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19/11/2019 12:37pm

MSMEs register 100 per cent growth rate in UP

image MSMEs register 100 per cent growth rate in UP

Lucknow, Nov 19 (KNN) Micro Small and Medium Enterprises (MSMEs) has touched a new peak by registering a 100 per cent growth rate, according to a report. 

According to the data released by the MSME export Promotion Council (MSME EPC) in Lucknow on Monday, UP posted 100 per cent growth in the MSME sector between 2015-16 and 2017-18 from about 4.4 million units to 9 million.

“The state of UP has been on an average adding 1.5 million new MSME units every year since 2015-16, and providing jobs to more than 16.5 million people, including almost 2.8 million women,” MSME EPC chairman D S Rawat said here.

Meanwhile, MSME EPC has come out with a suggestion to draft a fresh policy for the MSME.

These suggestions were made by the Council chairman DS Rawat in Lucknow on Monday in the presence of chairman of UP unit, Hari Narayan Rajbhar

“As the unemployment rate is increasing in the country, there is need to set up of a UP MSME Finance Development Corporation to support the sector so that it becomes competitive through skill development, upgrading of technology and establishing contacts globally,” he said.

While addressing media persons, MSME sector can generate jobs. He also said that the new MSME Policy should address only micro and small units.

The Council has drawn a roadmap for the development of MSME sector in Uttar Pradesh.

Further, the council indicated two main problems which the MSME is facing are Flooding of Indian market with cheap imported goods from China and other countries and credit crunch.

The Council recommended to set up a MSME Finance Development Corporation in UP to finance the sector and to link it with the ambitious One District, One Product (ODOP) scheme.

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