Union Minister Highlights MSME Sector's Key Role In India's Economic Resilience

ENA MSME 2024-02-09 15:46:36 New Delhi, Feb 9 (KNN) In a recent development, Minister of State for Micro, Small, and Medium Enterprises (MSMEs), Bhanu Pratap Singh Verma, emphasised the pivotal role played by MSMEs in propelling India's economic growth in a written reply to The Lok Sabha. The details furnished shed light on the sector's significance and the proactive measures undertaken by the government to ensure its sustained advancement. The MSME sector, accounting for nearly 30 per cent of India's Gross Domestic Product (GDP), stands as a cornerstone of the economy. Its manufacturing output share of 36 per cent and contribution of 45 per cent to exports underscore its critical role in shaping India's economic landscape. As of February 5, a staggering 16.86 crore individuals found employment in MSMEs registered on the Udyam Registration Portal and Udyam Assist Platform, highlighting the sector's pivotal role in providing livelihoods and fostering inclusive growth. Recent import data indicates a noteworthy shift in trends. Imports of man-made fibres from China witnessed a decline from USD 1,733.84 million in April-December 2022 to USD 1,621.36 million during the same period in 2023. A similar pattern was observed in imports from Bangladesh, dropping from USD 134.14 million to USD 110.02 million. Furthermore, customs reports indicate no instances of misdeclaration, particularly polyester clothes labelled as cotton, from China and Bangladesh. This underscores the efficacy of monitoring mechanisms aimed at ensuring transparency in trade practices. In response to the sector's requirements, the government has approved a production-linked incentive (PLI) scheme for textiles. With a substantial outlay of Rs. 10,683 crores over five years, the scheme aims to revitalize the production of man-made fibres (MMF) apparel, MMF fabrics, and Technical Textile products, thereby enhancing competitiveness. Acknowledging the challenges faced by MSMEs, such as limited access to credit, technology, and skilled manpower, the Ministry of MSMEs has been implementing a range of schemes. These include the Prime Ministers Employment Generation Programme (PMEGP), Credit Guarantee Scheme, MSME-Cluster Development Programme (MSE-CDP), MSME Champions Scheme, International Cooperation Scheme, Procurement and Marketing Support Scheme (PMS), and National SC/ST Hub (NSSH). (KNN Bureau) 36635 https://knnindia.co.in/news/newsdetails/msme/union-minister-highlights-msme-sectors-key-role-in-indias-economic-resilience 2024-02-09 15:46:36 knnindia.co.in Union Minister Highlights MSME Sector's Key Role In India's Economic Resilience