Shri Gadkari said, the turnover of the village industry has been around Rs 88 thousand crore, which we aspire to take forward to Rs 5 lakh crore in next two years. He said, the stimulus package announced today, will help achieve this target in a big way. The Khadi sector will play a big role in this as it is entering into exports also.

The Minister was very upbeat over the change of definition of the MSME sector. Raising of investment limit in this sector to Rs 100 crore will give great boost to the industry, which will now get easy finance from banks. The sector was demanding this revision for long, he said. The Fund of Funds, which has a corpus of Rs 10 thousand crore, will benefit over 25 lakh MSMEs under stress. Similarly, easing of global tendering norm is a remarkable step, he said. Shri Gadkari expressed hope that now new orders will be received from Defence and Police for uniforms, etc.

He said, economic support to this sector which gives employment to over 11 crore people and contributes by nearly 29 per cent of GDP, can never be forgotten by the stake holders of this sector. He expressed confidence that the MSME, village and cottage industry sector will grow to new heights with the support of this package.

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Ms. Sitharaman has asked an official committee that includes the Banking Secretary and Department of Economic Affairs Secretary in the Finance Ministry, as well as a Reserve Bank of India Deputy Governor, to check the legal framework governing co-operative banks .

All options, including a fresh look at the Financial Resolution and Deposit Insurance (FRDI) Bill, are under consideration, the Minister said.

While addressing a press conference in Mumbai Ms. Sitharaman also saw protesting PMC depositors at the BJP’s State headquarters and met them 

She had assured them that she will have a fresh word with the RBI Governor to try to hasten the lifting of withdrawal restrictions of ₹25,000 currently applicable. While the RBI regulates multi-State rural co-operative banks and urban co-operative banks, their registration is governed by the Rural Development and Urban Development Ministries, the Minister said .

“Therefore, in such instances, where there is some malpractice and the boards get bypassed, the Reserve Bank takes care of placing a resolution professional that takes care of the matter. I also told the affected PMC customers this doesn’t mean that the Government of India is doing nothing about it,” Ms. Sitharaman said

 “I have asked the Secretaries in Ministry’s for banking and economic affairs to work with the Ministries of Rural and Urban Development to study in detail what is happening in multi-State co-operatives that also run banks. The RBI will also be represented of course, to understand where there were shortcomings and, if necessary, look at the ways in which the respective Acts can be amended,” Ms. Sitharaman said.

“If the amendments are going to help us curb malpractices, with better regulation and empowerment of the regulator, then we would like to do that. Necessary legislative steps will be taken to prevent such things from happening again in future and allow the regulator even better, if there are shortcomings,” the minister stressed, adding that the government will work to bring in necessary changes in the forthcoming Winter session of Parliament.

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