Tuesday, Jul 16 2024 | Time 04:41 Hrs(IST)
image
Business Economy


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
More News

Jio Financial net down 6 pc; Revenue marginally up in Q1

15 Jul 2024 | 8:06 PM

New Delhi, Jul 15 (UNI) Reliance Industries promoted Jio Financial Services on Monday announced a nearly 6 percent decline in its net profit at Rs 312.63 crore for the April-June quarter compared to Rs 331.92 crore in the same quarter of last fiscal.

see more..

Jio Financial net down 6 pc; Revenue marginally up in Q1

15 Jul 2024 | 8:03 PM

New Delhi, July 15 (UNI) Reliance Industries promoted Jio Financial Services on Monday announced nearly 6 per cent decline in its net profit at Rs 312.63 crore for the April-June quarter compared to Rs 331.92 crore in the same quarter of last fiscal.

see more..

‘Time to shift gears in manufacturing from volume to value’: R K Agrawal

15 Jul 2024 | 8:01 PM

Hyderabad, July 15 (UNI) R K Agrawal, President of the Bulk Drug Manufacturers Association of India (BDMA), emphasised the need for a strategic shift in manufacturing from volume to value, highlighting the critical role of the Council of Scientific and Industrial Research (CSIR) with its scientific capabilities and infrastructure in collaboration with the industry.

see more..

Suresh Kumar Singhal elected as new President of FTCCI

15 Jul 2024 | 7:40 PM

Hyderabad, July 15 (UNI) Suresh Kumar Singhal has been unanimously elected as President of the Federation of Telangana Chambers of Commerce and Industry (FTCCI) for the 2024–25 term.

see more..
Ashok Leyland bags single largest order of 2104 fully built buses from MSRTC

Ashok Leyland bags single largest order of 2104 fully built buses from MSRTC

15 Jul 2024 | 6:51 PM

Kolkata, July 15 (UNI) Ashok Leyland, the Indian flagship of the Hinduja Group and the country’s leading commercial vehicle manufacturer, on Monday announced that it has bagged single largest fully built bus order from the Maharashtra State Road Transport Corporation (MSRTC) for 2104 units of Viking passenger bus.

see more..
image