Mr Nitin Gadkari, Minister of Micro, Small and Medium Enterprises, Government of India, said that the government will buy 10% of the bonds issued by the MSMEs to support them in tapping the capital market.
Speaking at the ‘12th IWEC Awards & Conference – Connecting Women Businesses Globally: Leading the Way to Innovation and Integration’, organized by FICCI Ladies Organization (FLO), Mr. Gadkari said that the MSME is an important sector which is directly related to the growth of the country.
“MSMEs account for 49 per cent of the exports from the country. We are planning new schemes to support the MSMEs that have good potential for exports. If they raise bond issue in the capital market, 10 per cent will be purchased by the government,” he said.
Replying to queries from several foreign women entrepreneurs with interest in setting up businesses in India, Mr. Gadkari suggested that having an Indian partner would help navigate the regulations in the country and benefit from various government schemes and incentives present in different sectors.
“We are going to start digital data-based credit rating system (MSMEs). You can get the rating of an industry from anywhere. It will help you in taking decisions,” he said, adding that India has huge potential both in rural areas and big cities, and the government will extend all support to those wanting to start manufacturing here.
Mr Gadkari further highlighted that the government, in association with FICCI FLO, will publish success stories of 100 women entrepreneurs from different sectors soon. “We will also make a website to host these success stories. The website, too, will give good idea for your decisions,” he added.
Ms Harjinder Kaur Talwar, FLO President and Global Ambassador, International Women’s Entrepreneurial Challenge (IWEC) Foundation said that the government should create more opportunities for women entrepreneurs.