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MSME Min Narayan Rane Lists Initiatives Taken By Centre To Encourage Small Industries

In an attempt to encourage MSMEs, the Centre has implemented various schemes and programs for growth and development for MSME Sector in the country.

In an attempt to encourage MSMEs, the Centre has implemented various schemes and programs for growth and development for MSME Sector in the country. Some of these schemes and programmes include the Prime Minister's Employment Generation Programme (PMEGP), Scheme of Fund of Regeneration of Traditional Industries (SFURTI), Scheme for Promoting Innovation, Rural Industry & Entrepreneurship (ASPIRE), Interest Subvention Scheme for Incremental Credit to MSMEs, Credit Guarantee Scheme for Micro and Small Enterprises, and more. 

Centre: 'Initiatives taken to encourage MSMEs'

Minister for Micro, Small and Medium Enterprises Narayan Rane informed that post-COVID-19, the government has taken a number of initiatives under Aatmanirbhar Bharat Abhiyan to support MSME Sector in the country. Some of the initiatives taken by the government are mentioned below:

  • Rs 20,000 crore Subordinate Debt for MSMEs.

  • Rs. 3 lakh crores Collateral free Automatic Loans for business, including MSMEs.

  • Rs. 50,000 crore equity infusion through MSME Fund of Funds.

  • Newly revised criteria for the classification of MSMEs.

  • New Registration of MSMEs through 'Udyam Registration' for Ease of Doing Business.

  • No global tenders for procurement up to Rs. 200 crores, this will help MSME.

Stating that an online Portal 'Champions' has been launched by Prime Minister Narendra Modi, Rane said that this portal covers many aspects of re-governance including grievance redressal and handholding of MSMEs. Through the portal, a total of 35,361 grievances have been redressed up to July 12, 2021, he added. 

Narayan Rane said, "Studies have been conducted by National Small Industries Corporation (NSIC) and Khadi and Village Industries Commission (KVIC) to assess the impact of COVID-19 Pandemic on MSMEs including units set up under Prime Minister’s Employment Generation Programme (PMEGP)."

Asserting that 91 per cent of MSMEs were found to be functional, the Minister said that the 5 most critical problems faced by MSMEs were identified as Liquidity (55% units), Fresh Orders (17% units). Labour (9% units), Logistics (12% units) and availability of Raw Material (8% units). Speaking on the regular payment of salaries to the employees, he said that around 46.60 per cent of respondents state that they had paid the salaries in full, while 42.45% reported having partially paid and 10.86% reported to have not paid salary for some time during this period. 

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COVID-19 situation in India

India has so far recorded over 3,11,44,229 positive cases, out of which, 3,03,08,456 have successfully recovered and 4,14,108 have died. As per the latest information from the Ministry of Home and Family Welfare (MoHFW), in the past 24 hours, 38,164 new cases, 38,660 fresh recoveries and 449 deaths have been recorded. Currently, the total number of active cases in the country is 4,21,665.