The government is planning to announce the new industrial policy soon which would promote MSME sector in the fastest way, said Minister of Commerce and Industry and Civil Aviation, Suresh Prabhu adding that the global value chains will be enhanced.

Prabhu was addressing at the first ever International SME Convention held in the national capital.

"We will soon announce the details of a new industrial policy that is being worked upon by this government. We hope to promote SMEs in the fastest way, aiming at enhancing the global supply chain,” said Prabhu.

Prabhu said the SMEs promoted in poorer countries can bridge the gap between the rich and the poor and new technologies will be created, new networks will be formed among SMEs in the world to ideate and subsequently scale up those ideas to fruition.

“Self-help groups and start-ups alike are where SMEs can take advantage. After all, ideas are born in human minds, and not necessarily in the boardrooms of large corporate,” said Prabhu.

Minister of State for External Affairs, MJ Akbar stressed upon the need to include the world of SMEs in the financial flow.

“For the first time, banks were open to those without money as well. This inclusion of the poor was what had led us to forming the Mudra scheme. Through the scheme, Rs 430 crore was transferred to 12 crore people.” said Akbar.

The MSME Secretary, Arun Kumar Panda, said India is perhaps the only country to count Micro enterprises. He said the total count of MSMEs in the country stands anywhere between 65 to 70 million.