Giriraj Singh, Minister of State for Micro, Small and Medium Enterprises (MSME), said 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 from various government schemes. He said this while delivering the keynote address at the 15th Global SME Business Summit in New Delhi on Wednesday.
He added, “With ease of doing business, credit lending facilities,technical support and upgradation initiatives of the Government of India, our MSMEs have joined the SMEs of the world. 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 last four years, providing employment to nearly three crore people.”
The minister also commented on MSME exports and the impact of small business on India’s GDP. He went on to announce 10 new Technology Centres (TCs) as part of technical support and upgradation of MSME industries.
Suresh Prabhu, Minister of Commerce and Industry and Civil Aviation, said at the event, “The new industrial policy framed by the Department of Industrial Policy and Promotion (DIPP) of the Ministry of Commerce, which will get Cabinet nod soon, will benefit the MSMEs of the country in a big way.”
Arun Kumar Panda, Secretary, MSME Ministry, said, “With the implementation of GST, MSMEs have undergone huge transformational changes to their benefit. 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.”
The Global SME Business Summit 2018 is organised by the MSME Ministry in partnership with Confederation of Indian Industry (CII) with the objective to boost global competitiveness of the Indian MSMEs by apprising them of the global trends, global practices and standards along with arranging experience sharing and B2B meeting with SMEs from across the globe.