Sunday , 17 October 2021

Inauguration of IITF

Honorable President of India, Shri Pranab Mukherji, Honorable Minister Smt. Nirmala Sitaraman, Shri Najeeb Jung Lt. Governor Delhi, Mrs. Elizabeth Industry Minister South Africa, Shri Soonthom Minister from Thailand, Chairperson ITPO, Secretary Commerce and other Dignitaries.
It gives me immense pleasure to be present in the International Exhibition organised by ITPO wherein my Ministry of MSME is also participating through our agencies.
Currently, MSME Sector provides largest share of employment after agriculture. The sector forms the back bone of the Indian economy and contributes 8% in India’s Gross Domestic Product. The MSME sector has helped generate jobs and opportunities for a wide array of class, and social system at comparatively lower capital cost than large industries. It also helped in industrialization of rural and backward areas, thereby, reducing regional imbalances, assuring more equitable distribution of national income and wealth.
MSMEs are complementary to large industries as ancillary units and this sector contributes enormously to the socio-economic development of the country. They are the nurseries for entrepreneurship and innovation. They are widely dispersed across the country and produce a diverse range of products and services to meet the needs of the local markets, the global market and the national and international value chains.
The sector is currently facing challenges such as inadequate access to credit, technical know-how, poor infrastructure, lack of financial information and non-formal business. However, these obstacles are opportunities to grow and offer employment opportunities to millions of Indian households.
The Union Budget has specified some concrete steps to promote development of the MSME sector. The announcement of revision of existing definition of MSMEs hopefully will give a fresh impetus to ‘growth’ of MSMEs.
The industry has been demanding to raise the investment ceiling to spur greater capital investment, while keeping eligibility for government incentives intact. The government is committed to align Indian MSMEs within global value chains.
This implies that our MSMEs have to become more competitive and reduce transaction costs at all levels. There is a need of a comprehensive framework to service MSMEs through cluster development, technology platforms and single-window clearances.
With the opening of foreign direct investment in various sectors like defence, construction and railways, the government is committed to bring further reforms to boost growth in the MSME Sector.
With e-commerce changing the way companies engage, both B2B as well as B2C, there is a new opportunity for MSMEs to utilize digital platforms. The craftsmen sitting in the remotest of the village can upload his/her product on a web portal to sell it to a buyer sitting in the US and UK.
In the recent budget, Rs 100 crore has been allocated to development of Technology Development Fund scheme. MSMEs should strive to grow and come out from the dependence on subsidies as MSME prosperity lines in growing vertically but not horizontally.
There is a need to enhance easier flow of credit to MSMEs, promote technology adoption especially use of ICT, explore marketing opportunities and align MSMEs with global value chain.
Recent Budget proposals for setting up of a Start-up Fund and setting up of a Committee to suggest a framework for infusion of higher private equity in the MSME sector. The framework should enable an environment wherein private equity participants (who fund the MSME projects without proportionate management control) view the individual projects in a competitive manner rather than a supply driven “first come first serve” initiative.
This will encourage start-ups to come out of mind set of limiting their project costs to the maximum eligible amount and will be an incentive to scale up their business and reach out for technical collaborations and modern technology.
Use of non-conventional energy resource must be promoted to check power shortages and high recurring energy costs in the small and micro units. Coordination with Ministry of New And Renewable Energy which already runs a subsidy scheme would help the sector to reduce recurring fuel costs and generate larger value in the MSME sector.
It is imperative for the MSMEs that they should be suitably equipped with the latest technologies. A structural change in the technology ownership of MSME is a must. To face global challenges and to enter into new markets, the latest technology is utmost necessary for the MSMEs.
The technology divide, is visible in productivity levels, therefore it is an opportunity for policymakers and the IT industry to implement strategies to remove barriers to IT adoption by addressing small businesses’ top concerns about using more technology.
The sector is not merely restricted to manufacturing of goods and providing services at low-cost. It generates sustainable rural non-farm employment opportunities at a low per capita investment. This helps checking migration of rural population to urban areas in search of the employment opportunities.
The sector is the backbone of the Indian economy. It offers huge opportunities for young minds and hearts to embark on a journey to enhance the share of Indian MSMEs in industrial output and manufacturing. The country is challenging to step up its share of manufacturing in India’s Gross Domestic Product. The manufacturing sector contributes 14-15% in the country’s GDP. The MSME sector can play a vital role to hike the share and make India a manufacturing hub.
Our Prime Minister Narendra Modiji has launched ‘Make in India’ campaign to make Indian families self-sustainable and prosperous. The Make in India campaign is not restricted to large big-ticket investments and projects but it’s a promise to generate employment, connect diverse geographies, towns, cities and remotest of the villages to manufacture products in India.
The MSME ministry is committed to make policy interventions in areas like manufacturing management, including accelerated adoption of information technology; skill development; access to capital; marketing; and procedural simplification and governance reforms.
The Ministry of Micro, Small and Medium Enterprises is working closely with various concerned Ministries/Departments/Banks and other Stake holders to streamline the mechanism for grant of loans, easier labour laws, simplification of procedures etc. to vitalize the MSMEs.
I would reiterate the message of our PM Modiji “Come, manufacture in India”. Sell in any country of the world but manufacture here. The ‘Make in India’ plan can be best implemented by the small scale industry by producing electrical, automobiles, tools, machinery, plastic and agro products.
The journey is long and difficult but would bear fruits. Let’s give our best and do our utmost to make India, a manufacturing hub, increase in the share of manufacturing in the country’s Gross Domestic Product from the current share of 15% to 25% by 2022.
The sector has the potential to create million of additional jobs, create appropriate skill among rural migrants and the urban poor for inclusive growth which would result in enhancing the global competitiveness of the Indian manufacturing sector, and ensure sustainability of economic growth.
From our ministry of MSME, Khadi Village Industry Commission, Coir Board, Development Commissioner Office and National Small Industries Corporation have worked very hard to participate in this grand event. Besides ITPO have made best efforts possible to make this event a success. Today the presence of Honorable President and other dignitaries has motivated all of us to work tirelessly to achieve the vision of a developed and prosperous India. Thank you. Jai Hind.

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