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The Reserve Bank of India (RBI) has asked banks to increase the credit flow to micro and small firms (MSEs) and target a 20 percent year-on-year growth in MSE credit as sought by a task force appointed by Prime Minister Manmohan Singh.

Micro and Small Enterprises (MSEs) are in for a windfall, as the government may approve the 20 percent purchase policy for MSEs in a month, said Dinesh Rai, Secretary MSME, on the sidelines on an event in the capital on recently.

The government has cleared 28 micro & small enterprises - cluster development programme (MSE-CDP) proposals, informed the ministry of micro, small and medium enterprise (MSME) in a press release on Friday.

Credit rating is not a necessary requirement for any Micro and Small Enterprises (MSEs) to get loan from Banks and Financial Institutions at economical rates, said Minister of State (Independent Charge) for Micro, Small and Medium Enterprises (MSMEs) Dinsha Patel in a written reply to a question in the Rajya Sabha.

Dearths of funds and delayed payments have forced the Micro and Small Enterprise (MSE) sector to perform below capacity, a study conducted by the industry lobby ASSOCHAM said Sunday.

The new public procurement policy, which will make it mandatory for ministries and Public Sector Units (PSUs) to procure 20 percent of their annual purchase volume from micro and small enterprises (MSEs), will be finalized and placed before the cabinet by the end of this week, said Secretary, Ministry of MSME, Dinesh Rai on Tuesday.

The Indian industry has urged the government to make no further delay in approving the MSME procurement policy and to give MSEs (Micro and Small Enterprises) at least 15 percent reservation in the government's overall procurement.