‘MSMEs are backbone of economy’

The Government has launched many measures to benefit the MSMEs. They include Micro Units Development and Refinance Agency Bank (MUDRA), which provides provides loans at low rates to micro-finance institutions and non-banking financial institutions which then provide credit to MSMEs

By Author  |  Business Bureau  |  Published: 15th Nov 2019  12:08 am

Hyderabad: MSME is making good strides towards promotion of entrepreneurship contributing majorly towards country’s economy, said Minister of State for Home Affairs G Kishan Reddy.

Speaking at the valedictory of Phase I of International Executive Development Programme (IEDP) at the National Institute for Micro, Small and Medium Enterprises (Ni-MSME) on Thursday, he said the Government acknowledges the role of MSMEs in economic development of the country.

The Government has launched many measures to benefit the MSMEs. They include Micro Units Development and Refinance Agency Bank (MUDRA), which provides provides loans at low rates to micro-finance institutions and non-banking financial institutions which then provide credit to MSMEs.

The measures also include A Scheme for Promotion of Innovation, Rural Industries and Entrepreneurship (ASPIRE) which aims at setting up a network of technology and incubation centres to accelerate entrepreneurship and also promote startups for innovation in agro industry. The Government has also introduced E-Biz Portal for Marketing support and a new portal sanctioning Rs 1 crore loan in 59 minutes.

Reddy emphasised that skill training should be part of basic education and the new education policy stands proof of it.

Later in the day, Minister of State for Micro, Small and Medium Enterprises Pratap Chandra Sarangi also addressed the participants. He said the Government is working to make India a $5 trillion economy and that will not be possible without the contribution of the MSME segment. The MSMEs are the largest employment generators after agriculture.

He said India had a glorious past and was known for its fine resources. Many a time they were exported to other nations and it later imported finished products due to the lack of domestic industries. Though this aided in trade flourishing, it did not create large scale employment. However, once industrialisation happened, it resulted in employment generation.

NiMSME Director General D Chandra Sekhar said it has trained over 10,000 international participants in its nearly six decades of existence. More than 5.3 lakh local people have trained in over 15,800 programmes. This year, three modules were conducted 73 participants from 28 nations got trained.


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