The Small Industries Development Bank of India (SIDBI) has entered into a partnership with VFS Capital to extend loans to the MSME sector, the Kolkata-based microfinance institution said.
- VFS Capital will extend MSME loans up to Rs 5 lakh at a 13 percent interest rate per annum, a top company official said.
- “We have tied up with SIDBI to provide loans to the SME and MSME sectors. VFS Capital expects to disburse Rs 30-40 crore under the scheme this fiscal,” MD and CEO Kuldip Maity said.
Maity said the company is planning to expand its footprint in the north-western part by launching operations in Rajasthan by the end of January.
India’s merchandise exports fell by 12.2 percent to $34.48 billion in December 2022, as against $39.27 billion recorded in the same month of the preceding year, as per the government data shared on January 16. This comes after a 0.6 percent rise in exports in November and a 12 percent squeeze in October.
The country’s imports in December plunged to $58.24 billion as against $60.33 billion recorded in the year-ago period.
The inventory trade drought fell further to $23.76 billion in December, after declining to a seven-month low of $23.89 billion in November.