NewKerala.com

Key Points

President Murmu emphasized MSMEs as key to India's economic growth, job creation, and innovation. She acknowledged challenges like funding and competition while praising government initiatives. The President highlighted the rise of women entrepreneurs in the sector. Murmu also stressed grassroots innovation and faster dispute resolution for MSME sustainability.

Key Points: President Murmu Says Robust MSMEs Vital for India's Economic Growth

  • MSMEs drive GDP and rural employment
  • Govt initiatives boost credit and procurement
  • Women's participation rising in MSME sector
  • Online dispute portal tackles payment delays
2 min read

Robust MSME ecosystem key for India's sustainable economic development: President Murmu

President Murmu highlights MSMEs' role in GDP, jobs, and innovation while addressing challenges like finance and tech gaps at MSME Day event.

"Innovation is very important for the sustainability of MSMEs. – President Droupadi Murmu"

New Delhi, June 27

A robust micro, small, and medium enterprises (MSME) ecosystem is not only important but also essential for the country's sustainable economic development, President Droupadi Murmu said on Friday.

Addressing the ‘MSME Day’ celebration in the national capital, she said that MSMEs are a strong pillar of the country's economy.

"They contribute significantly to GDP and promote innovation at the grassroots level. These enterprises generate more employment opportunities at a relatively low cost of capital. Most importantly, these enterprises generate employment in rural and backward areas," President Murmu told the gathering.

She said that there is no doubt that the MSME sector is playing an important role in the progress of the country.

"However, this sector also faces many challenges, the major ones among them being the problem of finance, competition from big corporations, lack of latest technology, lack of raw material and skilled workforce, limited market and delayed payment," the President emphasised.

Realising the importance of MSMEs and their problems, the government has taken several policy initiatives.

These include revision of classification criteria for MSMEs, an increase in credit availability, encouragement of central ministries, departments and central public sector enterprises to procure at least 35 per cent of their annual procurement requirements from micro and small enterprises, skill development of artisans under the PM Vishwakarma Yojana, etc.

President Murmu was happy to note that these efforts have led to a very rapid increase in the number of registered MSMEs. She expressed confidence that the Online Dispute Resolution Portal for MSMEs will prove to be important in cases of delayed payments.

"Innovation is very important for the sustainability of MSMEs. Promotion of grassroots innovation by MSMEs can provide affordable solutions to local issues from local resources," she stressed.

The participation of women in the MSME sector has increased significantly in recent years.

"The participation of more and more women in this sector is essential for the all-around development of the country," said President Murmu, urging young women to set up enterprises and become self-reliant.

- IANS

Share this article:

Reader Comments

R
Rahul K.
MSMEs are truly the backbone of our economy! 🇮🇳 My uncle runs a small manufacturing unit in Ludhiana and has employed 15 local youth. But the delayed payments issue is real - hope the new portal helps. Government should also focus more on rural MSMEs beyond urban clusters.
P
Priya M.
As a woman entrepreneur running a handmade textile business, I appreciate the focus on women in MSMEs. The Vishwakarma Yojana helped upskill my workers. But we need better digital marketing support and export guidance - competing with big brands is tough!
A
Amit S.
Good speech but ground reality is different. My small engineering unit in Coimbatore struggles with power cuts and GST compliance. Government schemes exist but implementation at local level needs improvement. More focus on manufacturing MSMEs please!
S
Sunita R.
The 35% procurement rule is a game-changer! Our village pottery collective got orders from a government school project. More such initiatives needed to bridge urban-rural divide. MSMEs can stop migration if given proper support.
V
Vikram J.
While MSME growth is impressive, we must ensure quality isn't compromised. Some small units cut corners to compete. Government should link subsidies to quality certifications. Make in India should mean Quality in India first!
N
Neha P.
Happy to see women participation increasing! 👏 Started my organic food startup with MUDRA loan. But market access remains challenge - government e-marketplace (GeM) is good but needs simpler onboarding for rural women entrepreneurs.

We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.

Leave a Comment

Minimum 50 characters 0/50