New Delhi, Micro, Small and Medium Enterprises Minister Giriraj Singh said on Wednesday that Indian MSMEs have the capability to compete with global companies and become a part of the fourth industrial revolution due to the support being given to them through various central schemes.
”With Ease of Doing Business, credit lending facilities and technical support and upgradation initiatives of the Government of India, our MSMEs have joined the SMEs of the world,” said Mr Singh
delivering the keynote address during the inauguration of the 15th Global SME Business Summit here.
He said with the financial support given to MSMEs from the Credit Guarantee Fund Trust for Micro, Small and Medium Enterprises (CGTMSE) and Prime Minister’s Employment Generation Programme (PMEGP), 19 lakh new enterprises have been created in the past four years, providing employment to nearly three crore people.
The Minister said Indian MSMEs share is increasing in exports as well as GDP of the country.
”As part of technical support and upgrading of MSME industries ten new Technology Centres(TCs) will soon become operational, besides the 18 TCs which are doing exemplary work,” he said.
Mr Singh hoped that the global summit will provide the MSMEs of the country an opportunity to understand the international market and encourage them to join international trade.
In his inaugural address, Commerce and Industry Minister Suresh Prabhu said the New Industrial Policy framed by the Department of Industrial Policy and Promotion of the Ministry of Commerce, which will get Cabinet nod soon, will benefit the MSMEs of the country in a big way.
MSME Secretary Dr Arun Kumar Panda said that with the implementation of GST MSMEs have undergone huge transformational changes to their benefit.
He said that more than one million MSMEs are now registered with GSTN and have become part of the formal sector which has given them the opportunity to link themselves with national as well global value chains.