Prabhu underlines the role of MSMEs

A new Industrial Policy will be announced soon, laying great stress on the role of Self Help Groups (SHGs), led by Micro, Small and Medium Enterprises (MSMEs).

Announcing this on 23 April 2018 in New Delhi, Commerce and Industry Minister Suresh Prabhu also called on MSMEs to take advantage of the Start-up India Program.

He suggested that network of MSMEs across countries in Africa, Central Asia and Latin America, may be created to promote their ideas at the global level as MSMEs are the crucible of creation of new ideas in the world of business.

He inaugurated the first International SME Convention which had more than 30 countries are participating.

Prabhu said that the world is debating strategies to revive global growth, but there are challenges like the rising gap between rich and poor within a country and issues on climate change.

MSMEs will play key roles in solving these problems, Prabhu pointed out.

These enterprises will help in reducing Green House Gas emissions as they are generally closer to markets leading to reduced carbon footprints.

MSMEs will play a key role in employment generation too thus countering jobless growth.

He further said that there is a complementary relationship between big enterprises and MSMEs.

Only if the small survive the big will prosper. Big enterprises and MNCs require global value and supply chain, which is not possible without MSMEs.

“Need of the hour is strengthening these linkages between big and small, and together both will propel the global economy,” he said. fii-news.com