MSMEs need the required attention of investors: Meghalaya CM
New Delhi, Oct 30 (KNN) The Micro Small and Medium Enterprises (MSME), despite being the real drivers of economy, are not getting the required attention of investors, said Conrad K Sangma, Meghalaya Chief Minister while speaking at a conclave.
Sangma said the MSME sector provides maximum employment and makes significant contributions towards the country's growth.
He quoted, "There are six crore listed and unlisted units in the country, employing almost 11 crore people. They are the real drivers of economy. The sector gets an investment of USD 120 billion as against the requirement of around USD 320 billion."
Sangma also said that his government has adopted a policy of promoting 'Make in Meghalaya' to encourage the entrepreneurs of the state.
"We have taken a decision that the Chief Minister's Office and offices of the deputy commissioners will procure and promote products from entrepreneurs as part of our 'Make in Meghalaya' endeavour," he stated.
The chief minister contended that banks provide 85 per cent loans to the big enterprises, whereas just 15 per cent is allotted for the MSMEs.
He notified, "Clearly, we see that the gap in terms of support the MSMEs need and get. A lot of work needs to be done in this regard."
The chief minister said that his government is pumping in Rs 70 crore for five years for the state's jackfruit mission, the policy document for which was released earlier this year, he said.
"The state has around 1 million jackfruit trees and the industry is worth Rs 500 crore. The tourism department has been asked to write to hotels and restaurants to request them to include at least one jackfruit item in their menus," he added.