Government Focuses On MSME Growth, Encouraging Micro Units To Transform Into Medium-Sized Enterprises

ENA MSME 2024-01-12 16:37:29 Gandhinagar, Jan 12 (KNN) MSME Secretary Subhas Chandra Lal Das outlined the government's strategy to improve the productivity and efficiency of Micro, Small, and Medium Enterprises (MSMEs), on Friday. The emphasis will be on fostering the upward growth of these businesses and promoting the transition of micro units into medium-sized enterprises. During the Vibrant Gujarat Global Summit's final day, Das highlighted the government's collaboration with state governments in this endeavour, emphasising that approximately 90 per cent of the country's MSMEs are currently micro units. In a move toward inclusivity, Das revealed plans to work with nano enterprises, a smaller subset under micro-enterprises. These nano enterprises will be included in priority sector lending, and the government will introduce additional schemes to support their growth. Due to their low turnover, nano enterprises currently remain outside the purview of the goods and services tax and various schemes, limiting their access to formal credit channels. The Udhyam registration portal has witnessed the registration of about 2.1 crore such enterprises, he added. Looking ahead, the MSME Secretary set a target to achieve 3 crore registrations on the Udhyam portal by the year-end, underscoring the need to enhance the quality and productivity of MSMEs across the nation. MSMEs will have an important role to play for VIksit Bharat, he further said, noting that presently contributing one-third of the country's GDP and approximately 50 per cent of exports, MSMEs employ about 16 crore individuals. To achieve the goal of a developed economy by 2047, Das stressed the necessity for the MSME sector's contribution to further increase. (KNN Bureau) 36265 https://knnindia.co.in/news/newsdetails/msme/government-focuses-on-msme-growth-encouraging-micro-units-to-transform-into-medium-sized-enterprises 2024-01-12 16:37:29 knnindia.co.in Government Focuses On MSME Growth, Encouraging Micro Units To Transform Into Medium-Sized Enterprises