Thursday, May 9 2024 | Time 17:07 Hrs(IST)
image
Business EconomyPosted at: Jan 7 2020 7:14PM


SMEs must strive to produce World Class Products: Piyush Goyal

New Delhi, Jan 7 (UNI) The Micro, Small and Medium Enterprises sector has better adaptability to cater to the export market due to its smaller size and can adapt to market change sooner, said Union Commerce and Industry Minister Piyush Goyal.
During a meeting here on Monday to discuss with MSME associations, various industry issues and examine the steps that may be taken to resolve them, the Minister urged the SME sector manufacturers to produce high quality goods following international standards, so that exports from the SME sector may become a part of the global value chain.
Many issues pertaining to the MSME sector were put up for discussion with the Commerce and Industry Minister by MSMEs through the Confederation of Indian Industry (CII), Federation of Indian Chambers of Commerce and Industry (FICCI), the Associated Chambers of Commerce and Industry of India (ASSOCHAM), SME Chamber of India and the PHD Chamber of Commerce and Industry.
The most important issues that were discussed in the meeting included the problems faced by SME units in accessing credit from banks, delay in payments from Public Sector Units and Government departments, the issue of GST refund, the dearth of skilled manpower in the SME sector and the issue of differing wages in states across the country.
The MSME sector in India employs over 100 million people and accounts for 45 per cent of manufacturing output and more than 40 per cent of the country's exports. With 63.4 million units throughout the country, MSMEs contribute around 6.11 per cent of the manufacturing GDP and 24.63 per cent of the GDP from service activities.
Mr Goyal directed the Small Industries Development Bank of India (SIDBI) and the Credit Guarantee Funds Trust for Micro and Small Enterprises (CGTMSE) to set up a framework that will enable them to process loans to SME units faster and also provide insurance cover to the SME exporters.
On the issue of delayed payments, the Commerce and Industry Minister examined the possibility of big companies making full payment to the SMEs against delivery, so that the working capital of SME units are not blocked.
In order to mainstream the eight million Indian women, who have started and were running their own businesses, the Minister directed that the Government e-Marketplace may handhold the women-led SMEs and onboard these enterprises on the GeM portal.
Mr Goyal assured the SME sector that the Government will give all support and help in the skilling of manpower required for the sector and in all other areas that require intervention of the Ministry of Commerce and Industry, according to an official statement here on Tuesday.
UNI RSA RJ 1914
Please log in to get detailed story.
Tags: #SMEs must strive to produce World Class Products: Piyush Goyal
More News
NTPC successfully demonstrates 20 pc Torrefied Biomass Co-Firing

NTPC successfully demonstrates 20 pc Torrefied Biomass Co-Firing

09 May 2024 | 4:44 PM

New Delhi, May 9 (UNI) State-owned power major NTPC today said it has successfully demonstrated Co-firing of 20wt per cent Torrefied Biomass at its Unit at Tanda in UP, thereby marking a significant stride towards building a sustainable future.

see more..
Essar unit EET Fuels celebrates 100th anniversary of Stanlow refinery in UK

Essar unit EET Fuels celebrates 100th anniversary of Stanlow refinery in UK

09 May 2024 | 4:31 PM

New Delhi, May 9 (UNI) Essar group company EET Fuels (formerly Essar Oil UK) on Thursday announced the commemoration of the 100th anniversary of the Stanlow refinery in the United Kingdom (UK).

see more..

09 May 2024 | 4:28 PM

New Delhi, May 9 (UNI) Alembic Pharmaceuticals on Thursday reported 17 percent jump in net profit at Rs 178 crore during Q4 (January-March) period of fiscal 2023-24, while revenue from sales registered a growth of 8 percent at Rs 1,517 crore.

see more..

09 May 2024 | 4:14 PM

New Delhi, May 9 (UNI) India’s largest public sector bank State Bank of India (SBI) on Thursday reported about 24 percent jump in net profit at Rs 20,698 crore during Q4 (January-March) period of financial year 2023-24 compared to Rs 16,695 crore in same period in 2022-23.

see more..
Maruti Suzuki launches new Swift at starting price of Rs 6 49 lakh

Maruti Suzuki launches new Swift at starting price of Rs 6 49 lakh

09 May 2024 | 2:39 PM

New Delhi, May 9 (UNI) The country's largest carmaker Maruti Suzuki on Thursday launched the new Swift, the fourth generation premium hatchback, with a starting price of Rs 6.49 lakh (ex-showroom).

see more..
image