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13/12/2019 03:24pm

MSMEs capable of contributing 50 per cent to country's GDP, says FISME

image MSMEs capable of contributing 50 per cent to country's GDP, says IIA

New Delhi, Dec 13 (KNN) Niti Aayog Vice-Chairman Rajiv Kumar has said that there is a need to re-look at public policies for Small & Medium Enterprises (SME) and solo entrepreneurs, in order to make them available the highest standards of services and also to provide to cheaper credit.

"I think there is a huge need for financial sector reforms, re-calibration of small, medium and solo enterprises," Kumar had said at an event here on Thursday.

To get more insight of the same, KNN India spoke to Federation of Indian Micro and Small & Medium Enterprises (FISME) President Animesh Saxena, who said that just changing policies and re-looking won't do much, instead they will have to re-work.

''They (Government) have to re-work instead of re-looking at the policies. They need to come up with better policies to promote these sectors. It can't be done with the existing policies,'' FISME president told KNN India.

Reacting over  Vice-Chairman's statement that at the moment we are too far away from expecting that 50 per cent of the gross domestic product  (GDP) would come from Micro, Small and Medium Enterprises (MSMEs), Saxena said that MSMEs are capable of achieving the figure provide the government take care of the issues.

"MSMEs are capable of achieving the 50 per cent contribution to the country's GDP, provided that the government take care of the issues which are being faced by the MSMEs and concerning them,'' Saxena asserted.

The FISME president also highlighted and noted that government is only focusing and putting more emphasis on Micro and Small Enterprises and to some extent Medium sector is neglected.

''There is a lot of focus on Micro and Small as compared to Medium. Medium has been the biggest potential to scale up their size and contribute in the exports and in the GDP. Medium industries are being neglected as neither the MSME ministry is giving importance to them nor the Heavy industry ministry,'' he avowed.

''Government needs to come up with effective schemes for the medium industry to benefit them, support them. Government needs to put efforts to support them,'' he concluded.

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