MSME update

India’s Micro, Small and Medium Enterprises (MSMEs) must update the details of their enterprises on the MSME data bank, a government official has said.

Making this call on September 19, 2016, Secretary, Ministry of Micro, Small and Medium Enterprises (MSME), K.K. Jalan said it was mandatory the updated data would be used for evolving parameters for the growth of MSMEs in the country.

The government was also planning to identify 25-30 sub-sectors in MSMEs and focus on these sectors for raising productivity and enhancing the overall landscape of MSMEs, he said in the inaugural address at the FICCI-CMSME’s sixth annual MSME Summit on the theme ‘Propelling MSME Growth: Ways & Means’.

Jalan said that there was a need to carry out academic work in the space to understand the challenges and issues of the sector. He suggested that the Federation of Indian Chambers of Commerce and Industry (FICCI) should come out with knowledge papers focusing on the specific concerns of the sector.

Jalan also touched on the need to carry out research financing as the SME credit by banks was going down.

He suggested that for MSMEs, a dedicated financing institute could be established like private sector non-banking financial companies (NBFCs).

Jalan said that in the MSMEs, manufacturing has been the focus area but now was the time to look at MSME in a holistic perspective. MSMEs in services, training, retail and wholesale and ancillary industries of big companies, traditional set ups, should also be given due importance. He added that employment generation and import substitution should also be focused on.

Jalan released the Institute of Small Enterprises Development (ISED) & FICCI-CMSME knowledge paper on ‘Improving Ease of Doing Business for MSMEs: A Review of Union and State Initiatives in India’. fii-news.com