Govt reviews measures to protect Indian MSMEs from potential impact of West Asia crisis
Amid rising geopolitical tensions in West Asia, Union MSME Minister Jitan Ram Manjhi has directed officials to closely monitor potential risks to India’s MSME sector, including disruptions to supply chains, raw material availability, exports, logistics, energy supplies, and working capital.
Union Minister Jitan Ram Manjhi held a review meeting on measures to protect the country's MSMEs from the potential impact of the West Asia crisis, directing officials to closely monitor the evolving situation and develop timely strategies to address any challenges arising from the global developments.
The minister for Micro, Small and Medium Enterprises (MSME) held the meeting on Tuesday to assess any impact of geopolitical developments in West Asia on India's MSME sector.
The meeting involved a comprehensive review of availability and prices of raw materials due to disruption of global supply chains, exports and imports, and gas-related issues, transportation and logistics, and working capital concerns of the MSME sector, an official statement said.
The minister directed close monitoring of the evolving situation and developing strategies to address potential challenges arising out of the global developments, it said.
Addressing the meeting, Manjhi underscored the critical role of the MSME sector in India's economic growth, describing it as the backbone of the economy.
He said the sector not only generates employment for millions but also makes a substantial contribution to the country's manufacturing output and exports.