India Development News & Foreign Investment Opportunities

Govt leads MSMEs in exploring export markets

Gadkari: Credit flow has helped

0

Gadkari: Credit flow has helped

The Ministry of Micro, Small and Medium Enterprises (MSME) is implementing International Cooperation (IC) Scheme to enhance the competency of MSMEs, capturing new markets for their products, exploring new technologies for improving manufacturing capacity.

This information was given by Nitin Gadkari, Minister for Micro, Small and Medium Enterprises in written reply to a question in Lok Sabha 11 July 2019.

Financial assistance is provided under the Scheme on reimbursement basis to the eligible State, Central Government Organisations, Registered Industry Associations and Societies, Trusts associated with the promotion and development of MSME sector to visit, participate in international exhibitions, trade fairs and buyer-seller meet abroad.

It would also cover holding international conferences, seminars, workshops in India which are in the interest of MSME sector.

The Scheme supports MSMEs by way of participation in international events for exploring export opportunities, access to international business networks, technology upgradation, modernization, improved competitiveness, awareness of better manufacturing practices etc.

MSMEs employed during 2014-15, 2015-16, 2016-17, 2017-18 and 2018-19 were estimated at 3.58 lakhs, 3.23 lakhs, 4.08 lakhs, 3.87 lakhs and 5.87 lakhs, respectively.

The Ministry implements various schemes to boost MSMEs and job creation in the sector.

These include Prime Minister’s Employment Generation Programme (PMEGP), Micro and Small Enterprises-Cluster Development Programme (MSE-CDP), Scheme for Promotion of MSMEs in North Eastern Region and Sikkim, Tool Rooms and Technology Centers, Mission Solar Charkha (MSC), Scheme of Fund for Regeneration of Traditional Industries (SFURTI), Procurement and Marketing Support Scheme, Entrepreneurship Skill Development Programme (ESDP), Credit Guarantee Scheme for Micro and Small Enterprises (MSEs) and Credit Linked Capital Subsidy and Technology Upgradation Scheme (CLCS-TUS).

As per the Reserve Bank of India (RBI), the outstanding credit to Micro, Small and Medium Enterprise (MSME) sector by all Scheduled Commercial Banks during the last three years has increased. It is: March 2017 – Rs.1,070,129.48 crore: March 2018 – Rs.1,149,353.83 crore; March 2019 – Rs.1,497,687.10 crore.

The Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) was launched by the Government to make available collateral-free credit to the micro and small enterprise sector.

The number and amounts of Guarantees approved under the CGTMSE during the last 2 years is: 2017-18 – 2.63 lakh credit facilities approved for Rs.19,065.91 crore: 2018-19 – 4.36 lakh credit facilities approved for Rs.30,168.57 crore.

This has also helped in better credit flow to the micro and small enterprises, said Gadkari. fiinews.com

Leave A Reply

Your email address will not be published.