High level Govt panel to help MSMEs tackle slowdown
Updated: Apr 02, 2013 01:54:36pm
New Delhi, Apr 2 (KNN) Government announced yesterday, setting up of an inter-ministerial committee which will come out with concrete policy measures to accelerate manufacturing in the Micro, Small and Medium Enterprises (MSMEs) which are facing rough weather in the face of economic slowdown.
The high level committee is being chaired by Secretary, Department of Industrial Policy and Promotion (DIPP), Saurabh Chandra, according to an official statement.
In the wake of widening trade deficit and decline in merchandise export in items like engineering, petroleum products, textiles and iron ore, a meeting was organised by the Ministry of Commerce, Industry and Textiles last month where the Cabinet Secretary Ajit Seth reviewed and interacted with the stakeholders regarding exports of goods from the MSME Sector.
In terms of value, the MSME sector accounts for about 45 per cent of the manufacturing output and 40 per cent of the total exports of the country.
The sector employs about 595 lakh persons in over 261 lakh enterprises throughout the country.
India’s manufacturing sector witnessed the slowest rate of expansion in 16 months in March as power outages hampered production activity and decline in new business orders, an HSBC survey said today.
The HSBC India Manufacturing Purchasing Managers’ Index (PMI) – a measure of factory production – stood at 52 in March down from 54.2 in February.
Last month, India’s current account deficit (CAD) hit a record 6.7 per cent of GDP in October - December quarter to USD 32.6 billion on account of surge in oil and gold imports, besides weak exports.
India’s GDP growth in the third quarter of 2012-13 stood at 4.5 per cent, the weakest in the last 15 quarters.
The committee will examine suggestions received during the meeting of March 15, 2013 and consists of Secretary MSME Madhav Lal, Secretary Ministry of Labour M Sarangi, Secretary Ministry of Food Processing Industries Rakesh Kacker and Secretary Ministry of Textiles Zohra Chatterji.
The Committee formed will be serviced by the Ministry of Micro, Small and Medium Enterprises and has to submit its recommendation within a month. (KNN)
The high level committee is being chaired by Secretary, Department of Industrial Policy and Promotion (DIPP), Saurabh Chandra, according to an official statement.
In the wake of widening trade deficit and decline in merchandise export in items like engineering, petroleum products, textiles and iron ore, a meeting was organised by the Ministry of Commerce, Industry and Textiles last month where the Cabinet Secretary Ajit Seth reviewed and interacted with the stakeholders regarding exports of goods from the MSME Sector.
In terms of value, the MSME sector accounts for about 45 per cent of the manufacturing output and 40 per cent of the total exports of the country.
The sector employs about 595 lakh persons in over 261 lakh enterprises throughout the country.
India’s manufacturing sector witnessed the slowest rate of expansion in 16 months in March as power outages hampered production activity and decline in new business orders, an HSBC survey said today.
The HSBC India Manufacturing Purchasing Managers’ Index (PMI) – a measure of factory production – stood at 52 in March down from 54.2 in February.
Last month, India’s current account deficit (CAD) hit a record 6.7 per cent of GDP in October - December quarter to USD 32.6 billion on account of surge in oil and gold imports, besides weak exports.
India’s GDP growth in the third quarter of 2012-13 stood at 4.5 per cent, the weakest in the last 15 quarters.
The committee will examine suggestions received during the meeting of March 15, 2013 and consists of Secretary MSME Madhav Lal, Secretary Ministry of Labour M Sarangi, Secretary Ministry of Food Processing Industries Rakesh Kacker and Secretary Ministry of Textiles Zohra Chatterji.
The Committee formed will be serviced by the Ministry of Micro, Small and Medium Enterprises and has to submit its recommendation within a month. (KNN)
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