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MSME important part of Global Value Chains: V K Singh

Updated: Feb 24, 2018 08:53:59am
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MSME important part of Global Value Chains: V K Singh

New Delhi, Feb 24 (KNN) The 7th Global Summit on the theme Global Value Chains: Accelerating MSME Growth, Development and Sustainability, is being organized by the World Trade Centre Mumbai in conjunction with All India Association of Industries.

During the session, Minister of State for External Affairs, Government of India, General (Dr.) V. K. Singh (Retd.) said that the MSME plays a crucial role in the growth and development of global chains.

In addition to shedding light on MSME importance, two factors which make MSME suitable for developing country like India are low capital requirement and high employment generation, he added.

He further emphasized on the need of setting up value chains in India in order to serve the needs of not only domestic market but international markets.

He said that in the age of specialization, there is an urgent need of an hour that proper combination of inputs, skills and expertise is necessary to specialize in production of particular commodity that can be distributed globally through a global value chain.

The Minister said “the Union Budget 2018 has increased allocation for MSME sector and also reduced corporate tax rate for MSMEs”.

In addition to that he mentioned that it is important to carry out the realistic assessment of tax slabs for MSMEs by providing the necessary support to the sector.

On highlighting the initiatives taken by government of India for promotion of MSME sector, he said  the Government has signed MoUs with 18 countries for cooperation in the sector and the National Small Industries Corporation (NSIC) under the Ministry of MSME has entered into 34 MoUs for cooperation in the sector. (KNN/YV)

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