In the fight with COVID-19 it is well acknowledged that the biggest economic sufferer from this pandemic is the Indian MSME sector. In a bid to bring back this sector which is ultimately the backbone of the economy as well, the Karnataka government is considering to create a relief package for micro, small and medium enterprises (MSMEs) to help revive growth in the state struck by Covid pandemic, state Large and Medium Scale Industries Minister Jagdish Shettar said.
“We are working on creating a special relief package for MSMEs. An advance level discussion within the Government officials is already happening. Since MSMEs are the backbone of the economy and one of the biggest job creators for the country we are open for every single opportunity to motivate them and support them in the tough times of COVID-19,” says Shettar following a virtual meeting with select industry leaders such as Biocon’s Chairperson Kiran Mazumdar Shaw, former Infosys CEO Krish Gopalakrishnan and Infosys Chairman Nandan Nilekani on how to revive growth in the state.
The industry leaders advised Shettar to improve the single-window clearance system, easing land acquisitions regulations and leveraging Bengaluru knowledge worker base.
They also suggested that the government should identify 100 companies to reach out to invest in the state as some companies have stated that they will leave China.
Meanwhile, Shettar said the government is also in the process of notifying a new industrial policy.