The Union Minister for Micro, Small & Medium Emprises, Kalraj Mishra inaugurated a seminar on ‘Financial Restructuring for MSMEs-Lifeline for Success,’ organized by The Associated Chambers of Commerce and Industry of India (ASSOCHAM) here today.Speaking on the occasion the Minister said that with a view to ensure an easy credit flow for the micro, small and medium enterprises sector, the Government is working towards removal of problems arising out of its credit guarantee trust fund, The Minister also said that the banking sector has a responsibility in development of MSMEs as they have a significant role to play by ensuring easy finance availability to the sector. The Minister further informed that the MSME Ministry is working on a format to streamline the process of filing entrepreneurs’ memorandum (EM) through an online system.
He further added the Ministry is also working towards fixing a deadline for procurement of NOC from concerned ministries to ensure that our small entrepreneurs do not face any difficulties. Considering the huge dearth of skilled labour being faced by the MSME sector, the Government is working on joint skill development of labour and entrepreneurs, informed the Union MSME Minister and added. “The whole idea for skill development of youth in the rural sector is to encourage them for entrepreneurship thereby imparting training through machines by setting up incubation centres on a wide scale”.
Putting a thrust on public, private partnership (PPP) model for growth and development of MSMEs, the Minister said, “Private sector should open technical institutions, tie up with enterprises and train youth in large numbers with a guarantee to provide jobs thereby contributing to the success of Make in India programme.” The Minister also said that in the future MSMEs will play a key role in India’s economic growth.