LUB asserts Manufacturing MSMEs ready for two-fold jump by 2025

Mumbai, Sept 13 (KNN) In the next three years the share of manufacturing MSMEs in the GDP of India is likely to grow by 100 per cent, said a senior official at Laghu Udyog Bharati (LUB).

Since the spread of COVID-19 the market sentiment has been low in the past 2-3 years.

“We are excepting the MSME sector to grow 100 per cent by 2025,” Bhushan Marde, Maharashtra State Secretary, LUB told The Hindu.

Maharashtra government will soon announce an industry policy focusing on challenges, and issues faced by the conventional MSME sector.

“We are making them aware of the opportunities and helping them in branding their products,” he added.

In May, 2022 gross bank credit deployed to micro and small enterprises (MSEs) had jumped 27 per cent from 19.7 per cent in April, as per RBI data.

LUB, Maharashtra is also hosting a Summit for MSMEs in Mumbai on September 16 which will be addressed by Union Finance Minister Nirmala Sitharaman followed by an interaction.  (KNN Bureau)