Union Finance Minister Nirmala Sitaram is presenting her second Union Budget today and the announcements have included several significant measures pertaining to the agriculture and MSME sector. Explaining the role of this budget with regards to Non-Banking Financial Companies (NBFCs), Thomas John Muthoot, Chairman and Managing Director, Muthoot Pappachan Group shares his views with Elets News Network (ENN).
“Agri sector contributes to over 16% of the GDP and more importantly employs 50% of the workforce in India. An allocation of Rs. 2.83 Lakh crore for the Agri & Allied Sector is large and marks a major jump over last year, along with a very sharp and long 16-point list of specific measures, like on cold-chain, warehousing and so on, this is a critical allocation,” adds Thomas.
“As a large NBFC we at Muthoot Fincorp, are focused on the common man, particularly in semi-urban & rural areas, engaged in Agri & related small businesses, in terms of our unique MSME/Small Business Loan apart from Gold Loans. We understand the needs & desires of the people therein. We really welcome the announcement and believe it will really catalyse economic growth,” he adds.