Nitin Gadkari Urged MSMEs to Explore Innovative Means of Financing

Union Minister for Micro, Small and Medium Enterprises (MSME), Nitin Gadkari urged the industry to come forward for finding innovative sources of financing other than banks, especially for the MSMEs.

Urging the industry to join hands in bringing innovative ways of financing,  Gadkari said there is no "trust deficit" between industry and the government, which has been constantly doing away with "red-tapism".

The ban on the entry of corporates and private players in the MSME sector has been lifted to pave way for the formation of 700 clusters in order to reduce dependence on imports as well as for job creation, he added.

Addressing 100 CEOs from across the country in their first interaction with the new government at (Confederation of Indian Industry (CII's) National Conference, the Minister also said that to promote innovation a Bank of Ideas and Innovations was on the anvil.

"There is no trust deficit between the government and industry. The Government is very positive and has faith and trust in the industry.

"We are bringing improvements as per industry suggestions and request for more recommendations", said Gadkari.

Government is investor-friendly and wants to support industry for employment, growth and exports.

“We will encourage large enterprises to build an ecosystem of ancillaries and vendors so that MSME can contribute to produce at home.

Government will support export of goods that MSME can produce, engage in skill development by building ITIs in all areas, he said urging industry to join hands.

There is a need to move from import substitution to export promotion and this could lead to further progress of MSMEs,  said Gadkari.