MSME sector is backbone of Indian economy: FM Nirmala Sitharaman
Sep 16, 2022
Mumbai (Maharashtra) [India], September 16 : Calling the micro, small and medium enterprises (MSME) sector as the "backbone of Indian economy", Finance Minister Nirmala Sitharaman on Friday said many new avenues had opened up for these businesses in the post-Covid era of which they should take advantage.
The Finance minister also said that the Centre was taking steps to empower the MSME sector.
"As we step into the post-Covid-19 era, we have many new avenues opened up for the MSME businesses. MSME sector is the backbone of Indian economy and government is taking concrete steps to uplift and empower the sector," Sitharaman said.
She was addressing the Laghu Udyog Bharati (LUB) Maharashtra Pradesh Adhiveshan 2022 in Mumbai on Friday.
In her speech, Sitharaman shared details of the various steps being taken by the government to support the MSME sector.
"We have urged the private players to clear the payment cycle of MSME businesses within 45 days. Rs 6000 crore incentive announcements have been done for the first time. Exporters have benefitted under the RAMP scheme. More than Rs. 500 crores has been transferred digitally to 18,000 MSMEs under the Self Reliant India fund to further promote the businesses," she said.
"We have 8,366 MSME-registered toy manufacturers in India and the government is supporting their growth by increasing the import duties and adhering to strict quality checks on toys. The khadi sector has grown exponentially in the past eight years and 1.5 crore people have been given job opportunities," the Finance minister added.
Sitharaman also advised the MSME businesses to adopt new technologies like Artificial Intelligence, IOT, data analysis techniques and said it should focus on the implementation of skill-development and training centres with the help of cluster associations.
The LUB event is aimed at promoting and supporting the MSME sector. Entrepreneurs from 36 districts and 100 talukas across Maharashtra were a part of the conclave. Nirmala Sitharaman, as the chief guest delivered the inaugural address.
