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Govt, private sector should work hard to boost MSMEs, says FICCI MSME Committee 

KNN , Dec 3, 2019

Despite several steps taken by government to boost Micro Small and Medium Enterprises (MSME) and increase its contribution to the country's Gross Domestic Product (GDP) from 29 per cent to 50 per cent, it seems that more needs to be done to achieve the same.

While speaking on the sidelines of ‘Summit on MSME Ecosystem themed 'Connecting Dots & Bridging Gaps’ on Tuesday to KNN India, Archana Garodia Gupta, Chairperson, the FICCI MSME Committee said, ''Certainly, the MSMEs are not in good shape due to slowdown and to deal with this situation both government and private sector should come together and work very hard to increase the share of MSME.''

While highlighting the importance of MSME, Gupta said that it provide much more employment than large companies.

She said as an association its our duty is make to it easy for businesses to be set up and we also need to help them in addressing issues related to finance and markets.

''The job will be done by the entrepreneur but our duty as a government or as an association is to facilitate the process that compliance should be minimum,'' she asserted.

When asked that as an association, what do you suggest to the government to increase the MSME share, she replied, " first we have asked the minister to reduce the compliance load. Secondly, ease availability of finance and reducing the need of collateral which the minister has said they are committed to giving out collateral free loans."

''The third is access to market in which many steps are to be taken like exports promotions, government procurement like GeMs and deepening e-commerce because an e-commerce vendor can easily supply even by sitting in his/her village. These are the opportunities which are available to us and if we go after it, am sure the people of this country will response come ahead to set up many many businesses,'' Gupta added.

While commenting on the proposed MSME Definition, the chairperson said that definition on turn-over basis is very measurable and it is very simple.

''Simplicity is the most important thing, especially while dealing with the MSME, because they don't have trained people to take care if their issues a,'' she concluded.



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 Summit on MSME Ecosystem: Connecting Dots & Bridging Gaps