Union Finance Minister Nirmala Sitharaman today called for increased focus on the three Fs – fuel, fertiliser and forex – amid the ongoing West Asia crisis, while asserting that the Indian economy remains resilient. Speaking at an event in Mumbai to mark the 37th anniversary of the Small Industries Development Bank of India (SIDBI), Ms Sitharaman launched a set of strategic portals and initiatives aimed at strengthening the MSME ecosystem, enhancing last-mile credit delivery and accelerating the modernisation of rural industries.
The initiatives launched include the SIDBI MachFin Mart, a digital platform to help MSMEs access machinery through a structured marketplace supporting price discovery, standardisation and technology adoption. The finance minister also launched the RRB Co-Lending Portal to operationalise partnerships between SIDBI and Regional Rural Banks for improving credit flow in rural and underserved regions.
Another major initiative launched was MoRE, or Modernisation of Rural Enterprises, a programme aimed at providing transformational support to 10 thousand rural micro and artisanal units over the next three years through cluster-based interventions.
The finance minister praised SIDBI’s efforts towards rural industrial modernisation and said the vision of Prime Minister Narendra Modi is helping promote small and medium enterprises through modern technology and entrepreneurship in rural areas.
Ms Sitharaman said India’s policy response has been carefully calibrated to protect domestic growth despite global challenges. She stated that the recent reduction in excise duty on petrol and diesel will have a revenue impact of around one lakh crore rupees.
She noted that apart from rising crude oil prices, fertiliser prices have reached “unimaginable” levels, while high gold prices are also posing challenges on the external front. Stressing the need to focus on fuel, fertiliser and forex, she said the Prime Minister’s appeals for austerity must be viewed in this context.
Ms Sitharaman said it is important to instil confidence among people through both words and actions. She also highlighted that delayed payments worth 8.1 lakh crore rupees to MSMEs are affecting their working capital and growth prospects. She urged public sector undertakings to ensure payments to MSMEs are made within the mandated 45-day period.
SIDBI Chairman and Managing Director Manoj Mittal said the initiatives would improve credit access, promote technology adoption and support modernisation of rural enterprises, making them more competitive and future-ready.
