Prime Minister Expresses Concern And Plan Measures For SMEs Growth

Addressing to the plight of Micro, Small and Medium Enterprises (MSME) and assuring all help to them, Our respectable Prime Minister Manmohan Singh announces a plans in order to to emancipate the SME entrepreneurs at the occasion of MSME award function. To mark a foothold in the development and committing himself to the issue of Micro, Small, and Medium Enterprises (MSMEs), Dr. Singh said the centre has decided to double the credit flow which will provide employment to around six crore people and will contribute to over 40% of government export earnings.

Portraying a bullish picture of the SME growth Dr. Singh envisaged the SME sector to grow exponentially and said he consider the MSMEs as the cog in the wheel for Indian economy and call SME growth to be a blatant fact that is inevitable. In order to support his claim, he said that the credit is the lifeline of any business and by doubling the flow of credit to MSMEs we hope to make the SMEs accentuate to newer and higher heights. On the other hand, to overcome the accusations of redtapism Dr. Singh urged the banks to ensure better conduit of funds to these enterprises.

While addressing the MSME awards function, Dr. Singh admit that the past year has not been so good for the economy and has had an adverse effect on the growth rate and GDP. Considering this in mind the prime minister has urged the SMEs to explore new fields of doing business by using online B2B marketplaces, B2B matchmaking platform for promotions like InidaMART.com and Alibaba.com, additional to it he asked them to take care of their finance by looking for venture capitalists and market equity. Furthermore, working on the happless and debilitated condition of the MSMEs, Dr. Singh announced to constitute an eleven member high level task force to look up for all issues raised by the MSME society. The task force will work on planning strategies to get one-stop access for capacity building, credit, quality technologies and skill development.

To exemplify the efforts, taken by the government, Dr Singh lauded the efforts which were taken to redeem the khadi sector by the implementation of comprehensive reforms program with assistance from the Asian Development Bank and he expect the same from the newly assigned task force. With all such developments undergoing the MSME sector is presently optimistic about the coming 5 yr plan and hope to cater big profits and leverage scheme after contemplating the concern for them presented by our respectable Prime minister.