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The MSME sector is the backbone of the Indian economy and the government is taking concrete steps to uplift and empower the sector, she said
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The government has urged the private players to clear the payment cycle of micro, small and medium enterprises (MSME) businesses within 45 days, said Union Finance Minister Nirmala Sitharaman on Friday.
While addressing the Laghu Udyog Bharati (LUB) Maharashtra Pradesh Adhiveshan (session) 2022 to support the MSME segment, she said that Rs 6,000 crore incentive announcements have been done for first-time exporters under the RAMP scheme.
"More than Rs 500 crore has been transferred digitally to 18,000 MSMEs under the Self Reliant India fund; to further promote the businesses," she said.
Sitharaman said that as we step into the post-Covid-19 era, we have many new avenues opened up for the MSME businesses.
She added that we have 8,366 MSME-registered toy manufacturers in India and the government is supporting their growth by increasing the import duties and adhering to strict quality checks on toys.
The khadi sector has grown exponentially in the past eight years and 1.5 cr people have been given job opportunities, the Finance Minister said.
She further said, “MSME businesses should adopt new technologies like Artificial Intelligence, IOT, data analysis techniques and should focus on the implementation of skill-development and training centres with the help of cluster associations.”