When it comes to MSMEs, banks not only raise doubts but ask MSMEs to submit various papers and security. However, some (without naming Nirav Modi and Mehul Choksi) easily get funds, says Desai
The ongoing Nirav Modi-Punjab National Bank scam controversy found resonance at the session on MSME –The next gen wealth creators at the concluding day of the three day Magnetic Maharashtra summit. State industries minister Subhash Desai without naming Nirav Modi and Mehul Choksi (who are perpetrators), at the session, said banks did not have doubts while providing funds to such persons but micro, small and medium enterprises (MSMEs) have to struggle to tie up finance.
''When it comes to MSMEs, banks not only raise doubts but ask MSMEs to submit various papers and security. However, some (without naming Nirav Modi and Mehul Choksi) easily get funds,'' Desai said. He made a strong case for easy and adequate availability of funds to MSMEs who play crucial role in the industrial development of the state. He called upon banks and financial institutions to sympathetically look at MSMEs.
Desai did not stop here but said one (hinting at Nirav Modi) has already left country and now wanted by the investigating agencies while another (Mehul Choksi) is being tracked. He hinted that MSMEs will not run away and they may not turn non performing assets provided banks lend them when they need funds.
Desai said the state government's new industrial policy lays emphasis on providing holding hand to MSMEs. The government has tied up with venture funds for the easy availability of funds to MSMEs. Besides, the government has recently announced relief in GST refund entitled for MSMEs.
Desai's remarks on PNB scam comes close on the heels of attack by the Shiv Sena in the party mouthpiece Saamna in its editorial.
Shiv Sena said that the PNB scam had reduced to tatters Prime Minister Modi's promise of putting an end to corruption in the country. The editorial said, "It has come to light that Nirav Modi left the country in January. However, he was seen with the Prime Minister in Davos just a few weeks ago [during the World Economic Forum]. Nirav Modi has been a partner of the BJP and was at the forefront in helping the BJP collect funds for their elections."
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