Schemes can be initiated to incentivize the growth of MSMEs: DC-MSME

New Delhi, Dec 21 (KNN) Schemes can be initiated to incentivize the growth of MSMEs and an ecosystem needs to be created, which celebrates the success of an MSME instead of expressing doubts about its achievements, said Additional Secretary and Development Commissioner of MSME.

The Federation of Indian Chambers of Commerce and Industry (FICCI) has launched an umbrella organization called FICCI-Confederation of Micro, Small and Medium Enterprises (CMSME) to boost the MSME sector.

Speaking at the launch of FICCI-CMSME website and brochure yesterday, Additional Secretary and Development Commissioner (MSME), Amarendra Sinha said, “MSMEs are the engines of growth and urged FICCI to pursue policy advocacy with the government. He suggested that schemes can be initiated to incentivize the growth of MSMEs and an ecosystem needs to be created, which celebrates the success of an MSME instead of expressing doubts about its achievements. 

There are also definitional issues with the way MSMEs are described. For instance, a company with the turnover of Rs. 5 crore is identified as a medium enterprise in India but compared with the standards overseas, the scale is still small, he added.

The focus areas of FICCI-CMSME include policy consultations with government, legal and taxation, finance, marketing and quality standards, procurement, environment, technology and innovation, and start-up and entrepreneurship, thereby accelerating and diversifying MSMEs.

FICCI president Naina Lal Kidwai said that CMSME’s mission is to develop MSME capabilities to meet the challenge of establishing themselves in the global value chain and to accelerate the information communication and technology culture so that they become equipped with faster technology and gain a competitive edge in world markets.

FICCI-CMSME members can access the services of Credit Facilitation Centre at FICCI where in SIDBI’s knowledge partner would be providing free credit advisory and ensuring faster availability of credit and finance at low cost. The body will also assist member MSMEs for improved quality and standards through expert training programmes and provide intellectual property (IP) services at affordable rates

All CMSME members will be facilitated with tech support services worth Rs 20,000 free across a wide range of computing and communication devices and software through iYogi.

FICCI in a statement said that the survival of small and medium entrepreneurs considerably depends on adoption of sound advertising techniques other than marketing. To start with, member MSMEs will get an approximately 7 per cent cash back on their monthly ad-spend in digital space like Google or Facebook through CMSME Sokrati.