MSMEs can Uplift Rural Economy of India: Pratap Chandra Sarangi

Micro, Small and Medium Enterprises (MSMEs) can play a pivotal role to uplift the rural economy of India and uplift the weakest sections of society said, Union Minister of State for MSME, Pratap Chandra Sarangi.

He said during a visit to the Laghu Udyog Bharati (LUB), central office at Nagpur where he had discussion with the LUB members on various issues faced by the MSMEs and their probable solutions.

Sarangi urged organisations like LUB to become independent by creating a bank of entrepreneurs, citing examples of how other organisations have taken similar steps.

Bhushan Viadya, National Vice-President of LUB also introduced a revolutionary proposal from Laghu Udyog Bharati, for removing the subsidy given to the industry entirely and instead replacing the incentives by interest subvention etc., which is a direct help to the genuine MSME entrepreneurs and misuse can be avoided.

Ravleen Khurana, LUB President, Nagpur Unit emphasised upon the importance of trained and skilled manpower for which the Government can provide a pool of experts which can solve the problem.

Sunil Sirsikar, All India Secretary, LUB stated that for a more effective implementation of all financial schemes and banking policies, the Union Government should appoint a committee headed by DI-MSME which will oversee the implementation of such schemes by the banks and NBFCs at ground level as a nodal authority.

Sarangi acknowledged all the issues raised and assured that he would see to it that all issues are resolved at proper levels.