Buzz Update Enhancing MSME Sector Is Strengthening Entire Society: PMTOU

Buzz Update Enhancing MSME Sector Is Strengthening Entire Society: PMTOU

Enhancing MSME Sector Is Strengthening Entire Society: PM

The efforts of micro, small and medium enterprises (MSMEs) India will be a key driver of Aatmnirbhar Bharat. Whatever heights the 21st century India will achieve, that will be dependent on the success of the MSME sector, said Prime Minister Narendra Modi while participating in the ‘Udyami Bharat’ programme.

He emphasized that it is important for India’s MSME sector to be strong for increasing India’s exports and for India’s products to reach new markets.

“Our government is taking decisions and making new policies keeping in mind your ability and the immense potential of this sector,” he added.

He said that the initiatives launched today and other measures are undertaken by the government are linked with the quality and promotion of MSME.

The prime minister remarked that when we say MSME, it expands in technical language to Micro Small and Medium Enterprises. But these micro, small and medium enterprises are a huge pillar of India’s growth journey.

“The MSME sector accounts for almost one-third of India’s economy. Strengthening the MSME sector is strengthening the entire society, making everyone recipient of the benefits of development. That is why this sector is one of the highest priorities of the government,” he said.

To strengthen the MSME sector, in the last eight years, the Prime Minister said, the government has increased the budget allocation for this by more than 650 percent. For us, MSME means – Maximum Support to Micro Small and Medium Enterprises,” the Prime Minister stressed.

Noting that more than 11 crore people are connected with the sector, Modi remarked that MSME is critical for employment generation.

During the pandemic, the government decided to save the small enterprises and give them new strength. Under the Emergency Credit Line Guarantee Scheme, the central government has ensured Rs 3.5 lakh crore for MSMEs.

Modi recalled a time when earlier governments did not recognize the importance of the sector and shackled the sector by adopting policies that kept the small enterprise small. To address this, the definition of MSME was changed.

Prime Minister said if any industry wants to grow and expand, then the government is not only supporting it but is also making necessary changes in the policies.

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