Dr Arun Kumar Panda, Secretary, Ministry of MSME said that Innovation and Collaboration are the key factors for the growth of the MSME sector. He said that disruptive technological elements impact MSMEs too. MSMEs stand to face new challenges and have to explore opportunities in the new disruptive global order. Inaugurating the 8th National MSME Convention on " Innovative Solutions to Disruption for MSMEs" organised by the All India Management Association (AIMA), here today, he said that in India MSMEs have faced events like Demonetisation, implementation of GST , effectively and have resiliently grown to become a strong sector in the economy. He said that according to the national Sample Survey conducted in 2015-16, there are more than 63.3 million MSMEs in the non-farming sector in our country, and due to robust growth in the sector their number has increased to 80 million ,today.The government is committed to helping this sector as is evident by schemes like MUDRA , which grant loans to youth to start their own enterprises.

He further said that, timely availability of low cost credit and access to markets are the challenges most MSMEs face. The government has set up a corpus fund of Rs 2500 crore to provide credit guarantee to MSMEs. Another Rs 800 crore has been given to this fund, through budgetary infusion, he said.

 

Shri Arun Kumar said that from this month onward NBFCs (Non Banking Financial Institutions )will also provide credit to MSMEs. While 75% of the credit will be guaranteed by the government, from the previous 50 %, a further 15 % will be provided as credit if partial collaterals are pledged. 

 

In his welcome address, Dr Raj Agarwal, Director , CME-AIMA, said that inovative solutions are needed for MSMEs to effectively face disruptions.

 

Dr Juneja , Chairman of AIMA MSME COmmittee,said that MSMEs have become the backbone of the manufacturing sector , but they need to be innavative and improve quality and standard to face global competition.

 

Shri Ravi Kumar, President of Hyderabad Mangement Association, proposed vote of thanks.

 

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