Industry trade

MSME sector: Government will remove barriers to credit flow to MSMEs : Verma

LUCKNOW: Underlining the important role of the MSME sector in transforming India into a $5 trillion economy, Union Minister Bhanu Pratap Singh Verma said on Tuesday that the government would remove all barriers to flow of credit to this sector. The Union Minister of State for MSMEs also said that the government is also committed to developing a better system of debt relief and facilities.

Verma was speaking at a session – Making Indian MSMEs Globally Competitive through Trade, Finance and Investment Facilitation – on day two of the Uttar Pradesh MSME Convention 2022.

It was organized by the Associated Chambers of Commerce and Industry of India (ASSOCHAM) in association with the central government and the Ministry of MSMEs.

The theme of this session was to make Micro, Small and Medium Enterprises (MSMEs) globally competitive through trade, finance and better investment facilities.

The Minister said that the MSME sector is being developed as a new engine of growth in the country and modernized through innovation and will be more competitive.

Verma said that the export activities of the MSME sector are steadily increasing, with the country’s export contribution now reaching almost 50%.

“It also accounts for around 30% of the country’s GDP. In such a situation, the role of our MSME sector becomes important in enhancing India’s position in global trade,” he said.

The industry must move with the times and must focus on adopting new technology, including the digitization of systems, processes and operations in all aspects of the business to save time and expense, a he declared.

In his address to the session, Ravi Gupta, co-chairman of the Assocham National Council on Trade and Investment of the WTO, insisted that MSMEs must keep their products environmentally friendly and clean.

He said small industries in the state can play an important role in the economic development of the country.

Since Uttar Pradesh is renowned for its leather, carpets, handicrafts, milk and dairy products, which are produced on a large scale, the state can play an important role in making them self-sufficient, he said. he adds.

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