Govt committed to support MSME sector to reach its full potential: Sarangi
Minister of State for Micro, Small and Medium Enterprises (MSME) Pratap Chandra Sarangi has said that the government understands the importance and contribution of MSMEs for the nation and is fully committed to support the MSME sector grow and reach its full potential. He said this while addressing the session on 'Organising the unorganised essential for enhanced competitiveness' in a virtual conference.
“The MSMEs sector plays a pivotal role in the growth of the nation. Coronavirus because of which lockdown had to be enforced gave a massive blow to the industry including MSMEs and to deal with this Prime Minister Narendra Modi announced a package a Rs 20 lakh crore package," Sarangi added. He further said that the government revised the definition of MSMEs, bringing it in line with global standards, a move that will help MSMEs to scale up and generate more employment. "With the government increasing opportunities for local MSMEs and reducing dependence on imports, MSMEs will be able to scale up operations and gain higher market share across the various sector," he asserted. The MSME sector contributes 29.7 per cent to India’s GDP and accounts for 49.66 per cent of Indian Exports and close to 45 per cent of the manufacturing output of the country. It was one of those hit hardest by the COVID-19 pandemic, as supply chains disrupted across the world and trade came to an almost standstill. Under the leadership of Narendra Modi several measures were announced as part of the Aatmanirbhar Bharat package aimed to help MSMEs survive the impact of the unfolding pandemic, by infusing liquidity and lay the foundation of a more robust MSME sector for the long-term.
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