Centre taking steps to strengthen Indian MSMEs: RBI

NEW DELHI: Centre has adopted various steps and initiatives to revamp the Indian micro, small and medium enterprises (MSME) sector during financial year 2011-12, said Anand Sinha, Deputy Governor of the Reserve Bank of India, at the National Conference on boosting competitiveness with MSME linkages, which was organised by the Indian Chamber of Commerce, Kolkata, recently.

The initiatives consist of the nod of the public procurement policy, giving approval to the establishment of stock exchange/ trading platform for SMEs by recognised stock exchanges, carrying out skill development programmes for 4.78-lakh persons with the aim to develop self employment opportunities and also wage employment opportunities. The central government also initiated cluster approach for strengthening the productivity along with the competitiveness of the micro and small enterprises (MSEs) in India. Sinha also said that although Centre has been successful in tapping a small portion of the vast opportunity, but if the remaining is nurtured properly, it could beneficial for greater employment generation and also positively effect the Indian economic growth.

He further went on to stress on the significance of MSMEs. The Economic Survey 2011-12 said, “MSME is a dynamic and vibrant sector that nurtures entrepreneurial talent besides meeting social objectives including that of providing employment to millions of people across the country.”

Moreover, In India, the MSME sector is projected to employ close to 732-lakh persons in more than 311 lakh enterprises during FY11. In regard to the projection, MSMEs manufacture over 6000 products starting from machinery and equipment, to apparels to food products to furniture and is responsible for 45% of the manufacturing output and 40% of the overall exports.

The event has seen the attendance of Partha Chatterjee, Minister in Charge, Department of Commerce and Industries, West Bengal govt, Manas Ranjan Bhunia, Minister in Charge, Department of Micro and Small Scale Enterprises and Textiles, West Bengal govt, Dr Rajeev Singh, Director General, Indian Chamber of Commerce, Kolkata.