Govt planning to support MSMEs on basis of past record: Gadkari
New Delhi, Mar 13 (KNN) The government is planning to support MSMEs on the basis of past record as the latter is in the process of encouraging MSMEs, with a good track record of the last five years.
Sharing his insights on how India is getting back on the path of economic progress after Corona times, Union Minister of Micro, Small and Medium Enterprises (MSME), Nitin Gadkari said, “Government has already announced a package of three lakh crore rupees for the MSME sector and we are trying our level best to increase liquidity into the market”.
''We are in the process of encouraging MSMEs, with a good track record of the last five years in terms of bank turnover, GST, income tax and based on balance sheet, to raise capital from the capital market,” he said while addressing Outlook Business Leading Edge 2021 – “Regaining Growth” on Friday through video conferencing.
He also said that this is the time to resolve problems of small MSMEs, village industries, handlooms, handicrafts people, Khadi people on priority basis.
He listed as his highest priority to increase the turnover of village industries with Khadi Gramodyog from present 88,000 crore rupees to five lakh crore rupees within five years.
The Minister also talked about the ways to revitalise the MSME sector, and added, “Our idea is to increase production, reduce the logistical cost, get into the international market and give priority to village industries”.
Talking about various public welfare schemes of the Central government, the Minister said that through several welfare schemes, the government is creating more productivity in the country”.
''We are trying to make the ethanol-economy from the present size of 20,000 crore rupees to two lakh crore rupees,” he added.
Highlighting the importance of the development of waterways, water transport, sea transport, Gadkari said that by developing the waterways, we are going to reduce logistic cost”.
“We are trying to convert transport on electricity like going for electric trucks, electric mass rapid transport, and creating public transport on electricity”.
Laying emphasis on the rural economy, he said that we need to boost the rural economy and by increasing liquidity in the market, we are going to create more employment potential”. Mentioning the rebound of the country’s economy, the Minister said that “for last two months, the growth rate is going in a positive direction and within six months, it is going to be in a very good position”.
''For increasing liquidity in the market, the government is supporting the capital and now we are increasing our spending on infrastructure and it will create liquidity in the market along with creating job potential,'' he said.
Suggesting the automobile industry to adopt Make in India and Made in India, the Minister said that there should be no import of auto components and 100 per cent components should be made in India at a reasonable price.
''By accepting new technologies, we are going to create new markets, more profits, turnover, and more employment potential in the country,” he avowed.