New MSME policy to be unveiled in October this year: Kalraj Mishra

Mumbai, June 25 (KNN) Union Micro, Small and Medium Enterprises (MSME) Minister Kalraj Mishra yesterday reiterated that the Centre will unveil the new National Policy for MSMEs in October this year.

He was addressing the India SME forum meeting in Mumbai.

Minister said "We wanted to prepare a detailed policy for the sector which contributes nearly 7.8 per cent to the GDP, 50 per cent to the manufacturing sector and 42 per cent to exports. It will be an integrated policy.”

The "all-inclusive" and "integrated" MSME policy will be released in October, assured Mishra.

He said a Committee headed by former Cabinet Secretary Prabhat Kumar has received around 4,000 suggestions with regard to the policy, which will be made more inclusive.

The MSME minister said the government is committed to provide all necessary support to entrepreneurs to compete with rest of the world.

“A committee will be set up soon to look after the revival and rehabilitation of sick MSME units”, he said.

"The Reserve Bank has revised the rules pertaining to revival of advances and asked lenders to form district-level committees to resolve stressed loans to MSMEs," he added. (KNN Bureau)