Credit flow barriers to MSMEs will be removed: MoS MSME

Lucknow, June 29 (KNN) Minister of State for MSME Bhanu Pratap Singh Verma assured that the government will remove all the obstacles and challenges faced by the MSME sector related to credit flow.

He also said that the government is determined to create an efficient system of redressal and debt facilities.

The Minister was addressing a session on Tuesday at the second day of Uttar Pradesh MSME Convention 2022 organised by ASSOCHAM in association with the central government and the MSME ministry.

The session was on ‘Making Indian MSMEs Globally Competitive through Trade, Finance & Investment Facilitation’.

Highlighting the key role played by the MSME sector in achieving India’s USD 5 trillion economy goal, he said MSMEs are being developed as a new engine of growth in the country and modernised through innovation will make them more competitive.

He urged the industry to keep up with the new-age technology, and focus on adopting digitising systems, processes and operations in various aspects of the business to save time and expenses.

"It also accounts for about 30 per cent of the country's GDP. In such a situation, the role of our MSME sector becomes important in strengthening India's position in the global trade," he said.

Ravi Gupta, Co-Chairman of Assocham National Council on WTO Trade and Investment in his address at the session emphasised on MSMEs to keep their products sustainable.  (KNN Bureau)