The variety of registered MSMEs has now reached 1.64 crore producing 10.73 crore jobs. (Representative picture)
Ministries, departments, state governments, trade our bodies and different stakeholders are intently working with one another to supply an enabling surroundings to the MSMEs, says B B Swain
The authorities is relentlessly working in direction of guaranteeing a conducive surroundings for micro, small and medium enterprises (MSMEs), and the variety of registered MSMEs has now reached 1.64 crore producing 10.73 crore jobs, mentioned MSME Secretary B B Swain on Wednesday. He additionally mentioned the ministry of MSME and SIDBI has been working collectively to launch a formalisation mission in January this 12 months to deal with the problem of the formalisation of casual microenterprises.
“We are wanting past the formalisation of those micro items to make this sector the very best employment supplier within the nation. The determine of 10.73 crore employment generated relies on self-declaration by MSMEs and the sector is unquestionably on its option to turning into the most important employment supplier within the nation,” said the MSME secretary, while speaking at the 9th MSME Excellence Award and Summit organised by ASSOCHAM on Tuesday.
He said ministries, departments, state governments, industry bodies and other stakeholders are closely working with each other to provide an enabling environment to the MSMEs such as access to credit, low cost of finance, equity infusion, technology upgradation, access to green technology, enhanced procurement, domestic and international market access among others.
“The reduction of guarantee fees for MSMEs will be started from April 1, 2023. The reduction will likely be to the tune of 50 per cent below 1 crore. The new PM VIKAS programme for artisans and craftsmen will strengthen the MSME sector in the country… We are committed towards working for the welfare of the MSME sector and we shall continue to do so,” Swain mentioned.
The secretary has additionally unveiled a report titled ‘Small Business Confidence Index- Annual Compendium’, collectively compiled by Assocham and Dun & Bradstreet.
Sushma Paul Berlia, chairman of Assocham National Council on Business Facilitation and Global Competitiveness and chairman of Apeejay Stya Group, mentioned, “MSMEs are bringing about important change of their domains and setting the benchmarks of high quality and efficiency. MSMEs contribute 30 per cent to the nation’s GDP, supply livelihood to 11 crore individuals and account for 40 per cent of the nation’s whole exports. The whole nation is wanting on the MSMEs to play a vital function within the imaginative and prescient of constructing an atmanirbhar bharat and establishing India as a $5-trillion economic system.”
MSMEs are the nurseries of entrepreneurs, to make them globally competitive and gain a foothold in global value chain the central and state governments have been taking several initiatives, certifications and ECLGS to not only strengthen MSMEs but to also enhance their environmental consciousness. There is a fine balance between looking at sustainability and being sustainable, for MSMEs to be truly sustainable linkages between sustainability and profitability needs to be firmly established.
Ramachandran Venkataraman, director and chief operating officer of V Guard Industries, said, “The MSME sector is presented with a unique opportunity to envision the future of India. We must work to create an ecosystem that is conducive to the growth and success of MSMEs by focussing on four key areas which will be instrumental to helping us get there. Building and strengthening a culture of entrepreneurship, the nature of entrepreneurship has changed and we must be able to evolve appropriately.”
Bhadresh Pathak, enterprise head at L&T-SuFin, mentioned, “Digitalisation is essential for MSMEs to reinforce efficiencies. Digitisation or digitalisation in isolation doesn’t serve a goal except the entities who’re on the digitalisation path work together with one another digitally. It is just not sufficient for the customer and vendor to work together digitally however every entity that is part of the availability chain needs to be on the identical web page and that requires a platform.”
Read all of the Latest Business News right here
