Vijayawada, Nov 21 (KNN) Right strategy, governance and technology need to be adopted to mitigate the problems of Micro, Small and Medium Enterprises (MSMEs) said, SBI Managing Director CS Setty.

He said this during a virtual conference-cum-exhibition with the theme ‘Connect with World of Opportunities’ on Friday organised by the Confederation of Indian Industry (CII), Andhra Pradesh.

''SBI is planning to set up an e-commerce portal Bharat Craft to market the products manufactured by MSMEs with the facility of financing options to meet their business requirements,'' he added.

AP MSME Development Corporation Chief Executive Officer R Pavana Murthy said the MSME sector has emerged as a highly vibrant one of the Indian economies and in recent years it has achieved a higher growth rate.

He further said that MSMEs play a crucial role in providing large scale employment with a comparatively lower capital and help in industrialisation of rural and backward areas, thereby reducing regional imbalances, assuring equitable distribution of national income and wealth.

Murthy also mentioned that the Andhra Pradesh government has laid emphasis on development of infrastructure by setting up three major seaports, an international airport, and upgrading airports in the state, which will generate huge business opportunities for MSMEs.

Referring to the vision of Prime Minister Narendra Modi to make India a manufacturing hub, Visakhapatnam Special Economic Zone (VSEZ) Development Commissioner A Rama Mohan Reddy said VSEZ provides a single-window clearance and encourages MSMEs to set up units in the SEZ at very reasonable land cost.

CII AP chairman D Ramakrishna felt that industries need to take advantage of digital trade fairs, exhibitions and conferences to explore the business opportunities in the current scenario.