Tap UPI data to boost MSME lending: Niti Aayog head

MUMBAI: The chief of the central planning body Niti Ayog thinks more credit to small businesses can help lift the low credit to GDP ratio of 53-55%, which is only a third of the average levels in the developed economies and tapping the vast UPI data will be a better way to address the gap.

“The low credit-to-GDP ratio of just 53-55%, as against the 150-170% in the developed world, leaves formal lending base too shallow, especially for small businesses.