The goal of the one-day summit was to get promoters thinking beyond the existing business environment to create a blueprint for attaining future growth by assisting them in overcoming day-to-day operational issues. According to the latest data released by the International Monetary Fund (IMF), India is predicted to surpass Japan and Germany as the third-largest economy in the world by 2027, with a GDP of $5.15 trillion. This also considers the expansion of the MSME sector, which is the backbone of the nation’s economy.
It has been recognised that for any MSME to grow access to credit and finance is a must, said Rajneesh, Additional Secretary & Development Commissioner Ministry of Micro, Small & Medium Enterprises. There’s an organisation working with the Ministry of MSME to provide lending, CGTMS.
In a span of 12 months, the registration with the Ministry of MSME has grown from 1.5 crore in March last year to 2.4 crore, said Rajneesh, Additional Secretary & Development Commissioner Ministry of Micro, Small & Medium Enterprises.
Earlier the country’s population was termed as a burden but now this demographic burden has been changed to the demographic dividend, said Rajneesh, Additional Secretary & Development Commissioner Ministry of Micro, Small & Medium Enterprises. . The women of India will be the torch bearer of the country’s economy.
The industry leaders in this one-day summit will talk on many points such as the role of MSMEs in a developed India, regulatory overhaul for MSMEs of tomorrow, re-strategising credit access for MSMEs, turning around MSME exports, automation in
manufacturing with zero defects and zero effects, risk management for efficient growth, etc.
While legislative measures from the government to promote MSMEs are still being developed, there are additional obstacles besides credit and technology that prevent small businesses, especially micro-enterprises, which make up 99% of the MSME sector, from growing more quickly. The one-day summit will try to answer most of the questions and quench the thirst.
