Madhya Pradesh creating new ministry for MSME to boost economy
Updated: Oct 09, 2014 01:44:35pm
New Delhi, Oct 9 (KNN) To provide a fillip to the economy of the state, the Government of Madhya Pradesh is creating a new ministry for MSMEs towards transforming its economy from an agriculture-based to an industrial one.
“MSMEs are bigger employers of local talent and critical to inclusive and balanced growth of any country. Therefore, we will facilitate the creation of a new ministry for the MSME sector,” said Chief Minister Shivraj Singh Chouhan at the Global Investors Summit in Indore.
Laying the ground work for the sector, he announced a host of initiatives to facilitate faster growth for the sector. He urged MSME players to create products and services of quality.
The new ministry for MSMEs with a venture capital fund of Rs 100 crore and easier financing norms for new ventures are some of the steps taken to boost the sector.
“Madhya Pradesh is simplifying laws and streamlining procedures for MSME. My government has radically minimised the registration process and abolished Inspector Raj,” said Chouhan.
The chief minister also inspired the audience to believe in the state’s potential to become a leader among other states. He emphasised the value of enterprise among the citizenry stating that through self-employment, agri, agri-based and cottage industries can flourish, which in turn can promote the manufacturing sector.
Chouhan stated that the government will take up progressive steps to transmit the vast pool of resources towards the development of the MSME sector in the state.
Single window clearances, entrepreneurship incubation centres, investor-friendly policies and patronage by the state would go a long way in ensuring that Madhya Pradesh becomes a powerhouse for MSMEs, he added.
On the occasion, Union Minister for MSMEs, Kalraj Mishra laid focus on the central government’s decision to develop incubation centres to train upcoming entrepreneurs.
“The Government of India wants to establish at least 30-40 incubation centres in Madhya Pradesh to help young entrepreneurs set up their businesses,” he said.
He has also decided to establish new tool rooms to the tune of Rs 150 crore in the state.
On the other hand, Industry Minister Yashodhara Raje Scindia said in order to boost the sector, loans at low rates will be provided to individuals aged between 18-40 years old. She said the government is in the process of starting the investment corridor.
MSMEs play a crucial role in providing large employment opportunities, industrialization of backward or rural areas and help in sustainable development. The sector contributes 8 per cent to the national GDP, creating over 100 million jobs across the country. (KNN/ST)
“MSMEs are bigger employers of local talent and critical to inclusive and balanced growth of any country. Therefore, we will facilitate the creation of a new ministry for the MSME sector,” said Chief Minister Shivraj Singh Chouhan at the Global Investors Summit in Indore.
Laying the ground work for the sector, he announced a host of initiatives to facilitate faster growth for the sector. He urged MSME players to create products and services of quality.
The new ministry for MSMEs with a venture capital fund of Rs 100 crore and easier financing norms for new ventures are some of the steps taken to boost the sector.
“Madhya Pradesh is simplifying laws and streamlining procedures for MSME. My government has radically minimised the registration process and abolished Inspector Raj,” said Chouhan.
The chief minister also inspired the audience to believe in the state’s potential to become a leader among other states. He emphasised the value of enterprise among the citizenry stating that through self-employment, agri, agri-based and cottage industries can flourish, which in turn can promote the manufacturing sector.
Chouhan stated that the government will take up progressive steps to transmit the vast pool of resources towards the development of the MSME sector in the state.
Single window clearances, entrepreneurship incubation centres, investor-friendly policies and patronage by the state would go a long way in ensuring that Madhya Pradesh becomes a powerhouse for MSMEs, he added.
On the occasion, Union Minister for MSMEs, Kalraj Mishra laid focus on the central government’s decision to develop incubation centres to train upcoming entrepreneurs.
“The Government of India wants to establish at least 30-40 incubation centres in Madhya Pradesh to help young entrepreneurs set up their businesses,” he said.
He has also decided to establish new tool rooms to the tune of Rs 150 crore in the state.
On the other hand, Industry Minister Yashodhara Raje Scindia said in order to boost the sector, loans at low rates will be provided to individuals aged between 18-40 years old. She said the government is in the process of starting the investment corridor.
MSMEs play a crucial role in providing large employment opportunities, industrialization of backward or rural areas and help in sustainable development. The sector contributes 8 per cent to the national GDP, creating over 100 million jobs across the country. (KNN/ST)
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