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Business EconomyPosted at: Sep 19 2016 4:51PM


Furnishing details on data bank is compulsory for all MSMEs: Secy MSME

New Delhi, Sep 19 (UNI) Ministry of Micro, Small and Medium Enterprises (MSME) Secretary K K Jalan today urged the Micro, Small and Medium Enterprises (MSMEs) in the country to update the details of their enterprises on the MSME data bank as it is mandatory.
Delivering the inaugural address at the FICCI-CMSME’s sixth annual MSME Summit on the theme ‘Propelling MSME Growth: Ways & Means’, Mr Jalan said the government was also planning to identify 25-30 sub-sectors in MSMEs and focus on these sectors for raising productivity and enhancing the overall landscape of MSMEs.
Speaking about the financing aspect of the MSMEs, Mr Jalan said there was a need to carry out research in this area as it has been seen that SME credit by banks was going down. He suggested that for MSMEs, a dedicated financing institute could be established like private sector non-banking financial companies (NBFCs).
He said in the MSMEs, manufacturing has been the focus area but now was the time to look at MSME in a holistic perspective. MSMEs in services, training, retail and wholesale and ancillary industries of big companies, traditional set ups, should also be given due importance. He added that employment generation and import substitution should also be focused on.
On the occasion, the Secretary released the Institute of Small Enterprises Development (ISED) & FICCI-CMSME knowledge paper on ‘Improving Ease of Doing Business for MSMEs: A Review of Union and State Initiatives in India’.
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