Time to look beyond borders: Senior official to MSMEs
Trade has become an absolute necessity, stated Arun Kumar Panda, Secretary, Ministry of Micro, Small & Medium Enterprises (MSME), at the World Trade Expo 2017. He added that it is critical for MSMEs to make their presence felt in various platforms and the ministry is helping them achieve it.
Panda told The Free Press Journal, “We are trying to help MSMEs upgrade their technology, increase the credit flow and also bring them to platforms like this (World Trade Expo) to showcase their product. Such activities essentially generate employment.” Adding to it, Panda said there are people who have skills, they don’t know how to scale it.
Replying to a query on the credit flow, he asserted that credit flow is good among MSMEs. “Last year, we have released Rs 1,280 crore as subsidy that means the credit flow has been three times of that. There has been an investment of about Rs 4,000 crore only in PMEGP scheme.” The government official added that there are other schemes that are giving guaranteed credit flow as well. He further added that Goods and Services Tax regime will make the credit accessibility much easier for these MSMEs as most MSMEs are moving into formal sector (with GST).
Panda who was present on the day one of the expo, said, “There are around 60 million MSMEs in India and they contribute 90 per cent to the industrial sector of the country. It is time for these MSMEs to look beyond borders and showcase their skills and excellence to the global market.”
While, Sonia Sethi, IAS, Additional Director General of Foreign Trade, Directorate General of Foreign Trade, Mumbai said, “India’s Foreign Trade Policy aims to increase share of Indian exports in world exports to 3.5 per cent from the current 2 per cent.” Through a video message, Minister for Commerce and Industry, Suresh Prabhu said, “Size of the Indian economy shall grow from USD 2.5 trillion to USD 5 trillion and it will become the third largest economy in the next few years. With growth in the economy, our international trade will also grow.”
The two-day expo which hosted representatives of 37 countries will turn into a bi-annual event, revealed Vijay Kalantri, President, All India Association of Industries (AIAI) and Vice Chairman, World Trade Centre Mumbai. He added, “In future, we will consider making this expo a biannual event and invite more than 50 countries to participate in it.” World Trade Expo 2017 is jointly organised by All India Association of Industries (AIAI) and World Trade Centre Mumbai.
Kalantri suggested Ministry of MSMEs should hold periodic interactions with the regional MSME associations to understand their grievances and resolve them. He also recommended the adoption of the concept ‘One Village, One Product’ and also suggested revival of Standing Committees to promote export and support MSMEs.
“Last year, we have released Rs 1,280 crore as subsidy that means the credit flow has been three times of that (among MSMEs). There has been an investment of about Rs 4,000 crore only in PMEGP scheme.”