MSMEs still face challenges in developing new products & processes due to various reasons: Babul Supriyo

New Delhi, Nov 23 (KNN) MSMEs still face challenges in developing new products and processes due to inadequate institutional mechanism, limited access to capital and low awareness and compliance with international standards, Ministry of Micro, Small and Medium Enterprises (MoMSME) has informed.

In reply to a written question in the Rajya Sabha today, the Minister of State in the Ministry of Heavy Industries and Public Enterprises Babul Supriyo said this.

He said in order to address these challenges; Ministry of MSME is implementing a number of schemes and programmes.

Some of the programmes which the Ministry is running are - Tool Rooms & Technical Institutions, Technology Centres Systems Programme (TCSP), Cluster Development Programme, Credit Guarantee Scheme, Credit Linked Capital Subsidy Scheme (CLCSS), National Manufacturing Competitiveness Programme (NMCP), Prime Minister’s Employment Generation Programme (PMEGP) and Financial Support to MSMEs in ZED (Zero Defect Zero Effect) Certification Scheme etc.