Yes Bank To Provide Rs 10,000 Cr Lending to Indian MSMEs

YES Bank has allocated lending corpus to the tune of Rs 10,000 crore to support the micro, small and medium enterprises (MSMEs) on day 2 of the Magnetic Maharashtra Convergence.

Chief Minister Devendra Fadnavis led Maharashtra government signed Memorandums of Understanding (MoU) with various investors for an investment of Rs 6.72 lakh crore in the fields of housing, power, jewellery, transport and agrotech.

The Korea-based spandex major, Hyosung Group signed a MoU regarding allocation of 100 acres land to develop the first ultra -mega project at Delhi-Mumbai Industrial Corridor (DMIC) in Aurangabad.

Hyosung Group will acquire the land to build their factory which will cater to spandex, an industry that contributes around 35 percent of market share in the world.

CM Fadnavis also presented MahaUdyog Shri award to Gautam Singhania and Maharashtra IT awards, best exporter awards, women entrepreneurs awards, best entrepreneurs awards, best MSME entrepreneurs awards to many companies and representatives.

The state has also come up with a plan to set up first ever jewellery park with a vision to achieve export of USD 60 billion by 2022.

Union Industries and Commerce Minister Suresh Prabhu assured that his ministry will extend all the possible support to achieve the desired goal.

Fadnavis also unveiled a plan to make the state a trillion-dollar economy from the present USD 400 billion by the year 2025.

The ambitious plan envisages achieving annual GDP at the rate of 15.4 percent from the present rate of 9.4 percent to meet the goal.