The MSME sector will help in making a truly Aatmanirbhar Bharat: Narayan Rane

  New Delhi: Shri Narayan Rane, Minister of Micro, Small and Medium Enterprises said that the MSME sector plays a significant role in nation building, regional balance, economic contribution, and job creation.

Talking about the importance of the sector in nation building and economy at the 8th MSMEs Excellence Awards & Summit, which was organized ASSOCHAM, the apex trade body, he said, “The MSME sector will help in making a truly Aatmanirbhar Bharat. I promise to provide all the credits required to make the MSMEs grow. We have set up various training centers to help the sector.” He added, “The government, under the leadership of the Hon’ble Prime Minister Shri Narendra Modi, is committed to supporting the MSMEs through friendly policies, bringing in the latest technologies, setting up training centers and providing credits.” The summit, whose theme was: ‘Enabling Indian MSMEs to Go Global’, was held in the august presence of distinguished panelists.

The Guest of Honour, Shri Bhanu Pratap Singh Verma, Hon’ble Minister of State Ministry of Ministry of Micro, Small and Medium Enterprises, Government of India inaugurated the session by lighting the lamp. Praising ASSOCHAM for organizing the summit, he stated that the MSME policies and commitments are designed and executed for the benefit of entrepreneurs and businessmen. He added, “The Ministry is initiating and doing its best to resolve finance-related difficulties with banks in relation to MSME and are working to overcome all of the challenges faced in this sector.” MSME, he said, is like a deep ocean of opportunities for the weaker sections of the society and aids in the economic growth of the country.

He made a mention of small enterprises and startups and said that they performed admirably during the pandemic. Talking about the Rs 3 lakh crores that have been set aside for further assistance under the ECLGS (Emergency Credit Line Guarantee Scheme) scheme, he added, “The goal is to increase employment possibilities for 11-15 crore people.’’ Highlighting on the issue of rising costs of imports, he gave his suggestions for reducing the import margins by increasing domestic production under the Make in India Program to facilitate the country’s MSMEs for a brighter future of marginalized sectors.

India’s MSME, according to Shri B. B. Swain, IAS, Secretary, Ministry of MSME, Government of India, is capable of going worldwide. “The budget statement for 2022-23 addresses difficulties in this framework,” he stated. For example, the budget proposes to grant an additional credit of Rs. 2 lakh crore under the CGTMSE (Credit Guarantee Fund Trust for Micro and Small Enterprises). This will have a significant influence on the availability of finance to MSMEs as well as the jobs they generate. In just 20 months of operation, Udyam Portal has received 76 lakh registrations from MSMEs, with an employment of around Rs 6 crore, he added.

He continued, “In the budget, Rs 50,000 crore earmarked for the hospitality and related sector with ECLGS is welcomed as this sector of MSME was badly hit in the pandemic. Besides these, the applicability of both ECLGS and CGSSD (Credit Guarantee Scheme for Subordinate Debt) has been extended by a year that is upto 31st March 2023. If the Udyam site integrates with other credit-enabling portals, such as the Ministry of Labour & Employment’s National Career Service and e-SHRAM so that more MSMEs will be able to enter the official market. The Ministry’s MSME RuPay card for payment is a notable initiative for financial inclusion. Financial literacy is critical, and additional schemes and programmes to raise awareness among communities at the micro level should be implemented.”

In his special address, Shri Shailesh Kumar Singh, Additional Secretary and Development Commissioner, DC-MSME, Ministry of MSME, Government of India appreciated and recognized the contributions of the nominees of MSME Award in their respective areas. In MSME, the potential for innovation and value creation is limitless, he noted, adding that the Ministry has a significant number of centres that mentor MSMEs, and it encourages everyone to participate in policymaking and scheme development in order to accomplish tremendous heights.

At the same event, Shri Ashok Kumar Gupta, General Manager MSME and Mid Corporate Credit Division, Punjab National Bank said there is a need for MSME to be in a formal segment due to a lack of records, limited operations, and old technology. The Pradhan Mantri Employment Generation Program and the Startup India Scheme are excellent programmes that help to support and provide relief for sufficient cash flows, additional facilities, and longer repayment periods. For MSME enterprises, a co-lending arrangement is ideal, he added.

Shri Vinod Pandey, Chairman, ASSOCHAM Manufacturing and Capital Goods Council & Director, Govt. Affair & External Affairs, BMW India shared that there is a requirement of revision of MSME classification on the basis of investment and machinery. ‘’The MSME sector is achieving global ambitions and aspirations of Indian MSMEs should be to achieve world-class standard digitization and be highly competitive,” he said. The sector is destined to play a backbone for India’s success as it has shown resilience during the pandemic to be the driver of growth for the country.

Expressing her viewpoints, Mrs. Sushma Paul Berlia Chairman, ASSOCHAM Ease of Doing Business Council and Chairman, Apeejay Stya Group that it’s a new era for small firms and startups and how they have come up with innovative technologies and methods of successful operations. India has returned to a firm growth path, however, MSME, being the crucial supporter of the economy, still faces challenges of its own. Schemes by the government have given a push as noteworthy support like PLI scheme, entrepreneurship and skill development show that the MSME is picking up pace. It’s time to go global at all ends, she said.

Shri Uddhav Poddar Co-Chairman, ASSOCHAM Ease of Doing Business Council and Managing Director, Bhumika Realty (Urban Square) concluded the inaugural session with a vote of thanks by outlining the need of regulatory reforms to mitigate the economic hardships of MSME sector. It necessitates technological revolution as well as agility and digitization. MSME exports should rise as a result of improved global competency with best-in-class trade financing solutions, and an ecosystem that nurtures India’s exports and allows stakeholders to interact.