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LATEST NEWS UPDATES | Unlock potential of MSMEs with schemes -Dr. Dinesh Kumar Tyagi

Unlock potential of MSMEs with schemes -Dr. Dinesh Kumar Tyagi

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published Published on Nov 24, 2022   modified Modified on Nov 25, 2022

-The Daily Pioneer

The MSME sector does not need more laws and regulation but handholding and support in India

The importance of the MSME in the economic and social development of the country, especially for developing nations, has been established in various studies conducted by the international institutions. In India, the role of SME is proven by the fact that they contribute about 30 per cent of the GDP and 45 per cent of the total export. The MSME sector is the main source of providing employment opportunities in India – about 12 crore people are employed, thus playing a significant role in promoting equitable and inclusive growth.

The government mission of promoting startup culture in the country also hinges on the growth and development of the MSME sector, thereby, encouraging innovation and creativity among the youth and budding entrepreneurs. Despite the role MSME plays in socio-economic development, this sector is unable to perform up to the immense potential and talent of Indian entrepreneurs.

The challenges faced by the sector have been discussed many times by the academicians and government, which include non-availability of adequate credit, regulatory issues, skill development technology upgradation and marketing the products, beside procurement of raw materials. Non-realization of dues /bills timely for goods and services provided from large firms has also been a matter of major concern for the sector.

Another serious challenge has been the non-availability of reliable data about the MSME. Though there are reported to be more than 70 million MSME in the country, the registration on the government portal has been only 11 million of them.

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The Daily Pioneer, 24 November, 2022, https://www.dailypioneer.com/2022/columnists/unlock-potential-of-msmes-with-schemes.html


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