MSMEs’ hope at Global SME Summit
Indian Micro, Small and Medium Enterprises (MSMEs) have the capability to compete with global companies and become a part of the fourth industrial revolution as they build on the support of various Government schemes.
Stating this in New Delhi on 19 Dec 2018, Minister of State for MSMEs, Giriraj Singh said “our MSMEs have joined the Small and Medium Enterprises (SMEs) of the world.
The MSMEs were supported by the Ease of Doing Business, credit lending facilities and technical support as well as upgrading initiatives of the Government.
Singh delivered the keynote address during the inauguration of the 15 Global SME Business Summit.
He highlighted 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).
Nineteen lakh new enterprises have been created in the last 4 years, providing employment to nearly three crore people, he said.
The Minister said that Indian MSMEs share is increasing in exports as well as GDP of the country.
As part of technical support and upgrading of MSME industries, 10 new Technology Centres (TCs) will soon become operational, besides the 18 TCs which are doing exemplary work.
Singh hoped that the global summit will provide the MSMEs an opportunity to understand the international market and encourage them to join international trade.
In his inaugural address to the summit Minister of Commerce and Industry, Suresh Prabhu, said the cabinet is expected to approve soon the New Industrial Policy framed by the Department of Industrial Policy and Promotion of the Ministry of Commerce.
Secretary MSME, Dr. Arun Kumar Panda, said that with the implementation of GST, MSMEs have undergone huge transformational changes to their benefit.
He said that 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 being organized by Ministry of MSME in partnership with Confederation of Indian Industry (CII) from 19–20 December 2018 in New Delhi.
Its objective is to boost the 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.
The theme of the Summit is ‘Building Partnerships through Global Value Chains’.
SMEs from 56 countries including China, Germany, Japan, Sweden, Indonesia Italy, Korea, Singapore, Kenya, Bangladesh, Sri Lanka are participating in the Summit. fiinews.com
