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Dec 30, 2020

Year Ender 2020: Fuelling MSMEs for Economic Growth

In our Special Series Year ender-2020 today we bring you a report on Micro, Small and Medium Enterprises, MSME. After coming to power in 2014, Narendra Modi Government gave a special focus on the MSME sector.

Launching the MSME Support and Outreach programme in New Delhi, Prime Minister Narendra Modi had said that MSME sector gives maximum employment after the agriculture sector. He said, if agriculture sector is backbone of the economy, MSME sector is the strong steps of the economy which gives power for progress. 

Minister for MSME Nitin Gadkari said, MSME sector contributes to 30 per cent of GDP and 48 per cent to exports.

Our correspondent reports that Ministry of MSME implements various schemes and programmes for promotion and development of Micro, Small and Medium Enterprises throughout the country.

The schemes and programmes includes Prime Minister’s Employment Generation Programme, PMEGP, Scheme of Fund for Regeneration of Traditional Industries, SFURTI, A Scheme for Promoting Innovation, Rural Industry and Entrepreneurship, ASPIRE, Entrepreneurship and Skill Development Programme, Credit Guarantee Fund Scheme for Micro and Small Enterprises, Credit Linked Capital Subsidy - Technology Up-gradation Scheme, Micro and Small Enterprises - Cluster Development Programme, National Scheduled Caste and Scheduled Tribe Hub.

Under Atmanirbhar Bharat, Government had announced a special economic and comprehensive package of 20 Lakh crore rupees for all the sections of the society including Industries and MSMEs.  Government has taken a number of initiatives to support the MSME sector in the country which include, 20 thousand crore rupees Subordinate Debt for MSMEs, 3 lakh crore rupees Collateral free Automatic Loans for business, including MSMEs, New revised criteria for classification of MSMEs, New Process of MSME Registration through Udyam Registration and no global tenders for procurement up to 200 crore rupees, which is helping MSMEs.

The Prime Minister has launched an online Portal Champions which covers many aspects of e-governance including grievance redressal and handholding of MSMEs. Government has notified Public Procurement Policy for Micro and Small Enterprises Order, 2012 under MSMED Act. Under this policy, 25 per cent of annual procurement by Central Ministries or Departments or Public Sector Enterprises has to be made from Micro & Small enterprises. This includes 4 per cent from MSEs owned by SC/STs and 3 per cent from MSEs owned by Women entrepreneurs. 358 items are reserved for exclusive procurement from MSEs. MSME Ministry has launched SAMADHAAN portal to enable MSEs to directly register their cases on the portal relating to delayed payments by Central Ministries or  Departments or CPSEs or State Government and other buyers.

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