Ease of Doing Business for MSMEs: India will see an increasing share of manufacturing MSMEs in its Gross Domestic Product (GDP) with an expected growth of 100 per cent by 2025, said a top official of industry association Laghu Udyog Bharati (LUB), as per The Hindu report.
“In the past 2-3 years, the sentiment was low since the unfolding of COVID. We are expecting the MSME sector to grow 100% in the next 3 years,” stated Bhushan Marde, Maharashtra State Secretary, LUB.
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He stated, “We are focusing on challenges, and issues faced by the conventional MSME sector. We are making them aware of the opportunities and helping them in branding their products,”
Marde assured that they are working on industry policy which is to be announced soon, the report said.
LUB’s President of Maharashtra, Ravindra Vaidya said that the MSME sector was growing rapidly and creating employment opportunities in India.
He also said, “During the pandemic several companies were forced to rework their plans. While many perished, others are bouncing back. Our objective is to help them to grow to the next level. We are guiding the MSMEs to shift to a higher orbit.”
Ravindra Sonawane, All India Vice President, LUB, mentioned that India has a total of 1 lakh registered and active members with LUB.
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“Manufacturing MSME sector has a GDP share of 6% in India which is expected to grow to 20% in near future,” Sonawane highlighted. .
The Maharashtra arm of LUB is organising a summit in Mumbai on September 16 which will be addressed by Finance Minister Nirmala Sitharaman who will also interact with the MSME members on various aspects.