According to bank documents, "This Project is expected to haveahighly developmental impact by expanding the availability of credit for SMEs in India. SMEs contribute 45% of GDP and represent the second largest employer in India after the agriculture sector. Despite their significance, SMEs are constrained by accessing finance and face a formal financing gap of approximately $224 billion. Recognizing the importance of SMEs to the country’s economic growth, the Reserve Bank of India considers financing SMEs a priority sector. The Project will help to address the financing gap by providing credit to an estimated 700 SMEs,including 250 women owned SMEs.
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