Govt to double SME credit in 5 yrs

MUMBAI : Finance Minister P Chidambaram said on Friday the government has decided to double the SME credit in the next five years.

As per government's expectations, the credit for small and medium enterprises is expected to maintain a 20 per cent growth in current fiscal, Chidambaram said addressing a Bank of Baroda function here.

He asked the SMEs to get accredited with the rating agency of SIDBI.

"SIDBI and banks are already working in this regard. SMEs that get accredited, would get loan at a lower rate than others," he said