New Delhi: The Finance Ministry has constituted a committee under the chairmanship of K V Kamath, Chairman, ICICI Bank, for deep analysis on the financial architecture of the micro, small and medium enterprises sector.
"Pursuant of the Budget announcement for 2014-15 regarding setting up of a committee to examine the financial architecture for the MSME sector, the Department of Financial Services has set up a committee under the chairmanship of K V Kamath,Chairman, ICICI Bank on September 26," Minister of State for MSME Giriraj Singh said in a written reply to the Rajya Sabha.
The committee has 15 members including joint secretary (Institutional Finance). MSME sector that contributes 45 per cent to the manufacturing output has always been in credit issues.
The sector provides jobs to 60 million people in different segments such as readymade garments, leather, gems and jewellery, light engineering and handicrafts.
The MSME sector also contributes 8% to India's Gross Domestic Product (GDP) and provides employment to over 8 crore people engaged in over 3.6 crore units, producing more than 6,000 products.