Mumbai, Oct 1: The country's Micro Small and Medium Enterprises (MSME) which employs over 42 million people, 45 per cent of the country's manufactured output and nearly 40 per cent of exports will remain a high priorty sector for the government.
''The sector has been consistently registering higher growth rates than the overall manufacturing sector, thus demonstrating the high degree of resilience adaptability,'' stated Secretary, Ministry of MSME Dinesh Rai at a meet organized by the All India Association of Industries (AIAI) and World Trade Centre (WTC) here on Tuesday, Sep 30. In view of sector's significant contribution in promoting balanced and equitable growth all over the country, several initiatives have been taken for the promotion and development of the sector, he added.
Among the initiatives chalked out by the government were the policy package for stepping up credit to MSME that is expected to double credit to the sector within five years.
Two major credit-related schemes-Credit Linked Capital Subsidy Scheme and Credit Guarantee Scheme to assist the sector in meeting its financial requirements are also in the pipeline.
The government has already approved of more than 1.14 lakh proposals in the later scheme.
''Proposal to set up a trading exchange exclusively for MSME has also been considered by Securities and Exchange Board of India (SEBI) and I would urge MSME to take full advantage of these initiatives,'' said Rai.
Rs 1,000 crores will also be invested in the 11th Plan to enhance the value chain of MSME to make them globally competitive. The programme will be under the National Manufacturing Competitiveness Programme (NMCP).
Further, bids will be invited from entrepreneurs and associations to set up Tool Rooms with Government support upto Rs nine crore.