Govt taking steps to boost MSMEs, says Nirmala Sitharaman

MSME is the sector which can function normally and strongly face impact of recession.

Speaking at an event at Jaipur , Commerce and Industry minister Nirmala Sitharaman said MSME sector can strongly face the "impact of recession" and the government is taking all necessary steps to support and promote micro, small and medium units.

Efforts are needed for the promotion of the sector and the government is taking all required actions in this direction, she said. She said that women should be encouraged to come forward in this sector.

In Rajasthan, I can see that there many women engaged in the MSME sector and the number of women entrepreneur should be increased further, she said.

Union Minister for Chemical and Fertilizers Ananth Kumar, who was also present at the event, said that the government is working on a MSME policy which will address the interest of the sector. He also said that the government will set up a plastic park on a 100-acre land provided by the State government in which plastic units will be set up.

20,000 youths will get jobs in the units to be set up in the proposed park, he said.

Also readMSMEs need Rs 5.15 lakh cr to tide over financial crunch: Crisil-Assocham study

Earlier in the day, while addressing a seminar on GST, BJP National General Secretary and MP Bhupendra Yadav said that the government has given its nod to constitute a GST council, which will decide on the tax rate, exempted goods and the threshold under the new taxation regime. The GST is a new concept for the country and will benefit the nation, he said.

GST is for economic justice. Simplification of taxes will benefit the nation and the citizens. This will bring more transparency, he added.

Recently, Finance Minister Arun Jaitley had launched a databank to gather information about micro, small and medium enterprises. Besides this Online Finance Facilitation Centres were set up to provide collective funding options for MSMEs.


Updates from around the world