Need to Redefine the Focus for Growth for MSMEs

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PM Narendra Modi’s visionary statement from Lal Qila made great impact on Indian Industries and MSME in particular. Moreover, the urge for ‘Zero defect and Zero Effect’ from the manufacturing segment also motivates entrepreneurs to look beyond the routine.

At a Summit which was organized by FICCI-CMSME on the theme ‘MSME Prosperity – Reinvigorate the MSME Ecosystem’.

Madhav Lal, Secretary, Ministry of MSME also made a point by saying that a large chunk of MSME sector is unregistered and remains segregated. This makes it difficult for the government to frame meaningful policies to cater to this sector with diverse verticals.

He said that MSMEs across the nation also face lack of information and awareness about the schemes and policies available to them. There are many government schemes available to MSMEs such as Cluster Development Programme and National Manufacturing Competitiveness Programme but MSMEs are unaware and are not able to avail the facilities provided by these. Hence, awareness campaigns are needed to help MSMEs to adopt such programmes to enhance their growth.

Referring to the Prime Minister, Narendra Modi’s call to overseas investors on Independence Day to ‘Make in India’, Lal said a positive response to this idea could make India a global manufacturing hub.

On the occasion three publications were released titled ‘MSME Definition in India: The Present State and the Imperatives’; Nurturing Entrepreneurship in India’ and ‘New Age Technologies for Business Development and Ease’.

There is a need to create an ecosystem where entry, growth and exit from the MSME sector are incentivized, said Member Secretary, National Manufacturing Competitiveness Council, Ajay Shankar, speaking at the MSME Summit 2014.

Shankar said that Indian industrial sector does not look at labour or workers as an asset and partners in growth. This has emerged as the biggest weakness of the Indian industry.

Technology and machines across the world are similar, the real success and competitiveness are achieved by the skill and quality of a worker. Hence, it is imperative to increase the productivity of Indian workers and improve their quality of work, he added.

Speaking about the need to create young entrepreneurs, Shankar said, “We are yet to create an ecosystem where a college graduate starts an MSME. If we are able to achieve this in the next five to 10 years, then MSME sector can witness unprecedented growth.”

The government’s move to amend Factories Act, labour law reforms and encouragement to e-governance are some of the initiatives, which will go a long way in boosting the MSME sector, he said.

SMEStreet Desk

SMEStreet is fast growing platform dedicated to entrepreneurs from small and medium sized businesses (SMEs). Committed to facilitate Knowledge & Networking for Business Growth, SMEStreet offers value added content which shows the actual voice of Indian MSMEs.

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