1240 MSMEs shuts down in Odisha in last decade

Bhubaneswar, Sept 7 (KNN) According to the Odisha government, as many as 1,240 registered micro, small and medium enterprises (MSME) were shut down in the state due to various reasons in the past decade (2004 to 2014) leaving 3,455 people jobless. Lack of market linkage and huge debt burden forced the promoters to close their plants.

According to a media report, experts said that the new Industrialisation Policy Resolution 2015, which replaces the 2007 policy, has come as a ray of hope for the sick units with lucrative provisions.

Citing that the state government has no mechanism to revive the sick units, Odisha MSME Secretary, Panchanan Dash said as per the guidelines issued by the Centre, the banks have three-tier system to revive the units.

MSME department has proposed to promote 1.5 lakh enterprises in the state creating employment opportunities for 4 lakh youths in the next four years, he said. (KNN Bureau)