. The Secretary, DFS, emphasized the importance of MSMEs, noting their contribution of 30% to India's GDP and over 45% to exports. Discussions covered digital loans, cash flow-based underwriting, delayed payments, MSME awareness, data quality, and access to finance. The meeting focused on creating responsive policies and support systems to enable MSMEs to contribute to Viksit Bharat by 2047. Release ID: 2168225.
Key Entities Referenced
MSMEs: Micro, Small and Medium Enterprises, the primary subject of the policy, crucial to India's GDP, exports, and economic transformation.
Department of Financial Services (DFS): The Ministry of Finance department whose Secretary chaired the meeting.
Indian Banks Association (IBA): Organization that organized the meeting focused on empowering MSMEs.
Small Industries Development Bank of India (SIDBI): Participated in the meeting regarding MSMEs.
Viksit Bharat 2047: A vision for India by 2047, which MSMEs are expected to play a central role in shaping.
Ministry of Finance
Secretary, DFS chairs meeting on a ‘Empowering
MSMEs: Opportunities, Challenges and Way
Forward’, organised by Indian Banks’ Association
(IBA)
The Meeting saw participation from senior leadership
from SIDBI, PSBs, PVBs, IBA and MSME Industry
Associations across the country
“MSMEs are the backbone of the Indian and global
economy, contributing 30% to India’s GDP and over
45% to exports and drive grassroots economic
transformation by promoting entrepreneurship,
employment, and inclusive growth”- Secretary, DFS
Discussions set immediate priorities and outlined a
medium and long-term pathway for MSME sector to
unlock new opportunities, strengthen resilience, and
ensure that MSMEs play a central role in shaping a
Viksit Bharat by 2047
Posted On: 18 SEP 2025 6:46PM by PIB Delhi
The Secretary, DFS chaired meeting on a ‘Empowering MSMEs: Opportunities, Challenges and Way
Forward’, organised by Indian Banks’ Association (IBA) at Mumbai today. The event brought together senior
leadership of Small Industries Development Bank of India, Public Sector Banks, major Private Sector Banks,
IBA along with MSME Industry Associations from across the country.In the keynote address, the Secretary, Financial Services, underlined that MSMEs are the backbone of the
Indian and global economy, contributing 30% to India’s GDP and over 45% to exports and drive grassroots
economic transformation by promoting entrepreneurship, employment, and inclusive growth. He highlighted
that India's diverse MSME sector reflects its strong entrepreneurial spirit, spanning from traditional industries
to modern tech and will play a crucial role in realizing the vision of Viksit Bharat 2047 by driving inclusive
growth, job creation, and innovation. Empowering them with better access to finance, technology, and
markets is key to building a self-reliant and globally competitive India. He emphasized that by working
together, Industry, Government, and financial institutions can unlock new opportunities for MSME sector and
the collective insights, experiences and commitment will pave the way for more responsive policies and
impactful support systems for the sector.
A presentation on the Government of India Initiatives for the sector was made. Deliberations in the meetingrevolved around shifting completely towards digital loans, robust cash flow based underwriting models,
delayed payments, improving MSME awareness, data quality improvement, improving access to finance and
suggestions in other areas.
The discussions set medium and long-term priorities around creating more responsive policies and impactful
support systems for the sector.
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(Release ID: 2168225)