Rs 1,000 Cr allocated for MSME sector in Northeast India

The Centre has earmarked around Rs 1,000 crore for implementation of various schemes for Micro, Small, and Medium Enterprise (MSMEs) in the Northeast region during the current financial year.

Director of MSMEs, Development Institute, M Sreenivasulu, told the media that MSMEs are significantly present in all states and Union Territories and are the second-largest employer after agriculture in the country.

He said that despite various welfare schemes being run by the Ministry of MSME, it has been found that there is a lack of awareness of the schemes at the grassroot level and this has prevented the benefits from reaching the target beneficiaries.

Sreenivasulu said that the institute is primarily engaged in implementation of various schemes of the government to encourage self-employment among unemployed youths as well as promotion and development of MSME sector in the region.

“The basic objectives of the schemes are to alleviate poverty and unemployment by setting up micro and small-scale manufacturing, service, or business enterprises. It also aims to develop existing MSME units to grow further by way of financial benefits for enhancement of GDP and export turnover of the country,” he said.

He added that the schemes of the ministry are central sector schemes in which specific percentage of the budgetary allocation are earmarked for SCs, STs, and northeastern region’s population.