MSMEs need to focus on capital, power & logistic cost: Sarangi

New Delhi, May 25 (KNN) In a bid to thrive in the international market, Micro, Small and Medium Enterprises (MSMEs) need to focus on reducing capital cost, power cost, and logistic cost, said Pratap Chandra Sarangi, Minister of State for MSME.

He said this while speaking at a webinar organised by Assocham on Monday.

Sarangi further stated that MSME will have to embrace technology to enhance their global competitiveness.

"We are working on a policy to strengthen the export business. The government is also working on a policy to increase indigenous production of products that are being imported," Assocham quoted Sarangi in a statement.

He said that the ministry is taking steps towards making these enterprises global and improving the overall business environment, by making it more conducive and transparent for all stakeholders.

The Ministry of MSME has undertaken several initiatives for the sector during the last year. These include putting in place financial support mechanisms through Fund of Funds, broadening the definition of MSMEs, introducing IT based Champion’s platform to provide solutions to issues of MSMEs and many more.

The Union Budget has also doubled the allocation to MSMEs to Rs 15,700 crore for the next financial year 2021-22.