Panaji, Aug 29 (IANS): Goa Chief Minister Pramod Sawant on Wednesday said that the economy had "slowed down everywhere" and urged banks to disburse loans to micro and small industries in a speedy manner to improve the situation.

"Because the economy has slowed down everywhere, I have requested them (bankers), whether it is SMSE loans or agri loans, small loans need to be given speedily. If people are trusted (by banks) while disbursing of loans, then they can start micro and small industries," Sawant told 106th meeting of State Level Bankers' Committee, which was held in Panaji on Wednesday.

Sawant's comment comes days after Union Finance Minister Nirmala Sitharaman on August 23, dismissed reports of an economic slowdown in the country.

At the meeting, Sawant also requested the banking sector for timely disburse social security pensions and other allowances, which are part of schemes initiated by the state government.

"Sometimes, there is a delay of eight to ten days. It should be given on the same date every month... So that the end-user can get the payment on a given day. There should be no delay. We have made this request as a state to the banks," Sawant said after the meeting, which was attended by representatives of major banks functioning in the state.