MSME Expo 2017, the National Level Vendor Development Programme cum Industrial Exhibition was inaugurated yesterday.

Addressing the inaugural event S.R. Samuel, Joint Development Commissioner MSME said that the ministry had been continuously working to bring MSMEs and PSUs under one roof and bridge the communication gap between them.

Thanking demonetization the commissioner said that Demonetization had flooded banks with funds which could be lent to the MSMEs at lower cost.

He further said that out of the 277 PSUs in India, 233 had been successfully functioning and 145 made  regular purchases from MSMEs .Only 97 PSUs follow the mandatory rule of 20% procurement from MSMEs.

Terming SIDBI (Small Industries Development Bank of India) as the apex institution for MSME financing S.P Singh, Deputy General Manager at SIDBI(Small Industries Development Bank of India)  said that the business environment for setting up new MSMEs units and expanding existing ones had been improving in the country.

He also noted that SIDBI had dedicated 10000 crore for Make in India Programme and with Govt. of India’s support SIDBI  has rolled out CGTMSE scheme under which 1 lakh 30,000 crore loans had been guaranteed.

He added that SIDBI has come up with online lending portal called Udyami Mitra to provide easy finance access to MSMEs .

He advised the MSMEs to pay taxes regularly, not to compromise on the margin, and maintain proper balance sheets.

RK Vyas said that the MSMEs should make use of funds which are available at lower interests rates and focus on innovation and technological upgradation .He added that  railways is the lifeline of the country as it generate employment and promote MSMEs industries. (KNN/AG)